The Board constructively challenges Management, reviews its performance and monitors the achievement of these goals. It ensures that proper and effective controls are in place to assess and manage business risks and compliance with the legislative and regulatory requirements. It also sets the values, disclosure and transparency standards for ECW and ensures that obligations to Unitholders and other stakeholders are understood and met. The Board considers sustainability issues such as environmental, social and governance factors as part of its strategic formulation and has identified the key stakeholder groups and recognises that their perceptions affect ECW’s reputation. Board Reserved Matters (Provision 1.3) The Board has formalised a set of internal controls wherein key matters are specifically reserved for approval by the Board. To facilitate operational efficiency, approval of operational transactions below certain level is delegated to Management. The Board has reserved authority to approve certain key matters which include: (a) acquisitions, investments, disposals and divestments; (b) issue of new units in ECW (“Units”); (c) income distributions and other returns to Unitholders; (d) matters which involve a conflict of interest with a controlling unitholder or a Director; (e) corporate strategies and policies of ECW; (f) annual budget; (g) financial performance of ECW and to approve the release of quarterly and full year results; (h) audited financial statements; (i) sustainability framework, targets and report Directors’ Orientation, Induction, Training and Development (Provision 1.2) To keep pace with regulatory changes, where these changes have an important bearing on the disclosure obligations of the Manager or its Directors, the Directors are briefed either during Board meetings of the Manager or at specially convened sessions involving the relevant advisers and professionals if necessary, or via circulation of Board papers. Management will also provide the Board with relevant and adequate information in a timely manner through regular updates, and at least quarterly during the quarterly Board meetings on financial results, market trends and business developments. The Directors are kept abreast of any updates to the listing rules of the SGX-ST Listing Manual, the SFA, the Code, the Property Funds Appendix and the Companies Act 1967, as well as any applicable laws, regulations and rules. The Directors who are members of the Audit and Risk Committee (“ARC”) are also updated on any changes in the financial reporting standards by the external auditors as well as the regulatory compliance requirements by the compliance advisers. The Directors also receive regular briefings and updates on relevant laws, rules and regulations and are encouraged to participate in conferences, seminars or training programmes to develop and maintain their skills and knowledge. The costs of arranging and funding of the training of Directors are borne by the Manager. The Manager maintains a training register with respect to the courses/seminars attended by Directors and such register is also tabled for the Nominating and Remuneration Committee (“NRC”) for information at its meeting. In FY2024, certain Director had attended courses like Annual Conference, Rules and Ethics Course organised by REIT Association of Singapore and seminar provided by the Singapore Institute of Directors. EC WORLD REIT 42 CORPORATE GOVERNANCE
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