Board Membership Principle 4: Formal and transparent process for the appointment and re-appointment of directors to the Board Composition of the NRC (Provisions 4.2 and 6.2) The NRC comprises four Directors, a majority of whom, including the NRC Chairman are IDs. The Lead Independent Director, Mr Chan Heng Wing, is a member of the NRC. The members of the NRC are: Mr Li Guosheng (Independent Non-Executive Director) Chairman Mr Chan Heng Wing (Acting Chairman*, Independent Non-Executive Director and Lead ID) Member Mr Chia Yew Boon (Independent Non-Executive Director) Member Mr Zhang Guobiao^ (Non-Independent Non-Executive Director) Member * Mr Chan Heng Wing was appointed as Acting Chairman of the Board with effect from 17 August 2024. ^ Mr Zhang Guobiao resigned from the Board as Non-Independent Non-Executive Director with effect from 14 April 2025. Process for selection, appointment and re-appointment of Directors (Provision 4.3) Under the NRC’s terms of reference, the NRC is tasked with making recommendations to the Board on all Board’s appointments and re-appointments, taking into account, among other things, the scope and nature of the operations of ECW Group, the requirements of the business. The NRC has adopted a process for selecting, appointing and re-appointing Directors. The NRC will consider different channels to source candidates for Board appointment, depending on the requirements, including tapping on existing network of contacts and recommendations. External consultants may be engaged where appropriate to assist in assessing and selecting potential candidates. Suitable candidates are carefully evaluated by the NRC so that recommendations made on proposed candidates are objective and well supported. The said process also includes setting the tenure of Directors as well as the Directors’ fees framework. The NRC will review the suitability of any candidates put forward for appointment and re-appointment, having regard to the skills required and the skills represented on the Board and whether a candidate’s skills, knowledge and experience will complement the existing Board and whether he/she has sufficient time available to commit to his/her responsibilities as a Director, and whether he/she is a fit and proper person for the office in accordance with the Guidelines on Fit and Proper criteria issued by MAS (which require the candidate to be, among other things, competent, honest, to have integrity and be financially sound). The adopted process takes into account the requirements in the Code that the composition of the Board, including the selection of candidates for new appointments to the Board as part of the Board’s renewal process, be determined using the following principles: (a) the Board should comprise Directors with a broad range of commercial experience, including expertise in funds management, the property industry, banking and strategic planning; (b) independent directors make up a majority of the Board where the Chairman is not independent; and (c) non-executive directors make up a majority of the Board. Directors of the Manager are not subject to periodic retirement by rotation, nor re-appointment through voting by Unitholders. Since the majority of the Board comprises IDs, the Manager will not voluntarily subject the appointment or re-appointment of directors to voting by Unitholders. The Board intends to continue with the principle that majority of the Board shall comprise IDs. The Manager believes that Board renewal is a necessary and continual process, for good governance and ensuring that the Board and its Board Committees comprise directors who as a group provide an appropriate balance and diversity of skills, experience and industry knowledge and knowledge ECW’s business; renewal or replacement of a Director therefore does not necessarily reflect his performance or contributions to date. The term of each Director is for a period of three years, which is extendable for two additional terms of three years each. The re-nomination and re-appointment as a non-executive Director of the Company after the three consecutive 3-year terms shall be on an annual basis, subject to the recommendation of the NRC and approval of the Board. EC WORLD REIT 48 CORPORATE GOVERNANCE
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