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In carrying out its remuneration functions, the Nominating and
Remuneration Committee may obtain independent external
professional advice as it deems necessary. The expenses of such
advice shall be borne by the Manager.
All Directors and employees of the Manager are remunerated
by the Manager and not Sabana Shari’ah Compliant REIT. As
Sabana Shari’ah Compliant REIT does not bear the remuneration
of the Manager’s Directors and employees, no report is provided
by the Manager on the remuneration of its Directors and key
management.
Accountability
Principle 10: The Board should present a balanced and
understandable assessment of the company’s performance,
position and prospects.
It is the aim of the Board to provide Unitholders with a detailed
analysis, explanation and assessment of the financial performance,
position and prospects of Sabana Shari’ah Compliant REIT through
the quarterly and annual financial statements, announcements, and
where applicable, press releases.
Quarterly results are released to Unitholders within 45 days of the
reporting period while full year results are released to Unitholders
within 60 days of the financial year end.
In presenting the financial statements, prepared in accordance
with the Singapore Financial Reporting Standards prescribed by
the Accounting Standards Council, the Board aims to provide a
balanced and understandable presentation of Sabana Shari’ah
Compliant REIT’s financial performance, position and prospects.
Audit Committee
Principle 11: The Board should establish an Audit Committee
with written terms of reference which clearly set out its
authority and duties.
The Audit Committee is appointed by the Board from among
the Directors and is composed of four members, three of
whom (including the Chairman of the Audit Committee) are
Independent Directors.
Presently, the Audit Committee consists of the following members:
Mr Yong Kok Hoon (Chairman)
(Independent Director)
Mr Steven Lim Kok Hoong
(lndependent Director)
Associate Professor
(lndependent Director)
Muhammad Faishal
Bin Ibrahim Khan Surattee
Ms Ng Shin Ein
(Non-executive Director)
The Audit Committee is governed by written terms of reference.
The role of the Audit Committee is to monitor and evaluate
the effectiveness of the Manager’s internal controls. The Audit
Committee also reviews the quality and reliability of information
prepared for inclusion in financial reports, and is responsible for
the nomination of external auditors and reviewing the adequacy
of external audits in respect of cost, scope and performance.
The Audit Committee has recommended the outsourcing of the
Manager’s internal audit function and this has been accepted by
the Board.
The Audit Committee’s responsibilities also include:
• Monitoring the procedures established to regulate Related
Party Transactions, including ensuring compliance with
the provisions of the Listing Manual of the SGX-ST relating
to “interested person transactions” and the provisions of
the Property Funds Appendix relating to “interested party
transactions” (both such types of transactions constituting
“Related Party Transactions”);
• Reviewing transactions constituting Related Party Transactions;
• Deliberating on conflicts of interest situations involving Sabana
Shari’ah Compliant REIT;
• Reviewing any donations of income which is derived from non-
Shari’ah compliant sources or non-core activities made by the
Manager to charities that are not categorised as Institutions
of Public Character, or to individuals or families;
• Reviewing external audit reports to ensure that where
deficiencies in internal controls have been identified, appropriate
and prompt remedial action is taken by management;
• Reviewing arrangements by which staff and external parties
may, in confidence, raise probable improprieties in matters
of financial reporting or other matters, with the objective that
arrangements are in place for the independent investigation
of such matters and for appropriate follow up action;
• Reviewing internal audit reports at least twice a year to
ascertain that the guidelines and procedures established to
monitor Related Party Transactions have been complied with;
Corporate Governance
SABANA SHARI’AH COMPLIANT REIT
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