The Manager and its officers are licensed under the
Securities and Futures Act, Chapter 289 (“SFA”) to
carry out REIT management activities with effect
from 2 November 2010. It holds a Capital Markets
Services (“CMS”) Licence issued by the MAS.
The Manager is committed to upholding high
standards of corporate governance, which are
essential to sustaining the Trust’s business and
performance. This report describes the Manager’s
corporate governance framework and practices in
compliance with the principles and guidelines of the
Code of Corporate Governance 2012 (the “2012
Code”). The Manager confirms that it has adhered to
the principles and guidelines as set out in the 2012
Code where applicable. Any deviations from the
2012 Code are explained.
CORPORATE
GOVERNANCE
T
he Manager’s main responsibility is to
manage the assets and liabilities of the
Trust for the benefit of its Unitholders.
The Manager sets the strategic direction
of the Trust and gives recommendations
to HSBC Institutional Trust Services (Singapore)
Limited, as trustee of the Trust (the “Trustee”), on
the acquisition, divestment and enhancement of
the assets of the Trust in accordance with its stated
investment strategy. The Manager is also responsible
for the risk management of the Trust.
The Manager was appointed in accordance with the
terms of the trust deed constituting Sabana REIT
dated 29 October 2010 (as amended) (“Trust Deed”).
The Trust Deed also outlines certain circumstances
under which the Manager can be removed, including
by notice given in writing by the Trustee upon the
occurrence of certain events, or by a simple majority
of Unitholders present and voting at a meeting of
Unitholders duly convened and held in accordance
with the provisions of the Trust Deed.
SABANA REIT
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ANNUAL REPORT 2014
70
