The AC, with the concurrence of the Board, has recommended the re-appointment of KPMG LLP as the
external auditors. The re-appointment of the external auditors will be subject to approval by way of an ordinary
resolution of Unitholders at the AGM, to be held on 14 April 2015.
In appointing the audit firms for the Trust and its subsidiaries, the Board is satisfied that the Trust has complied
with the requirements of Rules 712 and 715 of the Listing Manual of the SGX-ST.
Whistle-blowing Policy
The AC has established procedures to provide employees of the Manager and the tenants and vendors of the
Trust with well-defined and accessible channels to report on suspected fraud, corruption, dishonest practices
or other similar matters relating to the Trust or the Manager, and for the independent investigation of any
reports and appropriate follow-up action.
The aim of the whistle-blowing policy is to encourage the reporting of such matters in good faith, with the
confidence that those making such reports will be treated fairly, and to the extent possible, be protected from
reprisal. Where appropriate, an independent third party may be appointed to assist in the investigation.
There were no reports of whistle-blowing received for the year.
INTERNAL AUDIT
Principle 13: The company should establish an effective internal audit function that is adequately
resourced and independent of the activities it audits.
The internal audit function of the Manager is outsourced to PricewaterhouseCoopers LLP (“PWC”). The internal
auditors are guided by the International Standards for the Professional Practice of Internal Auditing set by the
Institute of Internal Auditors, and report directly to the AC on audit matters.
The internal auditors conduct audit reviews based on the internal audit plan approved by the AC, and report
their findings and recommendations to management who would respond on the actions to be taken. The
internal auditors submit internal audit reports at least twice yearly to the AC. The AC is of the view that the
internal auditors have adequate resources to perform its functions.
SHAREHOLDER RIGHTS AND RESPONSIBILITIES
SHAREHOLDER RIGHTS
Principle 14: Companies should treat all shareholders fairly and equitably, and should recognise,
protect and facilitate the exercise of shareholders’ rights, and continually review and update such
governance arrangements.
COMMUNICATION WITH UNITHOLDERS
Principle 15: Companies should actively engage their shareholders and put in place an investor
relations policy to promote regular, effective and fair communication with shareholders.
The Manager is committed to regular, effective and fair communication with Unitholders. It has a dedicated
Investor Relations (“IR”) team which regularly communicates with the Unitholders and attends to their queries
and concerns.
CORPORATE GOVERNANCE
SABANA REIT
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ANNUAL REPORT 2014
80
