CORPORATE GOVERNANCE REPORT
98
ANNUAL REPORT 2015
FRASERS HOSPITALITY TRUST
Directors’ Attendance at Trustee-Manager’s Board Meetings held during the financial period
Director
Board
Meetings
Mr Law Song Keng
5/5
Mr Chua Phuay Hee
5/5
Mr Liew Choon Wei
5/5
Dr David Wong See Hong
5/5
Mr Panote Sirivadhanabhakdi
3/5
Mr Lim Ee Seng
5/5
Mr Choe Peng Sum
5/5
To ensure that business and operational efficacy is maintained without compromising the standard of corporate
governance, a Manual of Authority (“
MOA
”) approved by the REIT Manager Board in consultation with the Chief
Executive Officer (“
CEO
”) has been implemented. The MOA sets out the levels of authorisation and their respective
approval limits for a range of transactions, including but not limited to investments, asset enhancement initiatives, and
operating and capital expenditures. Transactions and matters which require the REIT Manager Board’s approval are
clearly set out in the MOA.
Dr David Wong See Hong, Mr Liew Choon Wei and Mr Choe Peng Sum, have attended a programme to orientate each
of them on acting as a director of the manager of a publicly-listed REIT and BT. The other Directors of the Managers
have each served as a director of other public-listed companies and/or a manager of a publicly-listed REIT or business
trust and are familiar with the rules and responsibilities of a director of a publicly-listed company and/or manager or
trustee-manager of a publicly-listed REIT or business trust.
The REIT Manager’s Board is also regularly updated on new laws affecting FHT’s business, as well as changes in
applicable regulations. During the financial period, the REIT Manager’s Board was briefed and/or updated on (1) MAS’
proposed enhancements and response to the regulatory regime governing REITs and REIT managers, (2) Directors’
duties and other applicable regulatory updates and (3) comfort matrix and internal controls.
In addition to talks conducted by relevant professionals, members of the Board are encouraged to attend relevant
courses and seminars so as to keep themselves updated on developments and changes in FHT’s operating environment,
and to be members of the Singapore Institute of Directors (“
SID
”) and for them to receive journal updates and training
from SID to stay abreast of relevant developments in financial, legal and regulatory requirements, and the business
environment and outlook.
A formal letter setting out a director’s duties and obligations to the Managers and the Stapled Securityholders as a
whole is issued to each director.
Principle 2:
Board Composition and Guidance
The composition of the Board as at 30 September 2015 is as follows:
Mr Law Song Keng
Chairman, Non-Executive
Independent
Mr Chua Phuay Hee
Non-Executive
Independent
Mr Liew Choon Wei
Non-Executive
Independent
Dr David Wong See Hong
Non-Executive
Independent
Mr Panote Sirivadhanabhakdi
Non-Executive
Non-Independent
Mr Lim Ee Seng
Non-Executive
Non-Independent
Mr Choe Peng Sum
Non-Executive
Non-Independent
