FRASERS HOSPITALITY TRUST ANNUAL REPORT 2015
121
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BT out of the Trust Property of FH-BT, and ensure that fees and expenses charged to FH-BT are appropriate and
in accordance with the FH-BT Trust Deed.
The MAS has granted the Trustee-Manager waivers from compliance with Sections 10(2)(a) and 11(1)(a) of the BTA to the
extent that sections 10(2)(a) and 11(1)(a) of the BTA require the Trustee-Manager and the Trustee-Manager Directors to
act in the best interests of the FH-BT Unitholders as a whole only, subject to the conditions that:
(i)
the FH-BT Units remain stapled to the FH-REIT Units; and
(ii)
the Trustee-Manager and the Trustee-Manager Directors shall act in the best interests of all the Stapled
Securityholders as a whole.
Trust Property is Properly Accounted for
In the event that FH-BT becomes active, the trust property of FH-BT shall be properly accounted for and kept distinct
from the property of the Trustee-Manager in its own capacity. Different bank accounts shall be maintained for the
Trustee-Manager in its personal capacity and its capacity as trustee-manager of FH-BT.
Adherence to the Business Scope of FH-BT
In the event that FH-BT becomes active, the Trustee-Manager Board shall review and approve all authorised businesses
undertaken by FH-BT so as to ensure its adherence to the business scope as set out in the FH-BT Trust Deed.
Such authorised businesses include:
(i)
the acquisition, disposition and ownership of Authorised Investments (as defined in the FH-BT Trust Deed) and
all activities, concerns, functions and matters reasonably incidental thereto;
(ii)
ownership of subsidiaries which are engaged in the acquisition, disposition and ownership of Authorised
Investments of FH-BT and all activities, concerns, functions and matters reasonably incidental thereto; and
(iii)
any business, undertaking or activity associated with, incidental and/or ancillary to the carrying on of the
businesses referred to in paragraphs (i) and (ii), including the management and leasing of the Authorised
Investments of FH-BT.
Management of Business Risk
The following will be put in place by the Trustee-Manager to manage business risk when FH-BT becomes active:
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performance of FH-BT against a previously approved budget. The Trustee-Manager Board will also review the
business risks of FH-BT, examine liability management and will act upon any comments from both the internal
and external auditors of FH-BT.
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to the property industry. It will review management reports and feasibility studies on individual development
projects prior to approving major transactions. The management will meet regularly to review the operations of
the Trustee-Manager and FH-BT and discuss any disclosure issues.
Interested Person Transactions and Potential Conflicts of Interest
In general, transactions between:
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of the subsidiaries or associated companies of FH-BT); and
STATEMENT ON THE POLICIES AND PRACTICES IN RELATION TO
THE MANAGEMENT AND GOVERNANCE OF THE TRUST
