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Annual Report FY2012 ParkwayLife REIT
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Parkway Trust Management Limited, in its capacity as the Manager of PLife REIT recognises that an effective corporate
governance culture is critical to the performance of the Manager and consequently, the success of PLife REIT. The Manager
is frmly committed to good corporate governance and has adopted a comprehensive corporate governance framework that
meets best practice principles. In particular, the Manager has an obligation to act honestly, with due care and diligence, and
in the best interests of Unitholders.
The following sections describe the Manager’s main corporate governance policies and practices. They encompass proactive
measures for avoiding situations of confict and potential conficts of interest and ensuring that applicable laws and regulations
within the Listing Manual of the Singapore Exchange Securities Trading Limited (“SGX-ST”) (the “Listing Manual”), the Code
on Collective Investment Schemes issued by the Monetary Authority of Singapore (“MAS”) (the “CIS Code”) including the
Property Funds Appendix in Appendix 6 of the CIS Code (the “Property Funds Appendix”), the CMS Licence (defned below)
and the Securities and Futures Act, Chapter 289 of Singapore (“SFA”), are complied with, and that the Manager’s obligations
under PLife REIT’s Trust Deed (defned below) are properly and effciently carried out.
THE MANAGER OF PLIFE REIT
The Manager has general powers of management over the assets of PLife REIT. The Manager’s main responsibility is to
manage PLife REIT’s assets and liabilities for the beneft of Unitholders.
The Manager will set the strategic direction of PLife REIT and make recommendations to the Trustee on the acquisition,
divestment and enhancement of assets of PLife REIT in accordance with its stated investment strategy.
Other main functions and responsibilities of the Manager are as follows:
1. Using its best endeavours to carry on and conduct its business in a proper and effcient manner, to ensure that the
business of PLife REIT is carried on and conducted in a proper and effcient manner and to conduct all transactions with
or on behalf of PLife REIT at arm’s length and on normal commercial terms;
2. Preparing property plans on an annual basis for review by the directors of the Manager, which may contain proposals
and forecasts on net income, capital expenditure, sales and valuations, explanations of major variances to previous
forecasts, written commentary on key issues and underlying assumptions on infation, annual turnover, rental rates,
occupancy costs and any other relevant assumptions. The purpose of these plans is to explain the performance of PLife
REIT’s assets;
3. Ensuring compliance with the applicable provisions of the SFA and all other relevant laws and regulations, the Listing
Manual, the CIS Code (including the Property Funds Appendix), the CMS Licence, the Trust Deed, the tax ruling issued
by the Inland Revenue Authority of Singapore on the taxation of PLife REIT and its Unitholders and all relevant contracts;
4. Attending to all regular communications with Unitholders; and
5. Provision of project management services including co-ordination of pre-qualifcation and tender exercises as well as
project meetings, recommendation of project budget and appointment of project consultants as well as monitoring and
supervising any third parties engaged to provide such services.
Corporate Governance