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Annual Report FY2012 ParkwayLife REIT
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The Board has adopted a set of internal controls which it believes is adequate in safeguarding Unitholders’ interests and
PLife REIT’s assets. Appropriate delegation of authority has been provided to management to facilitate operational effciency.
Changes to regulations and accounting standards are monitored closely. To keep pace with regulatory changes where these
changes have an important bearing on the Manager’s or directors’ disclosure obligations, the directors will be briefed either
during Board meetings or at specially-convened sessions involving the relevant professionals. The Board may also participate
in seminars and/or discussion group to keep abreast of the latest developments which are relevant to the Manager and PLife
REIT. The management also provides the Board with complete and adequate information in a timely manner through regular
updates on fnancial results, market trends and business developments.
The Board has separate and independent access to senior management and the company secretary at all times. The
company secretary attends to corporate secretarial administration and attends all Board meetings. The appointment and
removal of the company secretary is a Board reserved matter. The Board also has access to independent professional advice
where appropriate.
Board Composition
The Board presently consists of eight members, seven of whom are non-executive directors (including three independent
directors). The Chairman of the Board is Mr. Lim Kok Hoong. None of the directors has entered into any service contract
directly with PLife REIT.
The composition of the Board is determined using the following principles:
1. the Chairman of the Board should be a non-executive director of the Manager;
2. the Board should comprise directors with a broad range of commercial experience, including expertise in funds
management and the property industry; and
3. at least one-third of the Board should comprise independent directors.
The Board has reviewed its composition and is satisfed that the existing composition is appropriate. The majority of the
directors are non-executive and/or independent of the management. This enables the management to beneft from their
external, diverse and objective perspective on issues that are brought before the Board. It would also enable the Board to
interact and work with the management through a robust exchange of ideas and views to help shape the strategic process.
This, together with a clear separation of roles of the Chairman and Chief Executive Offcer described below, provides a
healthy professional relationship between the Board and the management, with clarity of roles and robust oversight as they
deliberate the business activities of the Manager. The composition will be reviewed regularly to ensure that the Board has the
appropriate mix of expertise and experience.