CORPORATE
GOVERNANCE
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 firmly 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 with reference to the
Code of Corporate Governance 2012. They encompass proactive measures for avoiding situations of conflict and potential
conflicts of interest and ensuring that applicable laws and regulations (such as the Securities and Futures Act, Chapter
289 of Singapore (“
SFA
”), the listing manual (the “
Listing Manual
”) of the Singapore Exchange Securities Trading Limited
(“
SGX-ST
”), the Code on Collective Investment Schemes (the “
CIS Code
”) issued by the Monetary Authority of Singapore
(“
MAS
”) including the Property Funds Appendix in Appendix 6 of the CIS Code (the “
Property Funds Appendix
”), the
CMS Licence (as defined below), the tax ruling issued by the Inland Revenue Authority of Singapore on the taxation of
PLife REIT and its Unitholders are complied with, and that the Manager’s obligations under PLife REIT’s Trust Deed (as
defined below) are properly and efficiently 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 benefit 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 efficient manner, to ensure that
the business of PLife REIT is carried on and conducted in a proper and efficient 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 inflation, 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-qualification 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.
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