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Directors’ contractual benefits
Since the end of the previous financial year, no director has received or become entitled to receive a benefit in the Trust by reason
of a contract made by the Trustee-Manager, on behalf of the Trust or a related corporation, with the director, or with a firm of
which the director is a member or with a company in which the director has a substantial financial interest.
Unit Options
There were no options granted during the financial year to acquire unissued units in the Trust.
No units have been issued during the financial year by virtue of the exercise of options to take up unissued units in the Trust.
There were no unissued units in the Trust under option as at the end of the financial year.
Audit Committee
The Audit Committee (“AC”) comprises four independent directors. The members at the end of the financial year were as follows:
Mr Michael Grenville Gray (Chairman)
Mr David Lim Tik En
Mr T.V. Mohandas Pai
Mr Ng Eng Leng
The AC carried out its functions in accordance with Regulation 13(6) of the Singapore Business Trusts Regulations, including the following:
• Reviewing with the external and internal auditors, the audit plans and audit reports and the auditors’ evaluation of the system
of internal accounting controls, based on the recommendations and observations of the auditors;
• Reviewing the quarterly and annual financial statements and the external auditor’s report on the annual financial statements
of the Trust before submission to the Board of Directors;
• Reviewing the assistance given by the Management of the Trustee-Manager to the auditors of the Trust;
• Reviewing the policies and practices put in place by the Management of the Trustee-Manager to ensure compliance with
the applicable laws, regulations, guidelines and constitutional documents of the Trust;
• Reviewing the procedures put in place to address any conflict that may arise between the interests of the Unitholders and
those of the Trustee-Manager, including interested person transactions, the indemnification of expenses or liabilities incurred
by the Trustee-Manager and the setting of fees and charges payable out of the trust property;
• Reporting to the Board of Directors of the Trustee-Manager on any inadequacies, deficiencies or matters of concern of which
the AC becomes aware or that it suspects, arising from its review of the above described;
• Reporting to the Board of Directors of the Trustee-Manager on any breach of the Singapore Business Trusts Act or any breach
of the provisions of the Trust Deed of which the AC becomes aware or that it suspects;
• Reporting to the Monetary Authority of Singapore if the AC is of the view that the Board of Directors of the Trustee-Manager has
not taken, or does not propose to take, appropriate action to deal with a matter reported by the AC to the Board of Directors;
