INTRODUCTION
One of the Trust¡¯s core values is good corporate governance, and it goes beyond the implementation of forms of best practices
and structures, internal checks and balances, transparency and compliance.
The Trustee-Manager believes that effective corporate governance is critical to its performance and consequently, to the success
of the Trust. The Trustee-Manager remains focused on complying with the principles of the Code of Corporate Governance of
2012 (¡°Code¡±).
This section sets out the corporate governance practice for FY15/16 with reference to the Code. Where there are deviations from
the principles and guidelines of the Code, an explanation has been provided within this section.
THE TRUSTEE-MANAGER
The Trust is a business trust constituted under Singapore¡¯s Business Trusts Act, Chapter 31A, and is listed on the Main Board of
SGX-ST. It is principally regulated by:
(i)
the Securities and Futures Act, Chapter 289 (¡°SFA¡±);
(ii)
the Business Trusts Act (¡°BTA¡±);
(iii)
the Listing Manual of SGX-ST (¡°Listing Manual¡±); and
(iv)
the Trust Deed dated 7 December 2004 (as subsequently amended) (¡°the Trust Deed¡±).
The Trust has also voluntarily adopted certain key provisions of the Code on Collective Investment Schemes (¡°CIS¡±), issued by
the Monetary Authority of Singapore (the ¡°MAS¡±), in particular, the Property Funds Appendix under Appendix 6 of the CIS.
The Trustee-Manager was appointed in accordance with the terms of the Trust Deed. Pursuant to the Trust Deed, the Trustee-
Manager¡¯s main responsibility is to manage the Trusts¡¯ assets and liabilities for the benefit of the Unitholders of the Trust. The
Trustee-Manager sets the strategic business direction of the Trust and is also responsible for the capital and risk management of
the Trust. Other key functions and responsibilities of the Trustee-Manager include:
(i)
carrying on and conducting all transactions on behalf of the Trust at arm¡¯s length, using its best endeavours;
(ii)
approving the Trust¡¯s business plan and budget;
(iii)
ensuring compliance with prevailing laws and regulations, such as those contained in the Listing Manual, the adopted key
provisions of the CIS including the Property Funds Appendix issued by the MAS, the SFA, as well as the Trustee-Manager¡¯s
obligations under the Trust Deed;
(iv)
ensuring the execution of works by the appointed Property Manager that provides property management, marketing
and project management services for the properties held by the Trust, pursuant to the relevant property management
agreement; and
(v)
maintaining a framework of prudent and effective controls which enable financial, operational and compliance risks, to be
assessed and managed.
Corporate Governance Report
.57
ASCENDAS india trust ANNUAL REPORT
2015/2016
