OUR CORPORATE GOVERNANCE FRAMEWORK AND CULTURE The Manager embraces the tenets of good corporate governance, including accountability, transparency and sustainability. It is committed to enhancing long-term Unitholder value and has appropriate people, processes and structure to direct and manage the business and affairs of the Manager with a view to achieving operational excellence and delivering the CICT Group's long-term strategic objectives. The policies and practices it has developed to meet the specific business needs of the CICT Group provide a firm foundation for a trusted and respected business enterprise. Our corporate governance framework as at the date of this AR is set out below: The Board of Directors (Board) sets the tone from the top and is responsible for the Manager's corporate governance standards and policies, underscoring their importance to the CICT Group. This corporate governance report (Report) sets out the corporate governance practices for the financial year (FY) 2023 with reference to the Code of Corporate Governance 2018 (last amended 11 January 2023) (Code). Throughout the fiscal year ended 31 December 2023 (FY 2023), the Manager has complied with the principles of corporate governance laid down by the Code and also, substantially, with the provisions underlying the principles of the Code. Where there are deviations from the provisions of the Code, appropriate explanations are provided in this Report. This Report also sets out additional policies and practices adopted by the Manager which are not provided in the Code. CICT has received accolades from the investment community for excellence in corporate governance and corporate governance-related efforts. BOARD OF DIRECTORS AUDIT AND RISK COMMITTEE (ARC) EXECUTIVE COMMITTEE (EC) NOMINATING AND REMUNERATION COMMITTEE (NRC) 6 Independent Directors (ID) and 3 Non-Independent Directors (Non-ID) Led by ID, Ms Teo Swee Lian, Chairman Key Responsibility: Oversees the Manager’s strategic direction and performance, fosters the success of CICT so as to deliver sustainable value over the long term, engages with stakeholders based on the principles of sustainability and sound governance. 4 IDs Led by Mrs Quek Bin Hwee, ARC Chairman 3 Non-IDs Led by Mr Jonathan Yap Neng Tong, EC Chairman 2 IDs and 1 Non-ID Led by Ms Teo Swee Lian, NRC Chairman Note: The Audit Committee changed its name to the Audit and Risk Committee with effect from 1 January 2024. 134 CAPITALAND INTEGRATED COMMERCIAL TRUST CORPORATE GOVERNANCE
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