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Corporate Governance
& Sustainability
and practices to meet the
specific business needs of CMT
and to provide a firm foundation
for a trusted and respected
business enterprise. The
Manager remains focused on
complying with the substance
and spirit of the Principles
of the Code while achieving
operational excellence and
delivering CMT’s long-term
strategic objectives.
Further, in conjunction with
the Singapore Corporate
Governance Week 2013
initiated by the Securities
Investors Association
(Singapore), the Manager is a
signatory to the Statement of
Support Towards Excellence
in Corporate Governance.
With this pledge, the Manager
has, together with more than
100 other companies, made
a public promise to uphold
high standards of corporate
governance.
This report on the corporate
governance practices for
financial year 2013 describes the
Manager’s application of good
governance principles in building
a company committed to
integrity, transparency, excellence
and its people. This application
is underpinned by sound and
robust systems of internal
controls and accountability to
promote and drive long-term
sustainable growth and value
for Unitholders.
The following sections outline
the Manager’s policies and
practices on corporate
governance. Where there is
any material deviation from
any Principle of the Code, an
explanation has been provided
within this report.
OUR ACHIEVEMENTS
Our commitment towards
strong corporate governance
was affirmed with CMT
garnering the following
awards at the Securities
Investors Association
(Singapore) Investors’
Choice Awards 2013:
š M_dd[h e\ I_d]Wfeh[
Corporate Governance
Award (REITs & Business
Trusts category)
š M_dd[h \eh Ceij JhWdifWh[dj
Company Award (REITs &
Business Trusts category)
(A) BOARD MATTERS
The Board’s Conduct of Affairs
Principle 1:
Every company should be
headed by an effective
Board to lead and control
the company. The Board
is collectively responsible
for the long-term success
of the company. The Board
works with Management
to achieve this objective
and Management remains
accountable to the Board.
The Manager is led by a Board
of Directors (Board) comprising
a majority of independent
non-executive Directors.
Each Director brings to the
Board skills, experience,
insights and sound judgement,
which together with strategic
networking relationships, serve
to further the interests of CMT.
At all times, the Directors are
collectively and individually
obliged to act honestly and
with diligence, and consider
the best interests of Unitholders.
The Board oversees the affairs
of the Manager, in furtherance
of the Manager’s primary
responsibility to manage the
assets and liabilities of CMT for
the benefit of Unitholders. The
Chief Executive Officer, who is
assisted by management team
of the Manager (Management),
is responsible for the day-to-
day management and overall
operation of CMT’s business.
The Board provides leadership
to the Management, sets
strategic directions and
oversees the competent
management of CMT. The
Board establishes goals for
Management and monitors
the achievement of these
goals. It ensures that proper
and effective controls are in
place to assess and manage
business risks and compliance
with requirements under the
Listing Manual, the Property
Funds Appendix, as well as
any other applicable guidelines
prescribed by the SGX-ST,
the MAS or other relevant
authorities, and applicable
laws. It also sets the disclosure
and transparency standards
for CMT and ensures that
obligations to Unitholders
and other stakeholders are
understood and met.
Various Board Committees,
namely the Audit Committee,
Corporate Disclosure
Committee, Executive
Committee and Investment
Committee have been
constituted with clear written
Terms of Reference to assist
the Board in the discharge of
its functions.
Each of these Board
Committees operates under
delegated authority from
the Board. The Board may
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