CORPORATE GOVERNANCE The Manager embraces the tenets of good corporate governance, including accountability, transparency and sustainability. It is committed to enhancing longtermUnitholder value and has the appropriate people, processes and structure to direct and manage the business and affairs of CICT Group with a view to achieving operational excellence and delivering the Trust's long-term strategic objectives. The policies and practices it has developed tomeet the specific business needs of the CICT Group provide a firm foundation for a trusted and respected business enterprise. The Board sets the tone from the top and is responsible for setting CICT’s corporate governance standards and policies. This underscores the importance of strong corporate governance to CICT. For a detailed disclosure on CICT’s governance framework and corporate governance practices for FY 2023 that aligns with the standards of the Code of Corporate Governance 2018 (last amended 11 January 2023) (Code), please refer to the Corporate Governance section of the AR 2023. BOARD INDEPENDENCE, DIVERSITY AND PERFORMANCE The Boardmaintains a strong independent composition, with 66.7% or six out of nine Directors being nonexecutive independent Directors, including the Chairman of the Board. The CEO is the only executive Director. The Board, through the Nominating and Remuneration Committee (NRC), reviews from time to time the size and composition of the Board and Board Committees, with a view to ensuring that the size is appropriate in facilitating effective deliberations and decision-making, and the composition reflects a strong independent element as well as diversity of thought and background. The review takes into account the scope and nature of the CICT Group's operations, the evolving external environment and the competition that the CICT Group faces. The Board, through the NRC, assesses each Director’s independence, annually (andas andwhencircumstances require), in accordance with the requirements of the Listing Manual, Code and other regulatory guidelines. The Board embraces diversity and has formally adopted a Board Diversity Policy. The Board Diversity Policy provides for the Board to comprise talented and dedicated Directors with a diverse mix of expertise, experience, perspectives, skills and backgrounds, with due consideration to diversity factors, including but not limited to, business or professional experience, age and gender. The Board values the benefits that diversity can bring to the Board in its deliberations by avoiding group-think and fostering constructive debate. Diversity enhances the Board’s decision-making capability and ensures that the Manager has the opportunity to benefit from all available talent and perspectives, which is essential to the effective governance of CICT’s business and for ensuring long-term sustainable growth. CICT's Board diversity targets, plans, timelines, and progress towards achieving these targets are described in the following table. Further information on the progress achieved during FY 2023 can be found at “Principle 2: Board Composition and Guidance” in the Corporate Governance section of the AR 2023. Diversity Targets, Plans and Timelines Targets Achieved / Progress Towards Achieving Targets Gender To have at least 2 female Directors on the Board during the period leading up to 2025. The Manager believes in achieving an optimum mix of female and male on the Board to provide different approaches and perspectives. Achieved As at the end of FY 2023, there were 4 female Directors (out of 9 Directors) on the Board. This represents 44.4% of the Board, exceeding Singapore's Council for Board Diversity’s recommended representation of 25% by 2025. GENDER DIVERSITY 44.4% 55.6% Male - 5 Directors Female - 4 Directors Overview Environment Social Governance References SUSTAINABILITY REPORT 2023 83
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