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CORPORATE GOVERNANCE
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Interim Report 2016
Corporate Governance Practices
The Boards are committed to maintaining high standards of corporate governance,
and recogn i se tha t sound and e ff ec t i ve corpor a t e gove r nance pr ac t i ces a re
fundamental to the smooth, effective and transparent operation of the Trustee-
Manager and the Trust Group, and the ability to attract investment, protect the rights
of Holders of Share Stapled Units and other stakeholders, and enhance the value of
the Share Stapled Units. The corporate governance policies of the Trustee-Manager
and the Trust Group are designed to achieve these objectives and are maintained
through a framework of processes, policies and guidelines.
Pursuant to the Trust Deed, the Trustee-Manager is responsible for compliance by
the Trust with the Listing Rules applicable to the Trust and other relevant laws and
regulations, the Company is responsible for compliance by the Company with the
Listing Rules applicable to the Company and other relevant laws and regulations, and
each of the Trustee-Manager and the Company will co-operate with each other to
ensure that each party complies with the Listing Rules obligations and to co-ordinate
disclosure to the Stock Exchange.
The Trust and the Company have complied with the applicable code provisions in the
Corporate Governance Code throughout the six months ended 30 June 2016, except
as noted hereunder.
The Trustee-Manager does not have a remuneration committee as provided for in code
provision B.1, since under the terms of their letters of appointment the Directors of
the Trustee-Manager are not entitled to any remuneration.
Neither the Trustee-Manager nor the Company has a nomination committee as
provided for in code provision A.5. At present, the Trustee-Manager and the Company
do not consider it necessary to have a nomination committee as the full Boards are
responsible for reviewing the structure, size and composition of the Boards and
the appointment of new Directors from time to time having regard to the Group’s
board diversity policy. The Boards as a whole are also responsible for reviewing the
succession plan for the Directors, in particular the Chairman and the Chief Executive
Officer.