IREIT Global
annual report 2014
Corporate
Governance Report
individual directors on areas relating to the Board’s
and the ARC’s competencies and effectiveness.
Directors are requested to complete an assessment
and evaluation form that is tailored to seek their
input on the various aspects of the performance of
the Board and the ARC. The purpose is for the Board
to evaluate their overall effectiveness.
The feedback, comments and recommendations by all
the directors will be reviewed and discussed by the
Board collectively. Attendance at meetings as well as
the contributions of each director to the Board form
part of the evaluation.
The directors have completed the assessment and
evaluation form for the financial period ended
31 December 2014. The Board has conducted an
evaluation on the performance of the directors and
found that the directors are contributing effectively
and efficiently.
Access to Information
Principle 6:
Board members to be provided with
complete, adequate and timely information prior to
Board meetings and on an ongoing basis
All directors have access to IREIT’s and the Manager’s
records and information.
The Board is provided complete and adequate
information on a timely basis so as to allow the Board
to make informed decisions to discharge its duties
and responsibilities. Usually, board papers are sent
out at least one week prior to the Board meetings to
ensure that directors have sufficient time to review.
However, sensitive matters may be tabled at the
meeting itself, or discussed without papers being
distributed.
The Board has separate and independent access
to the Manager’s senior management and the
company secretary at all times. The company
secretary or a representative of the company
secretary attends to all corporate secretarial
administration matters and attends all Board
meetings. The appointment and removal of the
company secretary is a matter for the Board as a
whole. The Board also has access to independent
professional advice where appropriate and when
requested.
As and when necessary, the Board can also seek
independent professional advice, where appropriate
and when requested at the Manager’s expense, with
consent from the Chairman.
REMUNERATIONMATTERS
Procedures for Developing Remuneration Policies
Principle 7:
A formal and transparent procedure for
developing a policy on executive remuneration and for
fixing remuneration packages for individual directors
Level and Mix of Remuneration
Principle 8:
The level and structure of remuneration
should be appropriate to attract, retain and motivate,
but not excessive
Disclosure on Remuneration
Principle 9:
Disclosure on remuneration policies, the
level and mix of remuneration and the procedure for
setting remuneration
Constituted as a trust, IREIT is externally managed
by the Manager and it has no personnel of its own.
IREIT does not pay directors’ fees and remuneration
of the CEO and employees of the Manager. Their fees
and remuneration are paid by the Manager. The CEO
does not receive any directors’ fees. Independent
Directors and Non-Executive Directors are paid
basic fees for their board and board committee
membership. Directors’ fees are reviewed periodically
to benchmark such fees against the amounts paid
by other managers of listed REITs. The Manager’s
directors do not decide on their own fees.
The Manager has adopted a balanced remuneration
policy, aimed to ensure market competitiveness and
alignment to best industry practices and Unitholders’
interests.
