Manulife US REIT - Annual Report 2021

MANULIFE US REIT 100 support potential talent through action planning, targeted training and development opportunities. In addition to MUST’s talent management efforts, our employees are further supported by the Group’s centralised talent management team which offers leadership development programmes. Annual 360 degree evaluation is conducted on the CEO to ensure alignment of company objectives and key competencies with both the board and key executives. In 2021, the Group launched the Leadership DNA, a talent management framework to build core leadership skills and mindsets. Comprising three capabilities, Energise, Connect and Excel, the framework guides leaders in developing key skills and mindsets aligned to the Group’s core values. During the year, virtual courses on key leadership training aspects such as coaching and development, communication, DEI, strategic thinking and building global acumen were made available tokeymanagement.Mentoringprogrammes are also provided for high-potential key management, with one of them being mentored to further develop her core and leadership capabilities. To align the performance and developmental needs of key management personnel, the Chairman of MUST’s Nominating and Remuneration Committee (NRC) also conducts annual interviews with them to gather feedback and identify areas for further improvement. To create a pipeline for new talent and providementorship opportunities for existing employees, MUST has an Internship Programme, and will continue to work with local universities in 2022 to recruit future young leaders. Sharpening Skills The company ensures that all employees attend relevant training throughout the year. Comprehensive onboarding training is conducted for new hires, including mandatory training on governance and risk management. On top of maintaining at least 40 training hours per employee, a training budget of S$2,000 per year is put aside for all staff, including part-time, contract and those on probation. Fully subsidised training and upskilling opportunities are offered to employees regularly. In 2021, two of our employees received the accredited Capital Markets and Financial Advisory Services (CMFAS) Module 10 certification conducted by The Institute of Banking & Finance (IBF) Singapore. Appointed representatives of MAS’ Capital Markets Services (CMS) licence under the Manager also fulfilled the required nine hours of continuing professional development training to keep abreast of developments in the REIT industry and update skills and knowledge relevant to the activities they conduct. To gain more industry-related insights, three of our employees also attended a six-week executive training course with Singapore Management University (SMU) on Professional Certificate in Real Estate Investing in 2021. To develop sustainability knowledge and competencies, all Singapore-based employees as well as independent directors underwent a day of trainingon ESGandMateriality Reporting by SMU to understandmore about sustainability reporting standards and practices and the identification and impact of material ESG issues. In 2021, our Sponsor launched Pursuit Learning Hub, a fully automated, AI powered learning platform that offers tailored learning plans and programmes to expand employees’ professional and personal development skills and capabilities. Testament to the increased accessibility in learning resources, we recorded a 40.0%YoY increase in the average training hours per employee to 50 hours in 2021. Performance Management Pay for performance is at the core of our compensation philosophy. Compensation is tied to the achievement of the REIT’s goals and motivates employees to pursue goals aligned with creating value for the business. We have in place a performance management system which reviews the progress of staff regularly through semi-annual self-performance reviews and managerial feedback. In 2021, 100.0% of employees received regular performance and career development reviews. These reviews allow staff to develop goals and targets together with their supervisors, and identify opportunities for career growth and development. To foster a high-performing culture, the employee’s performance is assessed via a performance appraisal systemwhich rates the achievement of objectives tied to behaviourial expectations aligned with the Group’s core values. Sustainability is also woven into the performance appraisal of all employees, with performance indicators linked to the achievement of ESG initiatives such as environmental performance, employee engagement and leadership accountability, where relevant. People First