Manulife US REIT - Annual Report 2021

ANNUAL REPORT 2021 127 The framework for determining the Directors’ fees is set out in the table below. Chairman Member Main Board S$80,000 per annum S$50,000 per annum ARC S$25,000 per annum S$15,000 per annum NRC S$20,000 per annum S$10,000 per annum Note: Attendance fee on a per day basis is payable for participation in meetings of the Board/Board Committees, project meetings and verification meetings. Attendance fees are paid up to a maximum of S$15,000 per annum and each Director may receive up to 20% of his/her fee in the form of Units. The Directors’ fees for FY2021 are set out in the table below. Non-Executive Directors who are full-time employees of the Manulife Group do not receive any Directors’ fees. Name of Directors Fees for FY2021 (S$) Variable or performance related income/bonuses Benefits-in-kind Hsieh Tsun-Yan 100,500 – – Koh Cher Chiew Francis 87,200 – – Veronica Julia McCann 87,200 – – Choo Kian Koon 80,500 – – Karen Tay Koh 76,900 – – There is no employee who is a substantial unitholder of MUST or substantial shareholder of the Manager, or immediate family member of a Director, the CEO, a substantial unitholder of MUST or a shareholder of the Manager, and whose remuneration exceeds S$100,000 for FY2021. 2021 Remuneration Band and Names of CEO and Executive Officers Base Salary Inclusive of Employer’s CPF Variable or Performance-related Bonus Inclusive of Employer’s CPF 1 Benefits-in-kind RSUs 2 S$500,001 to S$750,000 Jill Smith 74% 25% 1% NA S$250,000 to S$500,000 Patrick Browne 94% 0% 1 6% NA Caroline Fong 76% 22% 2% NA Robert Wong 77% 22% 1% NA Choong Chia Yee 81% 16% 3% NA Daphne Chua 83% 16% 1% NA Total for CEO and Executive Officers S$2,754,160 1 The amounts disclosed relates to bonuses paid in 2021. Patrick Browne, who joined the Manager on 14 December 2020, was not eligible for bonus payout in 2021. 2 The RSUs granted to eligible employees with MUST units in 2019 will be vested and paid in 2022. (C) Accountability and Audit Risk Management and Internal Controls Principle 9 The Board is responsible for the governance of risk and ensures that Management maintains a sound system of risk management and internal controls, to safeguard the interests of the company and its shareholders. The Manager has put in place a system of internal controls including financial, operational, compliance and information technology controls and riskmanagement processes tomanage risk and safeguard the interests of Unitholders. TheManager employs an enterprise-wide approach to all risk-taking and risk management activities, adopting an ERM Framework which has been reviewed by the ARC and approved by the Board. Details of the Manager’s ERM framework can be found on pages 74 to 78 of this Annual Report.