Composition Attendance Record of Meetings in FY2024 Board ARC NRC AGM ARC NRC Number of Meetings Held: 3 Number of Meetings Held: 5 Number of Meetings Held: 4 Number of Meetings Held: 1 Marc Lawrence Feliciano - Member 3 5* 4 1 Koh Cher Chiew Francis2 Chairman Member 3 5 4 1 Veronica Julia McCann1 Member - 3 5 4* 1 Choo Kian Koon - Member 3 5* 4 1 Karen Tay Koh3 Member Chairman 3 5 4 1 Note: * Attendance by invitation of the Committee. 1. Ms Veronica Julia McCann was re-designated as Non-Independent and Non-Executive Director with effect from 17 June 2024 pursuant to the Securities and Futures (Licensing and Conduct of Business) Regulations for serving on the Board of the Company for a continuous period of nine years. Following her re-designation, Ms McCann has stepped down from her position as the Chairman of ARC but remains a member of the ARC. 2. Following the re-designation of Ms McCann, Professor Koh Cher Chiew Francis has been appointed as the Chairman of the ARC on the same date. 3. Mrs Karen Tay Koh was appointed as a member of the NRC on 1 March 2024 and Chairman of the NRC on 1 May 2024. She was present at the NRC meeting held prior to her appointment by invitation. Director Orientation Upon appointment, each Director is provided with a formal letter of appointment setting out the Director’s duties and obligations. The Manager has put in place an orientation programme with formal training to ensure that newly-appointed Directors are familiar with MUST’s business, strategies and directions as well as the regulatory environment in which MUST operates as well as the main corporate governance practices of the Manager. New Directors are provided with the terms of references of the ARC and NRC, including materials and minutes of past Board and Board Committee meetings to familiarise themselves with MUST’s activities. Training The Board receives regular updates on any new and material changes to applicable regulations, including MAS and SGXST regulatory changes, as well as their implications on MUST and the Manager. Directors are provided with opportunities to develop and maintain their skills and knowledge at MUST's and the Manager's expense. The Manager believes that the provision of continuing education opportunities to Directors will keep them updated on matters relevant to their appointments and responsibilities, and additionally, ensure that Directors understand MUST’s business. Directors are also encouraged to put forward to the NRC training topics on which they would like to receive training. In FY2024, Directors participate in training and professional development programmes, which included seminars organised by REITAS. A seminar on comprehensive sustainability-focused training was also conducted by a sustainability expert, engaged by the Manager, to enhance the Directors' knowledge in this area. The costs of training are borne by the Manager. Training for the Directors was supplemented with periodic formal reports to ensure their understanding of MUST’s property portfolio and the U.S. office real estate market, its trends and the economic environment. Directors who are appointed to the Board from time to time either have prior experience as a director of an issuer listed on the SGX-ST or will undergo further training required under Rule 210(5)(a) of the Listing Manual. Mr Marc Lawrence Feliciano, being a first-time director who was appointed on 18 September 2023, has completed the requisite training under Rule 210(5) (a) of the Listing Manual. Access to Information Management provides the Board with complete, adequate and timely information at least five days prior to Board and Board Committee meetings and on an ongoing basis through regular updates on financial results, market trends and business developments so as to enable the Board to effectively discharge its duties. The Directors are provided with tablet devices to enable them to access meeting materials prior to the Board and Board Committee meetings (including complete and adequate background information and explanatory updates on the affairs of MUST) so that the respective Board Committees and Board members have sufficient time to review the information provided to enable them to make informed decisions to discharge their duties and responsibilities. However, papers containing sensitive matters may be tabled at the meetings or discussed without any papers being distributed. On occasions, printed copies of the Board and Board Committee meeting materials are provided upon request. The Directors are also able to review and approve written resolutions on the tablet devices via a secured board portal. ANNUAL REPORT 2024 | 115
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