There are no termination, retirement and post-employment benefits granted to the Directors, CEO and key management personnel over and above what have been disclosed. (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 risk management processes to manage risk and safeguard the interests of Unitholders. The Manager employs an enterprise-wide approach to all risk-taking and risk management activities, adopting an Enterprise Risk Management (ERM) Framework which has been reviewed by the ARC and approved by the Board. The Board determines the nature and extent of the significant risks which MUST is willing to take in achieving its strategic objectives and value creation. Details of the Manager’s ERM framework can be found on pages 59 to 64 of this Annual Report. In respect of FY2024, the Board has received assurance from: (a) the CEO and CFO of the Manager that the financial records of MUST have been properly maintained and the financial statements for the financial year ended 31 December 2024 give a true and fair view of MUST’s operations and finances; and (b) the CEO and CFO of the Manager (being the key management personnel responsible for risk management and internal control systems) that MUST’s internal controls, including financial, operational, compliance and information technology controls and risk management systems are adequate and effective. Based on the risk management and internal control systems established and maintained by the Manager, reviews conducted by internal auditors and external auditors as well as management and the ARC’s review of the above assurance from the CEO and CFO pursuant to Rule 1207(10) of the Listing Manual, the Board, with the concurrence of the ARC, is of the opinion that MUST’s risk management systems and systems of internal controls were adequate and effective in addressing financial, operational, compliance and information technology risks for the financial year ended 31 December 2024. WHISTLE-BLOWING POLICY The Manager has put in place a Whistle-Blowing Policy which sets out the procedures for its employees and any other persons to make a report to the Manager on misconduct or wrongdoings relating to the Manager and its officers, and serves to encourage its employees to raise concerns about possible improprieties in matters of financial reporting and other malpractices (including fraud, corruption, bribery or blackmail, criminal offences, failure to comply with a legal or regulatory obligation, miscarriage of justice, endangering the health and safety of an individual and concealment of any of the aforementioned) in confidence. The Whistle-Blowing Policy is available on MUST’s website at https://www.manulifeusreit.sg/about#policy_procedure. The objective of this policy is to encourage the reporting of such matters so that employees or external parties making any reports in good faith will be able to do so with the confidence that they will be treated fairly and, to the extent possible, be protected from reprisal. The Manager is committed to ensuring protection of the whistle-blower against detrimental or unfair treatment. The ARC is designated as an independent function to investigate all whistle-blowing reports made in good faith at its scheduled meetings. Independent, thorough investigation and appropriate follow-up actions are taken. Concerns about illegal, unprofessional, fraudulent or other unethical behaviour may be referred to the ARC Chairman or the Ethics Hotline at www.manulifeethics.com. The ethics hotline is a phone and web-based communications tool operated by an independent company, keeping the whistle-blower’s identity confidential. The Manager ensures that the identity of the whistle-blower is kept confidential. Any concerns which are not resolved by these channels may be raised with the Lead Independent Director of the Manager, or Manulife’s Global Compliance Chief or General Counsel may be contacted. Accounting and auditing complaints or concerns may be forwarded in a sealed envelope on an anonymous basis, addressed to the ARC Chairman. Following a review of the complaint or concern, the ARC Chairman, where appropriate, will take steps to have the matter investigated and, if warranted, will request that the Board and management implement corrective measures. The ARC is responsible for oversight and monitoring of all matters regarding whistle-blowing. No whistle-blowing incident was reported for FY2024. CORPORATE GOVERNANCE 128 | MANULIFE US REIT
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