The internal audit function reports directly to the ARC. The internal audit team has unfettered access to the Manager’s documents, records, properties and employees, including access to the ARC, and has appropriate standing within MUST. The ARC, exercises oversight over the internal audit activities of the Manager, including reviewing internal audit reports, reviewing the adequacy and effectiveness of the internal audit function, the appointment, reappointment, termination or removal of internal auditors and meeting with internal auditors without the presence of management. The ARC has considered the appropriateness of using KPMG’s audit team for the internal audit function and with respect to FY2024, the ARC has reviewed and is satisfied as to the independence, adequacy and effectiveness of the internal audit function. The ARC is also of the opinion that the internal audit function is independent, effective and adequately resourced. (D) SHAREHOLDER RIGHTS AND ENGAGEMENT SHAREHOLDER RIGHTS AND CONDUCT OF GENERAL MEETINGS Principle 11 The company treats all shareholders fairly and equitably in order to enable them to exercise shareholders’ rights and have the opportunity to communicate their views on matters affecting the company. The company gives shareholders a balanced and understandable assessment of its performance, position and prospects. ENGAGEMENT WITH SHAREHOLDERS Principle 12 The company communicates regularly with its shareholders and facilitates the participation of shareholders during general meetings and other dialogues to allow shareholders to communicate their views on various matters affecting the company. The Manager is committed to promoting regular and effective communication with Unitholders in order to allow them to make informed and sound investment decisions. The Trust Deed is available for inspection at the Manager’s office (prior appointment would be appreciated). All announcements such as press releases, presentation slides, annual and sustainability reports and financial statements are uploaded onto SGXNet in a timely and accurate manner. This information is concurrently available at www.manulifeusreit.sg. Additionally, webcasts of analyst and media briefings are also available on MUST’s corporate website, ensuring that investors have access to important information presented during these briefings, allowing them to stay updated and make well-informed investment decisions. Interim updates, in addition to mandatory financial statements, are also provided to Unitholders. Such updates include: discussions of the significant factors that affected MUST’s interim performance, relevant market trends, and the foreseeable risks and opportunities that may have a material impact on MUST’s prospects. These interim updates provide Unitholders with a better understanding of MUST’s performance in the context of the current business environment. To this end, Unitholders and members of the investment community can subscribe for email alerts on MUST’s corporate website at https://investor.manulifeusreit.sg/email_alerts.html to stay abreast of the latest announcements, press releases and events. The Manager has a dedicated IR team that regularly interacts with analysts, media and investors to engage and facilitate communication. In FY2024, the Manager met with more than 850 investors, analysts and media through virtual conferences, calls, meetings, non-deal roadshows and webinars. More information of the Manager’s IR and media activities can be found on pages 55 to 58 of this Annual Report. The Manager has in place an IR Policy which outlines the principles and practices followed by the Manager to ensure regular, effective and fair communication of accurate and timely information to the investment community such that current and prospective Unitholders are able to make well-informed investment decisions. It also provides a specific IR contact, through which Unitholders are able to ask questions and receive responses in a timely manner, within two business days. The IR Policy is published on MUST’s website at https://www.manulifeusreit.sg/about#policy_procedure. Distribution Policy MUST’s distribution policy is to distribute at least 90.0% of its distributable income and distributions are paid on a semi-annual basis in which the Manager determines the actual level of distribution. For every dividend declaration made, Unitholders CORPORATE GOVERNANCE 134 | MANULIFE US REIT
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