will be notified via an announcement made through SGXNet. This distribution policy is also subject to the conditions as stipulated in Appendix 6 of the Code on Collective Investment Schemes issued by the Monetary Authority of Singapore, in that, if MUST were to declare a distribution in excess of profits, the Manager should be able to certify, in consultation with DBS Trustee Limited, in its capacity as trustee of MUST, that it is able to satisfy on reasonable grounds that, immediately after making the distribution, MUST will be able to fulfil, from the deposited property of the property fund, the liabilities of MUST as they fall due. Pursuant to the Recapitalisation Plan set out in the circular to Unitholders dated 29 November 2023 (“Circular”) and the entry into the Master Restructuring Agreement, MUST halted distributions to Unitholders till 31 December 2025, unless certain early conditions as set out in the Circular are met earlier. Ensuring Unitholder Participation The Manager is committed to providing Unitholders with the opportunity to participate effectively in and vote at general meetings, and also informs Unitholders of the rules governing such general meetings. The forthcoming AGM will be held in a wholly physical format on 30 April 2025. There will be no options for Unitholders to participate in the AGM virtually. Details of the AGM on 30 April 2025, including physical attendance at the AGM and submission of questions to the Chairman of the Meeting in advance of the AGM by Unitholders, are set out in the Notice of AGM dated 15 April 2025 and may be accessed at MUST’s website at https://www.manulifeusreit.sg and on the SGX website at https://www.sgx.com/securities/company-announcements. Unitholders may download the Annual Report and/or circulars at MUST’s website at https://www.manulifeusreit.sg, prior to the convening of general meetings. In line with MUST’s ongoing commitment to protect the environment, the Manager will only provide printed copies of the Annual Report and circulars upon request from Unitholders, who may request for such physical copies to be despatched by way of a request form. Notices of general meetings will also be accessible at MUST’s website at https://www.manulifeusreit.sg and on the SGX website at https://www.sgx.com/securities/company-announcements. The rationale and explanation for each agenda item which requires Unitholders’ approval at a general meeting are provided in the notice of the general meeting issued to Unitholders prior to the convening of the general meeting. This enables Unitholders to exercise their votes on an informed basis. Provision 11.4 of the CG Code requires an issuer’s constitution to allow for absentia voting at general meetings of Unitholders. MUST’s Trust Deed currently does not permit Unitholders to vote at general meetings in absentia (such as via mail or email). The Manager will consider implementing the relevant amendments to MUST’s Trust Deed to permit absentia voting after it has carried out careful study and is satisfied that the integrity of information and the authentication of the identity of Unitholders through the internet will not be compromised, and after the implementation of legislative changes to recognise remote voting. The Manager is of the view that despite the deviation from Provision 11.4 of the Code, Unitholders nevertheless have opportunities to communicate their views on matters affecting MUST even when they are not in attendance at general meetings. For example, Unitholders may appoint proxies to attend, speak and vote, on their behalf, at general meetings. Unitholders are strongly encouraged to communicate their views on matters pertaining to MUST. Prior to the AGM, Unitholders are encouraged to email all substantial and relevant questions to the Chairman of the AGM and may do so via email to srs.teamE@boardroomlimited.com with the subject title “MUST AGM Questions”. Unitholders will be able to raise questions on the motions being considered at these meetings where the Directors (including the Chairman of the Board, ARC and NRC) and senior management will be present to address their questions and clarify any issues on the proposed resolutions. All the Directors attended the general meeting held during their tenure in FY2024. Directors’ attendance at such meetings held during the financial year is disclosed on page 115 of this Annual Report. The external auditors are also present to address enquiries on the conduct of audit and the preparation and content of the auditor's report, and the audit and financial statements of MUST. A distinctly separate issue is proposed as a separate resolution at general meetings to protect the interests and rights of Unitholders. Each resolution proposed at a general meeting will be conducted through electronic voting to ensure full transparency in the voting process. Unitholders or their proxies present at these meetings are able to vote on all proposed resolutions at these meetings. Voting and vote counting procedures are disclosed at these meetings. An independent ANNUAL REPORT 2024 | 135
RkJQdWJsaXNoZXIy NTkwNzg=