PEOPLE FIRST 1 Certification is applicable for all persons who wish to conduct REIT management in Singapore. from various sources. These include career discussions, exit interviews, performance evaluations, and employee engagement surveys. This comprehensive approach ensures that our remuneration packages remain fair and competitive. We conduct annual reviews of our employees' remuneration packages. These packages are performance-based and are benchmarked against market standards to ensure they remain competitive and equitable. In 2024, MUST’s average recruitment rate was recorded at 31.3%. MUST also recorded an average turnover rate of 37.5% and all were voluntary turnover. We constantly organise employee engagement activities and gather feedback from employees to improve employee retention. More details of our employment figures can be found in the Appendix: 2024 ESG Data Summary. Training and Education At MUST, we prioritise workforce development through lifelong learning, recognising it as crucial for the REIT's longterm sustainability. We offer comprehensive onboarding for new employees, including mandatory sessions on governance and risk management. Additionally, we provide ongoing, fully subsidised training and upskilling opportunities for all employees. To support our employees' professional growth, we allocate an annual training budget of S$2,000 per full-time permanent employee. This budget can be used for various professional development activities, such as subsidising degree programmes or pursuing courses and examinations from recognised universities or institutions. Our commitment to professional development extends to all employees, both full-time and part-time, who are eligible for training. We encourage each employee to complete at least 30 hours of training annually, reinforcing our dedication to continuous learning and skill enhancement across our workforce. In 2024, our team surpassed this goal, with an average of 44.5 training hours per employee. Notably, female employees averaged 54.2 hours, while male employees achieved an average of 27.9 hours. In adherence to MAS regulations, our Capital Markets Services (CMS) licence holders participate in REIT Management courses organised by REITAS, ensuring they remain current with the latest industry trends. As at 31 December 2024, 10 of our employees hold the accredited Capital Markets and Financial Advisory Services (CMFAS) RESP 10 (formerly known as Module 10 exam) - Rules, Ethics Skills, and Product Knowledge for REIT Management1 issued by The Institute of Banking & Finance (IBF) Singapore. Also, all licence holders fulfilled the required nine hours of Continuing Professional Development (CPD) training in 2024. To foster ongoing learning and development, our Sponsor continues to organise Fuel Up Fridays, a company-wide initiative that allocates the afternoon of every second Friday each month for employees to engage in learning activities. Additionally, all employees have access to Pursuit, an AI-powered learning platform that provides personalised learning plans to enhance their skills and competencies. To enhance both our employees’ and directors’ knowledge and expertise in the sustainability field, a sustainability expert was engaged to conduct a full day training on the introduction to ISSB and calculations of Scope 1, 2 and 3 GHG emissions in February 2024. MUST at the MWS Uncommon Dialogue: Tackling the Mental Health Crisis in a Super-Aged Singapore In October 2024, the Manager’s representatives attended a dialogue on "Tackling the Mental Health Crisis in a SuperAged Singapore" hosted by Methodist Welfare Services (MWS) to deepen understanding regarding mental health issues in Singapore. The dialogue session discussed the possible challenges that come with Singapore’s ‘super-aged’ status in 2026, where 20% of the population will be aged 65 years and above, the mitigation actions and possible sustainable solutions. In addition to our talent management efforts, we offer leadership development programmes for high-potential key management personnel to support career development and succession planning. To align the performance and developmental needs of key management personnel, the Chairman of MUST’s Nominating and Remuneration Committee (NRC) conducts annual interviews with them to gather feedback and identify areas for further improvement. 88 | MANULIFE US REIT
RkJQdWJsaXNoZXIy NTkwNzg=