The Board of Directors (the “Board” or “Directors” and individually a “Director”) and Management of Manulife US Real Estate Management Pte. Ltd. (the Manager), the manager of Manulife US REIT (MUST), are committed to continuous improvement in corporate governance as they firmly believe that it is essential in protecting the interests of unitholders of MUST (the Unitholders). Good corporate governance is also crucial to the performance and success of the Manager. The Manager also considers sustainability issues (including environmental and social factors) as part of its responsibilities and has included some insights in the Sustainability Report 2025. More detailed information on the Board Statement, material Environmental, Social, and Governance (ESG) factors, sustainability frameworks, policies, practices and performance, climate-related disclosures, stakeholders’ rights and performance enhancing mechanisms for employee participation are provided on MUST’s website at https://www.manulifeusreit.sg and in the Sustainability Report 2025. The Manager of MUST The Manager has general powers of management over the assets of MUST. The Manager’s main responsibility is to manage MUST’s assets and liabilities for the benefit of Unitholders. The primary role of the Manager is to set the strategic direction of MUST and provide recommendations to DBS Trustee Limited (the Trustee) on the acquisition to, and divestment from, MUST’s portfolio of assets, as well as enhancement of the assets of MUST, in accordance with its investment strategy. The research, analysis and evaluation required to achieve this is carried out by the Manager. The Manager is also responsible for risk management of MUST. The Manager uses its best endeavours to carry on and conduct its business in a proper and efficient manner and to conduct all transactions with, or for MUST, at arm’s length. Other functions and responsibilities of the Manager to the REIT include: • Investment: Formulating MUST’s investment strategy, including determining the location, sub-sector type and other characteristics of MUST’s property portfolio. Overseeing negotiations and providing supervision in relation to investments of MUST and making final recommendations to the Trustee. • Asset management: Formulating MUST’s asset management strategy, including determining the tenant mix, asset enhancement works and the rationalisation of operation costs. Providing supervision in relation to asset management of MUST and making final recommendations to the Trustee on material matters. • Capital management: Formulating the plans for equity and debt financing for MUST’s property acquisitions, distribution payments, expense payments and property maintenance payments. Executing the capital management plans, negotiating with financiers and underwriters and making final recommendations to the Trustee. • Accounting: Preparing accounts, financial reports and Annual Reports for MUST on a consolidated basis. • Compliance: Making all regulatory filings on behalf of MUST, and using its commercially reasonable best efforts to assist MUST in complying with the applicable provisions of the relevant legislations pertaining to the location and operations of MUST, the Listing Manual of the SGX-ST (the Listing Manual), the Trust Deed, any tax ruling and all relevant contracts. • Investor relations: Communicating and liaising with investors, analysts and the investment community. • Sustainability: Planning and executing MUST's sustainability strategy, including identifying and managing sustainability- and climate-related risks and opportunities, preparing sustainability reports, and participating in ESG indexes for evaluation. MUST, constituted as a trust, is externally managed by the Manager. The Manager holds a Capital Markets Services licence (CMS Licence) issued by the Monetary Authority of Singapore (MAS) for REIT management pursuant to the Securities and Futures Act. To run day-to-day operations of MUST, the Manager appoints an experienced and well-qualified Management team. All Directors and employees of the Manager are remunerated by the Manager, and not by MUST. CORPORATE GOVERNANCE / 64 / EXPANDING HORIZONS
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