(vii) does not have an immediate family member who is employed or has been employed by the Manager or MUST or their respective related corporations in the current financial year or any of the past three financial years and whose remuneration is or was determined by the NRC; and (viii) has not served on the Board for a continuous period of nine years or longer as at the last day of FY2025. Accordingly, the Board has reviewed and determined that each of the three aforementioned IDs satisfies the above criteria of independence as set out in the Listing Manual, the CG Code and the SF(LCB)R. Board of Directors Marc Lawrence Feliciano1 Koh Cher Chiew Francis Veronica Julia McCann2 Choo Kian Koon Karen Tay Koh (i) is independent in conduct, character and judgement and has no relationship with the Manager, its related corporations, its substantial shareholders, MUST’s substantial Unitholders (being Unitholders who have interests in voting Units with 5% or more of the total votes attached to all voting units) or the Manager’s officers that could interfere, or be reasonably perceived to interfere, with the exercise of the Director’s independent business judgement in the best interests of MUST √ √ √ √ √ (ii) is independent from the management of the Manager and MUST during FY2025 √ √ √ √ (iii) is independent from any business relationship with the Manager and MUST during FY2025 √ √ √ √ √ (iv) is independent from every substantial shareholder of the Manager and every substantial Unitholder of MUST during FY2025 √ √ √ √ (v) is not a substantial shareholder of the Manager or substantial Unitholder of MUST during FY2025 √ √ √ √ √ (vi) is not employed or has not been employed by the Manager or MUST or their respective related corporations in the current financial year or any of the past three financial years √ √ √ √ (vii) does not have an immediate family member who is employed or has been employed by the Manager of MUST or their respective related corporations in the current financial year or any of the past three financial years and whose remuneration is or was determined by the Board √ √ √ √ √ (viii) has not served on the Board for a continuous period of nine years or longer as at the last day of FY2025 √ √ √ √ 1 Mr Marc Lawrence Feliciano is employed by subsidiaries of MFC. As such, during FY2025, he is deemed (a) to have a management relationship with the Manager and MUST; and (b) to be connected to a substantial shareholder of the Manager and substantial Unitholder of MUST. Nonetheless, the Board is satisfied that during FY2025, Mr Feliciano acted in the best interests of the Unitholders as a whole. 2 Ms Veronica Julia McCann was re-designated as a Non-Independent Non-Executive Director of the Manager with effect from 17 June 2024 for serving as a director of the Manager for a continuous period of nine years. Nonetheless, the Board is satisfied that during FY2025, Ms McCann acted in the best interests of the Unitholders as a whole. / 71 / MANULIFE US REIT
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