suitable candidates for new appointments to the Board. In this regard, the Manager targets to achieve its objective within the next four years, i.e., by end-2030. This is ultimately subject to the availability of suitable female candidates with the right skill set and experience who will be able to add value to the Board. As part of the Board renewal process, the NRC will also review these objectives from time to time and may recommend changes or may recommend additional objectives to achieve greater diversity. BOARD PERFORMANCE Principle 5 The Board undertakes a formal and annual assessment of its effectiveness as a whole, and that of each of its board committees and individual directors. The NRC recommends for the Board’s approval the objective performance criteria, and the Board undertakes a process for the evaluation of the effectiveness of the Board as a whole, and of each Board Committee separately, as well as the contribution by the Chairman and each individual director to the Board. The performance evaluation process for FY2025 was facilitated by the Company Secretary. The Manager did not engage an external facilitator, in respect of the Board evaluation. However, the NRC has the discretion to engage external consultants to conduct the evaluation, if it deems necessary. On an annual basis, all Directors complete the Board Performance Evaluation Questionnaire and members of the respective Board Committee complete the ARC and NRC Performance Evaluation Questionnaires. Each year, the format of the evaluations alternates between a full set of questionnaires drafted largely based on the CG Code and a set of specific issues identified from the prior year’s performance evaluations as areas for further improvements. For FY2025, the evaluations were conducted based on the set of specific issues identified from the preceding year’s performance review. The performance evaluation processes and performance criteria are set out as follows: Board and Board Committees Each Board member is required to complete a Board Performance Evaluation Questionnaire sent by the Company Secretary. An “Explanatory Note” is annexed to the Questionnaire to clarify the background, rationale and objectives of the various performance criteria used in the Board Performance Evaluation Questionnaire with the aim of achieving consistency in the understanding and interpretation of the questions. Individual Directors In the assessment of the performance of the Directors, each Director is required to complete the Directors’ peer assessment form and submit the completed form directly to the Company Secretary. Each Director is also required to perform a selfassessment in addition to a peer assessment. Performance Criteria The performance criteria for the board performance evaluation generally includes (1) Board Composition, (2) Board Information, (3) Board Process, Internal Control & Risk Management, (4) Board Accountability, (5) CEO / Top Management, (6) ESG and (7) Standards of Conduct. The performance evaluation questionnaires on the Board also require the Board to consider whether the creation of value for Unitholders has been taken into consideration in its decision-making process, to ensure that performance-related remuneration is and continues to be aligned with the interests of Unitholders and other stakeholders and promotes the long-term success of MUST. The individual Director’s performance criteria are categorised into three segments; namely, (i) interactive skills (under which factors as to whether the Director works well with other Directors, and participates actively are taken into account); (ii) knowledge (under which factors as to the Director’s industry and business knowledge and functional expertise, whether he/she provides valuable inputs, his/her ability to analyse, communicate and contribute to the productivity of the meetings, and his/her understanding of finance and accounts are taken into consideration); and (iii) Directors’ duties (under which factors as to the Director’s board committee work contribution, whether the Director takes his/her role of Director seriously and works to further improve his/her own performance, whether he/she listens and discusses objectively and exercises independent judgement, and meeting preparation are taken into consideration). For FY2025, individual Directors, the Board, ARC and NRC completed their respective performance evaluation forms and returned them to the Company Secretary for compilation of the summary of the results of the evaluation. The results of the performance evaluation questionnaires are first reviewed by the NRC Chairman and subsequently presented and deliberated upon by the NRC and the Board. All necessary follow-up actions will be undertaken with a view to enhance the effectiveness of the Board and Board Committees in the discharge of their duties and responsibilities. CORPORATE GOVERNANCE / 76 / EXPANDING HORIZONS
RkJQdWJsaXNoZXIy NTM2MDQ5