(C) ACCOUNTABILITY AND AUDIT RISK MANAGEMENT AND INTERNAL CONTROLS Principle 9 The Board is responsible for the governance of risk and ensures that Management maintains a sound system of risk management and internal controls, to safeguard the interests of the company and its shareholders. The Manager has put in place a system of internal controls including financial, operational, compliance and information technology controls and risk management processes to manage risk and safeguard the interests of Unitholders. The Manager employs an enterprise-wide approach to all risk-taking and risk management activities, adopting an Enterprise Risk Management (ERM) Framework which has been reviewed by the ARC and approved by the Board. The Board determines the nature and extent of the significant risks which MUST is willing to take in achieving its strategic objectives and value creation. Details of the Manager’s ERM framework can be found on pages 54 to 59 of this Annual Report. In respect of FY2025, the Board has received assurance from: (a) the CEO and CFO of the Manager that the financial records of MUST have been properly maintained and the financial statements for the financial year ended 31 December 2025 give a true and fair view of MUST’s operations and finances; and (b) the CEO and CFO of the Manager (being the key management personnel responsible for risk management and internal control systems) that MUST’s internal controls, including financial, operational, compliance and information technology controls and risk management systems are adequate and effective. Based on the risk management and internal control systems established and maintained by the Manager, reviews conducted by internal auditors and external auditors as well as Management and the ARC’s review of the above assurance from the CEO and CFO pursuant to Rule 1207(10) of the Listing Manual, the Board, with the concurrence of the ARC, is of the opinion that MUST’s risk management and systems of internal controls (including financial, operational, compliance and information technology controls) were adequate and effective in addressing financial, operational, compliance and information technology risks for the financial year ended 31 December 2025. WHISTLE-BLOWING POLICY The Manager has adopted a Whistle-Blowing Policy which provides a framework for employees and external parties to raise, in confidence, concerns relating to misconduct or wrongdoings involving the Manager and its officers. This includes, without limitation, matters relating to financial reporting, fraud, corruption, bribery, criminal offences, non-compliance with legal and regulatory obligations, endangering of health and safety, or concealment of any such conduct. The WhistleBlowing Policy is available on MUST’s website at https://www.manulifeusreit.sg/about#policy_procedure. The policy is intended to encourage the reporting of genuine concerns by providing assurance that whistle-blowers who make reports in good faith will be treated fairly and, to the extent that it is reasonably practicable, be protected from retaliation. The Manager is committed to maintaining the confidentiality of the whistle-blower's identity. Reports may be submitted to the ARC Chairman or via the Ethics Hotline at www.manulifeethics.com, which is operated by an independent third-party company and allows reports to be made on a confidential or anonymous basis. All whistle-blowing reports received are referred to an independent function for assessment and investigation, where appropriate, and external advisers may be engaged to ensure that investigations are conducted independently and objectively. The findings of such investigations together with any recommended remedial actions, are reported to the ARC. The ARC is responsible for oversight and monitoring of the whistle-blowing framework, including reviewing the adequacy and effectiveness of investigations undertaken and ensuring that appropriate follow-up actions are implemented by Management. Matters which warrant escalation are brought to the attention of the Board. Accounting or auditing-related complaints may also be submitted on an anonymous basis in a sealed envelope addressed to the ARC Chairman, and unresolved concerns may be raised with the Lead Independent Director, Manulife's Global Compliance Chief or General Counsel. There were no substantiated whistle-blowing incidents reported during FY2025. DEALINGS IN UNITS Each Director and the CEO of the Manager has to give notice to the Manager of any acquisition of Units or of changes in the number of Units which he/she holds or in which he/she has an interest, within two business days after such acquisition or the occurrence of the event giving rise to changes in the number of Units which he/she holds or in which he/she has an interest. All dealings in Units by the Directors and the CEO of the Manager will be announced via SGXNet. / 81 / MANULIFE US REIT
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