The total fees paid/payable to EY in FY2025 are set out as follows: Total fees for audit services US$380,088 Total fees for non-audit services US$64,483 % of non-audit services to audit services 17.0% The non-audit fees were paid to the auditors for services rendered in relation to the divestment of a property during the year, as well as the MRA Concessions. Based on the above, the ARC is satisfied with the standard and quality of work, independence and objectivity of the external auditors and has recommended to the Board the nomination of EY for reappointment as external auditor, subject to the Unitholders’ approval at the forthcoming AGM of MUST. Internal Audit MUST has an internal audit function that is outsourced to KPMG Services Pte. Ltd. ("KPMG" or "Internal Auditor"). The audit methodology adopted by KPMG is guided by the firm's global internal auditing standards methodology and aligns with the Global Internal Audit Standards (GIAS) issued by the Institute of Internal Auditors. The Internal Auditor reports directly to the ARC. KPMG has unfettered access to the Manager’s documents, records, properties and employees, including access to the ARC, and has appropriate standing within MUST. The ARC oversees the internal audit activities of the Manager, including reviewing internal audit reports, assessing the adequacy and effectiveness of the internal audit function, approving the appointment, reappointment, remuneration and termination or removal of internal auditors. The ARC also meets with the Internal Auditor without the presence of Management. The ARC has considered the appropriateness of engaging KPMG for the internal audit function. For FY2025, the ARC has assessed and is satisfied with the independence, adequacy and effectiveness of the internal audit function. The ARC is further of the view that the internal audit function remains independent, effective and adequately resourced, in line with Rule 1207(10C) of the Listing Manual. (D) SHAREHOLDER RIGHTS AND ENGAGEMENT SHAREHOLDER RIGHTS AND CONDUCT OF GENERAL MEETINGS Principle 11 The company treats all shareholders fairly and equitably in order to enable them to exercise shareholders’ rights and have the opportunity to communicate their views on matters affecting the company. The company gives shareholders a balanced and understandable assessment of its performance, position and prospects. The Manager treats all Unitholders fairly and equitably. All Unitholders enjoy specific rights under the Trust Deed and relevant laws and regulations. The Trust Deed is available for inspection at the Manager’s office (prior appointment would be appreciated). Information on how to arrange an appointment for inspection can be found on page 65 of this Annual Report. These rights include, among other things, the right to participate in distributions of income. Unitholders are also entitled to attend general meetings and are accorded the opportunity to participate effectively and vote in general meetings (including through appointment of up to two proxies, if they are unable to attend in person or in the case of a corporate Unitholder, through its appointed representative). Unitholders such as nominee companies which provide custodial services for units are not constrained by the two-proxy limitation and are able to appoint more than two proxies to attend, speak and vote at general meetings of MUST. Timely Disclosure of Information The Manager is committed to promoting regular and effective communication with Unitholders in order to allow them to make informed and sound investment decisions. All announcements such as press releases, presentation slides, annual and sustainability reports and financial statements are uploaded onto SGXNet in a timely and accurate manner. This information is concurrently available at www.manulifeusreit.sg. Additionally, webcasts of analyst and media briefings are also available on MUST’s corporate website, ensuring that investors have access to important information presented during these briefings, allowing them to stay updated and make well-informed investment decisions. The Manager further publicises them on MUST’s LinkedIn page at https://sg.linkedin.com/company/manulife-us-reit as appropriate. Quarterly updates, in addition to mandatory financial statements, are also provided to Unitholders. Such updates include discussions of the significant factors that affect MUST’s performance, relevant market trends, and the foreseeable risks and opportunities that may have a material impact on MUST’s prospects. These updates provide Unitholders with a better understanding of MUST’s performance in the context of the current business environment. To this end, Unitholders and members of the investment community can subscribe for email alerts on MUST’s corporate website at https://investor. manulifeusreit.sg/email_alerts.html to stay abreast of the latest announcements, press releases and events. The Manager has in place an Investor Relations (IR) Policy which outlines the principles and practices it follows to ensure regular, effective and fair communication of accurate and timely information to the investment community such that current and prospective Unitholders are able to make well-informed investment decisions. It also provides a specific IR contact, / 87 / MANULIFE US REIT
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