organisation’s commitment to fostering a culture of giving and environmental responsibility. Zero tolerance policies against workplace discrimination ensure fair and equitable treatment for all employees. In partnership with the Group’s Singapore office, which is also a signatory to the Tripartite Alliance for Fair and Progressive Employment Practices (TAFEP), the Manager upholds the five core Tripartite Guidelines on Fair Employment Practices (TGFEP) principles, reinforcing its commitment to merit-based and responsible employment practices. Membership in the Singapore National Employers Federation further demonstrates the Group’s dedication to fair and progressive labour standards. The Manager also complies with the Tripartite Guidelines on Flexible Work Arrangement Requests (TG-FWAR), enabling employees to submit formal requests for flexible work arrangements and ensuring that each request is evaluated through proper consideration and response protocols. The Group’s Code of Business Conduct and Ethics reinforces its commitment to human rights and anti-discrimination. This is supported by a comprehensive Discrimination, Harassment, and Workplace Violence Policy, which addresses sexual harassment, upholds zero tolerance for discrimination, mandates employee training, outlines corrective actions for discriminatory behaviour, and provides clear incident reporting channels. Throughout 2025, the Manager received no notifications of discrimination instances or human rights infringements across operations, nor were there any breach of the Code of Business Conduct and Ethics. This reflects the Manager’s continued commitment to ethical conduct and an inclusive workplace. The Manager’s commitment to workforce diversity is further reflected in its employee profile. For the Reporting Period, the Manager employed 15 full-time permanent staff and 1 part-time permanent staff, comprising 11 females and 5 males, with 14 employees based in Singapore and 2 in the U.S. A full breakdown of workforce data can be found in the Appendix: 2025 ESG Data Summary. Human Rights Due Diligence The Manager is committed to upholding and safeguarding human rights across all business operations and relationships, including within the supply chain. This commitment is integrated within the Group’s corporate values, decision‑making processes, and expectations of its employees and associates. This approach to human rights is formalised in the Group’s Global Human Rights Statement and aligned with internationally recognised principles, including the International Labour Organisation (ILO) and United Nations Guiding Principles on Business and Human Rights, which underscore the responsibility of businesses to prevent human rights infringements and address any adverse impacts. To reinforce its human rights obligations, human rights considerations are embedded into several corporate policies. These include the Code of Business Conduct and Ethics, the Discrimination, Harassment and Workplace Violence Policy, the Global Health and Safety Policy, and Responsible Contracting Policy. Together, these policies are designed to ensure that the Manager upholds a zerotolerance stance towards any human rights violations, fostering a safe, respectful, and ethical workplace environment. By integrating human rights standards into these key policies, the Group demonstrates its commitment to maintaining high ethical standards and protecting the dignity and rights of all individuals involved in its operations. Employees are encouraged to report any known misconduct or malpractice, through channels such as the Global Compliance Office and the Ethics Hotline. These mechanisms support the Manager’s commitment to transparency, accountability, and maintaining high ethical standards. Fair Employment The Manager demonstrates its commitment to fair recruitment, career development, compensation, human rights, and equitable employment practices through the Group’s recruitment, career development, and compensation strategies, all rooted in diversity and inclusion principles. External business and economic conditions are considered alongside internal feedback gathered through career discussions, exit interviews, performance evaluations, and employee engagement surveys. This comprehensive approach ensures that remuneration packages remain fair, competitive, and aligned with market standards. Employee remuneration packages are reviewed annually. These packages are performance based and benchmarked against industry standards to ensure ongoing competitiveness and equity. In 2025, MUST’s average recruitment rate was 6.3%. The average turnover rate was 6.3%, all of which was voluntary. The Manager regularly organises employee engagement activities and gathers employee feedback to improve retention. A full breakdown of employee recruitment and turnver data can be found in the Appendix: 2025 ESG Data Summary. Performance Management The Manager acknowledges that equitable and competitive remuneration is vital to attracting and retaining talent, strengthening human capital and organisational capabilities, and supporting MUST’s sustained and dynamic growth. Employee remuneration oversight is undertaken by the Group’s Human Resource. The compensation strategy centres on unbiased and performance-based salary and incentive guidelines aligned with the Group’s core values and the REIT’s objectives, including ESG areas such as Investor Engagement, Sustainable Initiatives, and Governance. / 25 / MANULIFE US REIT
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