CORPORATE GOVERNANCE
CIT, constituted as a trust, is externally managed by CITM,
(the “Manager”). CIT has no personnel of its own. CITM
as manager of CIT appoints qualified and experience
executives to manage its operations.
The Manager is committed to maintaining high standards
of corporate governance in line with the Singapore Code
of Corporate Governance. The Board and Management
believe that sound corporate governance policies and
practices are essential to protect the assets of CIT and
interests of its Unitholders and to enhance the value of
Unitholders’ investment in CIT.
The Manager has general powers of management over
the real estate and real estate related assets of CIT. The
Manager’s main responsibility is to manage CIT’s assets
and liabilities for the benefit of the Unitholders. It sets the
strategic direction of CIT and gives recommendations to
the Trustee on the acquisition, property development,
divestment and/or enhancement of assets of CIT in
accordance with its stated investment strategy. The
Manager is also responsible for the capital and risk
management of CIT. In executing its strategy, the
Manager is responsible for ensuring compliance with
the applicable provisions of the Securities and Futures
Act (“SFA”) and all other relevant legislation, including the
Rules of the SGX-ST Listing Manual (“Listing Manual”), the
Code on Collective Investment Schemes (including its
property funds appendix (“Property Funds Appendix”)) and
the Trust Deed.
The Manager also supervises the performance of the
Property Manager to ensure that it meets its objectives
pursuant to the property management agreement.
The Manager holds a Capital Markets Services Licence
(“CMS Licence”) issued by the Monetary Authority of
Singapore (“MAS”) to carry out REIT management activities
under the SFA. Under its CMS Licence, the Manager
appoints certain of its officers, staff and contractors as its
representatives to conduct REIT management activities
on its behalf.
This report provides an insight on the Manager’s corporate
governance framework and practices in compliance with
the Code of Corporate Governance 2012 (“the Code”). As
CIT is a listed REIT, not all principles of the Code may be
applicable to CIT and the Manager. Any deviations from
the Code are explained.
SIGNIFICANT CHANGES DURING REPORTING PERIOD
• Mr Christopher Dale Calvert, resigned as CEO and
Executive Director on 28 February 2014
• Mr Philip Henry Lewis Levinson, was appointed as
CEO and Executive Director on 31 March 2014.
ACCESSIBILITY OF ANNUAL REPORT
Limited copies of the annual report were printed, a PDF
version is available for download from the corporate
website:
/
Principles and Guidelines of the Code of Corporate
Governance 2012 Code
Board Matters
Principle 1: The Board’s Conduct of Affairs
Principle 2: Board Composition and Guidance
Principle 3: Chairman and CEO
Principle 4: Board Membership
Principle 5: Board Performance
Principle 6: Access to Information
Remuneration Matters
Principle 7: Procedures for Developing Remuneration
Policies
Principle 8: Level and Mix of Remuneration
Principle 9: Disclosure of Remuneration
Accountability and Audit
Principle 10: Accountability
Principle 11: Risk Management and Internal Controls
Principle 12: Audit Committee
Principle 13: Internal Audit
Unitholder Rights and Responsibilities
Principle 14: Unitholder Rights
Principle 15: Communication with Unitholders
Principle 16: Conduct of Unitholder Meetings
Corporate values and conduct of business
The Board and Senior Management are committed to
conduct high standards of business and comply with all
laws and regulations applicable to the Trust. The Manager
has put in place an internal policy of business and conduct.
The policy includes:
• Conflict of interest and appropriate disclosures
• Internal controls andaccountingpolicies andprocedures
• Proper use and safeguarding of the Manager’s and
Trust’s assets
• Whistleblowing policy
• Financial approval limits
CAMBRIDGE INDUSTRIAL TRUST | A WINNING FORMULA
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