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C A M B R I D G E I N D U S T R I A L T R U S T
A N N U A L R E P O R T 2 0 1 5
CORPORATE GOVERNANCE
CIT, constituted as a trust, is externally managed by CITM.
CIT has no personnel of its own. CITM appoints qualified
and experienced 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
accordancewith its stated investment strategy. TheManager
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
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 under
the SFA. Under its CMS Licence, the Manager appoints
certain of its officers and staff 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 2005 and the revised Code
issued by the MAS in 2012 (“the Code”). Any deviations
from the Code are explained.
Significant Management Changes During Reporting
Period
• Mr David Mason, resigned as COO and CFO on
15 January 2016.
• Mr Shane Hagan, was appointed as COO and CFO on
28 January 2016.
Accessibility of Annual Report
Limited copies of the annual report were printed, however
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:
Principle 2:
Principle 3:
Principle 4:
Principle 5:
Principle 6:
The Board’s Conduct of Affairs
Board Composition and Guidance
Chairman and Chief Executive Officer
Board Membership
Board Performance
Access to Information
Remuneration Matters
Principle 7:
Principle 8:
Principle 9:
Procedures for Developing Remuneration Policies
Level and Mix of Remuneration
Disclosure of Remuneration
Accountability and Audit
Principle 10:
Principle 11:
Principle 12:
Principle 13:
Accountability
Risk Management and Internal Controls
Audit Committee
Internal Audit
Unitholder Rights and Responsibilities
Principle 14:
Principle 15:
Principle 16:
Unitholder Rights
Communication with Unitholders
Conduct of Unitholder Meetings
