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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
(e) Whistle-Blowing
The ARCC ensures that the Whistle-Blowing Policy
put in place provides an avenue through which staff
and external parties may raise, in good faith and in
confidence, any concerns about possible improprieties
in matters of financial reporting or other matters to
the Chairman of the ARCC and that there will be
independent investigation and appropriate follow-up
action taken.
External parties can raise their concerns by
submitting the prescribed form found on
.
cambridgeindustrialtrust.com/whistleblowing.html, to
.
The ARCC meets at least four times a year. It has full access
to the external and internal auditors and meets with the
auditors, without the presence of Management, on a
quarterly basis.
The number of ARCC meetings held and corresponding
attendances for FY2015 are set out on page 79.
Internal Audit
Principle 13:
The Company should establish an internal
audit function that is adequately resourced and independent
of the activities it audits.
Given the Manager’s size and scale of operations,
the Manager outsources the internal audit function.
PricewaterhouseCoopers LLP (PwC) has been appointed
as the internal auditor for another 3-year period from 2015
to 2017. PwC adopts the Standards for the Professional
Practice of Internal Auditing set by the Institute of Internal
Auditors.
The internal auditor primary reporting line is to the
Chairman of ARCC and administratively to the CEO. The
ARCC reviews and approves the annual internal audit
plan, and ensures that the internal auditor has adequate
resources to perform its functions. The ARCC also reviews
the results of internal audits and Management’s actions in
resolving any audit issues reported.
The ARCC is satisfied with the suitability of the internal
auditors and is of the view that the internal audit function
is adequately resourced to perform its functions, and has
appropriate standing within the Manager.
UNITHOLDERS RIGHTS AND RESPONSIBILITIES
Unitholders’ Rights
Principle 14:
Companies should treat all unitholders fairly
and equitably, and should recognise, protect and facilitate
the exercise of unitholders’ rights, and continually review
and update such governance arrangements.
Communication with Unitholders
Principle 15:
Companies should actively engage their
unitholders and put in place an investor relations policy
to promote regular, effective and fair communication with
unitholders.
Conduct of Unitholder Meetings
Principle 16:
Companies should encourage greater
unitholders participation at general meetings of unitholders,
and allow unitholders the opportunity to communicate their
views on various matters affecting the company.
The Manager upholds a strong culture of continuous
disclosure and transparent communication with Unitholders,
the investing community and other stakeholders. The
Manager has developed a disclosure policy, which requires
timely and full disclosure of financial reports and all material
information relating to CIT by way of public releases or
announcements through the SGX-ST via SGXNET. This
will be subsequently followed up with the release on CIT’s
website at
Our Policies and Practices
The Code encourages listed companies to have a policy
on the payment of dividends. The Manager’s policy is to
distribute 100 percent of CIT’s taxable income, comprising
substantially its income from the letting of its properties
after deduction of allowable expenses. The actual level of
distribution will be determined at the Manager’s discretion
taking into account the needs of the Trust for capital
expenditure, working capital requirements and the liquidity
position of CIT. Since the listing in 2006, CIT has distributed
100 percent of its taxable income to its Unitholders.
The Manager has a dedicated investor relations
and corporate communications team which handles
communications with investors, the investment community,
analysts and the media.
One of the key roles of the CEO, together with the Head
of Investor Relations and Corporate Communications, is to
