CORPORATE GOVERNANCE REPORT
(CONT’D)
The ARC meets with the external auditors as well as the internal auditors without the presence of Management, at least
once a year. In the financial year ended 31 December 2015, the ARC was briefed on the key changes to the Companies
Act and Financial Reporting Standards and the implications on LMIR Trust. The ARC was also briefed on MAS’ response to
feedback received on the consultation paper on enhancements to the regulatory regime governing REITs and REIT managers.
The re-appointment of the external auditors will be subject to approval by way of an ordinary resolution of Unitholders at
LMIR Trust’s Seventh Annual General Meeting, to be held on 22 April 2016.
Four (4) ARC meetings were held during the financial year ended 2015.
The attendance at the Board and ARC meetings held is set out below.
Board Meetings
Audit and Risk Committee
Meetings
Name of Directors / Audit and Risk
Committee Members
Attendance / No. of meetings held Attendance / No. of meetings held
Mr Albert Saychuan Cheok
7/7
4/4
Ms Viven Gouw Sitiabudi
7/7
NA
Mr Lee Soo Hoon, Phillip
7/7
4/4
Mr Douglas Chew
7/7
2/4*
Mr Goh Tiam Lock
7/7
4/4
Mr Alvin Cheng Yu Dong
7/7
NA
Mr Ketut Budi Wijaya
4/7**
NA
*appointed as an ARC member on 27 July 2015.
**appointed as a member of the Board on 1 June 2015.
Board Membership
Principle 4: “There should be a formal and transparent process for the appointment and re-appointment of directors to
the Board.”
NOMINATING AND REMUNERATION COMMITTEE (“NRC”)
The Nominating and Remuneration Committee (“NRC”) was established on 15 March 2016. The NRC comprises three
members, a majority of whom (including the Chairman of the NRC) are Independent Directors and all of whom are Non-
Executive Directors:-
Mr Albert Saychuan Cheok (Chairman) (Independent Non-Executive Director)
Mr Ketut Budi Wijaya (Member) (Non-Executive Director)
Mr Douglas Chew (Member) (Independent Non-Executive Director)
The role of the NRC shall be, among others:
(1)
To review the size, structure and composition of the Board and to recommend membership of the Board and its
committees;
(2)
To search for suitable candidates for the Board and recommend director(s) for appointment;
(3)
To formulate succession planning for the Chairman of the Board, CEO and other director(s);
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