Annual Report 2007 - The Link REIT

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52 The Link Real Estate Investment Trust Annual Report 2007 Corporate Citizenship Supporting Charitable Causes We have actively participated in community events and organised various promotional events in partnership with social service groups throughout the year. During the year, we have co-organised charitable events with “Helping Hand”, “Operation Santa Claus” and “Hong Kong Society for the Protection of Children” as part of our festive promotion programme. Working for a Greener Future We understand the importance of environmental protection and the call for a greener community. In order to do so, we strive to contribute to a greener future by embracing more environment-friendly business measures in our operations and also supporting environmental causes. For instance, a wide variety of energy saving initiatives are adopted at our properties and whenever possible and appropriate, recycled materials are used in our improvement works. For two consecutive years, we teamed up with Friends of the Earth in campaigns aiming to encourage and enable people to recycle used metal mooncake boxes and used polystyrene foam materials. We also organised an “Old Clothes Collection Programme” with the Salvation Army to collect warm clothes for the needy in winter. Volunteering for a Caring Society Our staff volunteer team extends our care to the needy in the community by visiting them during festive periods and bringing them festive joy with songs, games and seasonal gifts. Wage Protection The Link is committed and has been given a commendation certificate for our full support to the “Wage Protection Movement” launched by the Government. ■ “Old Clothes Collection Programme” is part of The Link’s contribution to the environment and community. ■ The Link’s staff volunteer team visits an elderly home during Chinese New Year. ■ Proceeds from the “Haunted Castle”, part of our Halloween promotion at the Tsz Wan Shan Shopping Centre, were donated to the Hong Kong Society for the Protection of Children. ■ Thousands of cleaning and security staff working in The Link’s properties benefit from The Link’s commitment under the Government’s “Wage Protection Movement”.
Annual Report 2007 The Link Real Estate Investment Trust 53 Corporate Governance Report With the objectives of establishing and maintaining high standards of corporate governance, the Manager is committed to certain policies and procedures to ensure that The Link REIT is well-managed and operates in a transparent manner. Set out below is a summary of the key components of the corporate governance policies that have been adopted by the Manager and The Link REIT. Authorisation Structure The Link REIT is a collective investment scheme in the form of a unit trust authorised by the SFC under section 104 of the SFO and regulated by the provisions of the Code on Real Estate Investment Trusts issued by the SFC (the “REIT Code”). HSBC Institutional Trust Services (Asia) Limited, the Trustee, is a registered trust company and is qualified to act as a trustee for collective investment schemes under the SFO and the REIT Code. The Manager is licensed by the SFC under section 116 of the SFO to conduct the regulated activity of asset management. Roles of the Trustee and the Manager As The Link REIT has adopted an internalised management structure, the Trustee is the owner of all the shares of the Manager which are held in trust for the benefit of unitholders. The Trustee and the Manager are functionally independent of each other. The Trustee is responsible under the Trust Deed for the safe custody of the assets of The Link REIT on behalf of unitholders. The Manager’s role under the Trust Deed is to manage The Link REIT in accordance with the Trust Deed and in particular, to ensure that The Link REIT’s assets are professionally managed in the sole interests of the unitholders. Board of Directors of the Manager and its Roles The Board With the aim of creating a board structure that is both effective and balanced, the size of the Board has been set to provide for a minimum of nine Directors and a maximum of 14 Directors. At present, the Board comprises 14 members, nine of whom are Independent Non-Executive Directors, three Non-Executive Directors and two Executive Directors. Independent Non-Executive Directors and Mr John HO Chi On, the Non-Executive Director are appointed for an initial term of three years and one-third of them are subject to retirement at each annual general meeting of the Manager. Independent Non-Executive Directors are eligible for re-appointment up to a maximum period in office of six years. There is no maximum term for other Directors. Two of the Non-Executive Directors, Mr LIEW Mun Leong and Mr PUA Seck Guan, who were appointed pursuant to the Co-operation Agreement and its supplemental agreement signed between the Manager and CapitaLand Limited on 27 August 2004 and 26 October 2005, respectively and Mr Victor SO Hing Woh, the Chief Executive Officer and Mr CHEW Fook Aun, the Chief Financial Officer are not subject to retirement by rotation. There is no service contract which is not determinable within one year without payment of compensation (other than statutory compensation) in respect of any Director proposed for re-election at the forthcoming annual general meeting of the Manager.
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