Annual Report 2007 - The Link REIT

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56 The Link Real Estate Investment Trust Annual Report 2007 Corporate Governance Report A total of nine full Board meetings were held during the year ended 31 March 2007 and the attendance record of the individual directors are as follows: BOARD 2006 AGM of Year ended Year ending The Link REIT 31 March 2007 31 March 2008 # Number of meetings held 1 9 2 Chairman (Independent Non-Executive Director) Nicholas Robert SALLNOW-SMITH (1) n/a n/a 2/2 Paul CHENG Ming Fun (2) 1/1 9/9 n/a Executive Directors Victor SO Hing Woh 1/1 9/9 2/2 CHEW Fook Aun (3) n/a 1/1 2/2 Non-Executive Directors John HO Chi On (4) 1/1 5/5 1/2 LIEW Mun Leong 1/1 3/9 1/2 PUA Seck Guan 1/1 9/9 1/2 Independent Non-Executive Directors Michael Ian ARNOLD 0/1 7/9 1/2 Leslie CHAO Tse Hou 0/1 7/9 2/2 Anthony CHOW Wing Kin (5) 1/1 8/8 1/2 Patrick FUNG Yuk Bun 1/1 9/9 2/2 Stanley KO Kam Chuen 1/1 8/9 2/2 Harry LEE Nai Shee 1/1 8/9 1/2 Patrick SUN 1/1 9/9 2/2 Allan ZEMAN 1/1 8/9 2/2 # Meetings held in thefinancial year to date (1) Mr Nicholas Robert SALLNOW-SMITH joined the Board on 1 April 2007 (2) Mr Paul CHENG Ming Fun retired from the Board with effect from 1 April 2007 (3) Mr CHEW Fook Aun joined the Board on 1 February 2007 (4) Mr John HO Chi On joined the Board on 27 July 2006 (5) Mr Anthony CHOW Wing Kin joined the Board on 22 May 2006 Board Committees Subject to the matters specially reserved to the Board, the Board has established various Board Committees to assist it in the discharging of its responsibilities. Details of these Committees are set out below: Audit Committee The Audit Committee has three members who are Independent Non-Executive Directors. Under its terms of reference, the Audit Committee reviews the completeness, accuracy, clarity and fairness of The Link REIT’sfinancial statements and considers the scope, approach and nature of internal and external audit reviews. It is also responsible to the Board for ensuring the quality and integrity of internal controls and the management of risk. It also recommends the appointment of external auditors, reviews their reports and guides management to take appropriate actions to remedy faults or deficiencies identified. The Audit Committee is also responsible for reviewing and monitoring connected party transactions. The Audit Committee is required to meet at least four times a year and to report back to the Board on its decisions and progress on a regular basis as determined by the Committee and approved by the Board.
Annual Report 2007 The Link Real Estate Investment Trust 57 Corporate Governance Report During the year under review, the Audit Committee has performed the following tasks: i) considered and reviewed the annual and interim financial results of The Link REIT in conjunction with the external auditors; ii) reviewed the quarterly compliance reports and the risk assessment reports to consider the internal control, risk management and compliance matters relating to The Link REIT; iii) reviewed the connected party transactions being conducted and confirmed that such transactions were entered into in accordance with the REIT Code; iv) reviewed the internal audit reports as presented by the internal auditors and approved the internal audit plan for the coming financial year; and v) reviewed and assessed the independence and performance of the external auditors and their related fees. The attendance record of the Audit Committee is as follows: AUDIT COMMITTEE Year ended 31 March 2007 Year ending 31 March 2008 # Number of meetings held 4 1 Members Patrick FUNG Yuk Bun (Chairman) 4/4 1/1 Harry LEE Nai Shee 4/4 1/1 Allan ZEMAN 1/4 1/1 In attendance Chief Executive Officer 4/4 1/1 Chief Financial Officer 1/1 1/1 Internal Auditor 4/4 1/1 External Auditors (1) 3/3 1/1 Director of Finance (2) 3/3 n/a # Meetings held in thefinancial year to date (1) Commencing from the Audit Committee meeting held on 27 March 2007, the external auditors will be invited to attend all future Audit Committee meetings. (2) Mr Thomas PANG Pui Yin (Director of Finance) resigned on 14 February 2007. Finance and Investment Committee The Finance and Investment Committee comprises eight members with four Independent Non-Executive Directors, two Non-Executive Directors and two Executive Directors. On 1 April 2007, Mr Nicholas Robert SALLNOW-SMITH, Chairman of the Manager and an Independent Non-Executive Director was also appointed as a member of the Committee. Under its terms of reference, the Finance and Investment Committee is responsible for evaluating and making recommendations on proposed acquisitions and/or disposals of assets, reviewing budgets and making recommendations to the Board on all key items of
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Designed and produced by : Equity F
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Annual Report 2007 - The Link REIT

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