LIPPO-MAPLETREE - Lippo Malls Indonesia Retail Trust - Investor ...

The Manager and corporate governanceMr Wong Mun HoongMr Wong Mun Hoong is a Non-Executive Director of the Manager. He joined MIPL as Chief FinancialOfficer in January 2006. As the Chief Financial Officer, he is responsible for Finance, Treasury, CorporatePlanning & Investor Relations, Risk Management and Information Technology of the Mapletree Group. Heis also a director of Mapletree Logistics Trust Management Ltd, the manager of MapletreeLog (which islisted on the SGX-ST), since July 2006.Prior to joining MIPL, Mr Wong has over 14 years’ investment banking experience in Asia, the last 10 yearsof which were with Merrill Lynch & Co, which included stints in Singapore, Hong Kong and Tokyo. He was aDirector and Head of its Singapore Investment Banking Division prior to leaving Merrill Lynch (Singapore)Pte Ltd in late 2005.Mr Wong graduated with a Bachelor of Accountancy (Honours) from the National University of Singaporein 1990. He is a non-practising member of the Institute of Certified Public Accountants of Singapore. Heholds the professional designation of Chartered Financial Analyst from the CFA Institute of the UnitedStates.A list of the present and past directorships of each Director of the Manager over the last five yearspreceding the Latest Practicable Date is set out in “Appendix H—List of Present and Past PrincipalDirectorships of Directors and Executive Officers”.Experience and expertise of the BoardEach of Mr Lim Ho Seng, Mr Lok Vi Ming, Mr Tan Boon Leong and Mr Wong Mun Hoong have experience inbeing a director of a public listed company in Singapore. Ms Viven G. Sitiabudi has experience in being aPresident Commissioner of public listed companies in Indonesia. Indonesian companies are managed bya two-tiered management structure. The executive functions of an Indonesian company are run by a boardof directors, which is supervised by a board of commissioners.They therefore have the appropriate experience to act as directors of the Manager and are familiar with therules and responsibilities of a director of a public listed company.The Manager will arrange for the relevant training to prepare Mr Tan Bar Tien and Mr Yeo Cheow Tong forthe roles and responsibilities of a director of the manager of a public listed REITsubsequent to the listing ofLMIR Trust.The key roles of the BoardThe key roles of the Board are to:• guide the corporate strategy and directions of the Manager;• ensure that senior management discharges business leadership and demonstrates the highest qualityof management skills with integrity and enterprise; and• oversee the proper conduct of the Manager.The Board comprises seven Directors. The Audit Committee of the Board comprises Mr Tan Bar Tien,Mr Lim Ho Seng and Mr Lok Vi Ming. Mr Lim Ho Seng has been appointed as the Chairman of the AuditCommittee.The Board shall meet to review the key activities and business strategies of the Manager. The Boardintends to meet regularly, at least once every quarter, to deliberate the strategic policies of LMIR Trust,including acquisitions and divestments, approval of the annual budget and review of the performance ofLMIR Trust.Each Director has been appointed on the basis of his professional experience and his potential tocontribute to the proper guidance of LMIR Trust. The Directors will contribute in different ways, includingusing their personal networks to further the interest of LMIR Trust.The Board has the intention of approving a set of internal controls which sets out approval limits for capitalexpenditure, investments and divestments and bank borrowings as well as arrangements in relation to191