The Board is committed to ensuring that the highest standards of corporate governance are practised through the Manager, FCOT and its subsidiaries, as a fundamental part of its responsibility to protect and enhance Unitholders’ value.

Roles and responsibilities of the Manager

The Manager’s main responsibility is to manage FCOT for the benefit of Unitholders. In particular, the Manager will provide the following services to FCOT:

• Investment strategy: This includes the formulation, review where necessary, and execution of FCOT’s investment strategy, including determining the location, sub-sector type and other characteristics of the property portfolio.
• Acquisitions and disposals: This includes making recommendations to the Trustee on the acquisition and disposal of investments.
• Financing: This includes formulating plans for equity and debt financing for the acquisition of any investment, distribution payments, expense payments and capital expenditure payments. The Manager may require the Trustee to borrow on behalf of FCOT (upon such terms and conditions as the Manager deems fit and in particular by charging or mortgaging all or any part of the assets of FCOT) whenever the Manager considers that such borrowings are necessary or desirable in order to enable the Trustee to:
• meet any liabilities under or in connection with FCOT; or
• finance the acquisition of any asset; or
• redeem any Units.

Such borrowings must be in compliance with the CIS Code (including the Property Funds Guidelines). Planning and reporting: This includes making periodic real estate plans, including budgets and reports, relating to the performance of the asset portfolio.

• Asset Management: This includes performing day-to-day administrative services as FCOT’s representative.
• Administration: This includes making recommendations to the Trustee on the acquisition and disposal of investments.
• Investor relations: This includes communicating and liaising with Unitholders, potential investors, analysts and the media.
• Compliance management: This includes making all regulatory filings on behalf of FCOT and ensuring that FCOT is in compliance with the applicable laws, regulations and provisions within the Securities and Futures Act Chapter 289 of Singapore (“SFA”), the CIS Code, the Listing Manual, the Tax Rulings, the Trust Deed and all relevant contracts.
• Accounting records: This includes maintaining accounting records and preparing or causing to be prepared accounts and annual reports.

• use its best endeavours to carry on and conduct its business in a proper and efficient manner;
• ensure that FCOT is carried on and conducted in a proper and efficient manner; and
• conduct all transactions with or for FCOT at arm’s length and ensure that its Related Parties also do so.