126 UNITED HAMPSHIRE US REIT Corporate Governance Upon establishment of the selection criteria, the search for potential candidates is initiated by considering recommendations from the Board, Management and the external search for candidates that fit the criteria, where the external search is conducted through the Singapore Independent Directors’ Board Appointment Service. Candidates shortlisted and interviewed by the NRC, are then evaluated by the Chairman of the Board and the IDs, ensuring that recommendations made on proposed candidates are objective and well-supported. Once a candidate is selected for the Board, the NRC conducts due diligence and reference checks before recommending the candidate to the Board for approval. The NRC obtains annual confirmations from the Directors of their willingness to continue in office and as to their being fit and able to continue in office. The NRC also considers and proposes to the Board the directors to be re-elected to the Board once every two years. The Manager believes that Board renewal is necessary and a continuous process for good governance. Board renewal ensures that the Board and Board Committees comprise Directors that, as a group, provide an appropriate balance and diversity of skills, experience and industry knowledge and knowledge of UHREIT’s business. Renewal or replacement of a Director does not necessarily reflect his or her performance or contributions to date. When assessing Board composition or identifying suitable candidates for appointment or re-endorsement to the Board, the Manager will consider candidates on merit against objective criteria set by the Board after having given due regard to the benefits of diversity and the needs of the Board. KEY MANAGEMENT SUCCESSION In addition to succession planning of the Board, the NRC reviews the succession plans for the CEO and other key management positions. Given the small size of the Manager’s management team, a major part of succession planning and continuity includes preparing internal personnel for key roles, so that operations can continue smoothly. In May 2023, the incumbent CFO was promoted to take on the role of CEO and the Finance Director was appointed as CFO. TIME COMMITMENT In view of the responsibilities of a Director, Directors need to be able to devote sufficient time and attention to adequately perform their duties and responsibilities. The NRC conducts an annual review or whenever necessary, of the other appointments and commitments of each Director, which may affect his or her ability to commit time to the Manager. There is no limit on the number of other listed company board appointments which a Director may hold. The Board takes the view that the number of listed company directorships that a Director may hold should be considered on an individual basis, as a person’s capacity may be affected by many different factors, such as whether he or she is in full-time employment, the nature of other responsibilities and their plans regarding some of the other appointments. A Director with multiple directorships is expected to ensure that he or she can devote sufficient time and attention to the affairs of UHREIT. Directors inform management whenever they take on new appointments, which will allow the Manager to assess potential conflicts of interest or the ability to commit time. This information is also shared to the Board. There is also no alternate director to any of the Directors, in keeping with the principle that a Director must be able to commit time to the affairs of the Manager. Each of the Directors is required to make his or her own selfassessment and confirm that he or she is able to devote sufficient time and attention to the affairs of the Manager. For FY2025, all NEDs had undergone the self-assessment and provided the confirmation.
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