128 UNITED HAMPSHIRE US REIT Corporate Governance The evaluation process for FY2025 was facilitated by Boardroom Corporate & Advisory Services Pte. Ltd. (“BCAS”). Save for BCAS’s appointment as external facilitator to conduct the Board evaluation and as UHREIT’s Company Secretary, Unit Registrar, payroll and leave management services provider, BCAS does not have any other connection with the Manager or any of the Directors1. The evaluations are carried out by means of a questionnaire being completed by each Director. Directors complete evaluation questionnaires covering the Board and its Committees, as well as a self-assessment questionnaire for individual Directors. Their performance is assessed based on their duties, contributions, knowledge, and interactions with fellow Directors and Management. The questionnaires are on a no-name basis and the Directors’ submissions are kept confidential by BCAS who administer this process. From the responses, a consolidated report is prepared and provided to the NRC. The NRC will review the responses and feedback, as well as the areas where the Board’s performance and effectiveness could be enhanced. The board performance evaluation results and recommendations for improvement are then presented to the Board by the external facilitator for discussion and for implementation to help the Board discharge its duties more effectively. Each Director is given sufficient opportunity to bring to the Board his or her perspective to enable balanced and well considered decisions to be made. The performance of each Director will be taken into account in re-election or re-appointment. REMUNERATION MATTERS PROCEDURES FOR DEVELOPING REMUNERATION POLICIES Principle 6: The Board has a formal and transparent procedure for developing policies on director and executive remuneration, and for fixing the remuneration packages of individual directors and key management personnel. No director is involved in deciding his or her own remuneration. The Manager is appointed by the Trustee to manage UHREIT on behalf of the Unitholders. In doing so, the Manager receives management and ancillary fees as outlined in the Trust Deed, from which the Manager remunerates the salaries of the Directors and its employees, and pays its operating costs. The remuneration of the Directors, Management and employees of the Manager is not paid out of the deposited property of UHREIT but paid by the Manager from the fees it receives. Pursuant to the Trust Deed, Unitholder approval via extraordinary resolution is required for any increase in the rate or any change in the structure of the management fee, or any increase in the maximum permitted level of the Manager’s acquisition fee or divestment fee. The Board of the Manager approves the remuneration framework for the Board and KMP, which are based on the principle of linking pay to the performance of UHREIT, and enhancing the Manager’s ability to attract and retain talent. UHREIT’s business plans are translated to both quantitative and qualitative performance targets, including risk management and sustainable corporate practices and are cascaded throughout the Manager. 1 Our Independent Non-Executive Director, Mr Chua Teck Huat Bill, is a Director of Boardroom Executive Services Pte. Ltd. (“BESPL”) which is a wholly- owned subsidiary of Boardroom Pte. Ltd. (“BPL”) and is in the business of providing share plan administration, payroll, services and employee benefits. The Manager’s corporate secretary, BCAS, is also a wholly-owned subsidiary and is in the business of providing, amongst others, corporate secretarial and share registry services. BESPL and BCAS are separate and distinct legal entities. Mr Chua does not have any stake in BESPL and is not involved in the management of BESPL. He is remunerated directly by BESPL.
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