132 UNITED HAMPSHIRE US REIT Corporate Governance (c) due to the confidentiality and sensitivity of staff remuneration matters, the Manager is of the view that such disclosures could be prejudicial to the interests of Unitholders. Conversely, the Manager is of the view that such non-disclosure will not be prejudicial to the interests of Unitholders as the information provided regarding the Manager’s remuneration policies is sufficient to enable Unitholders to understand the link between remuneration paid to the CEO and the top five KMP (who are not also Directors or the CEO) and their performance; and (d) there is no misalignment between the remuneration of the CEO and KMP with the interests of the Unitholders as their remuneration is paid out from the fees that the Manager receives from UHREIT, rather than borne by UHREIT. The quantum and basis of the fees that the Manager receives have also been disclosed within the Financial Statements. The Manager is accordingly of the view that their practice is consistent with Principle 8 of the Code as a whole and that non- disclosure of the remuneration of the KMP does not compromise the ability of the Manager to meet with the requirement of having good corporate governance as the NRC, comprising independent and non-independent NEDs, reviews the remuneration package of the CEO and KMP who are remunerated based on their roles and responsibilities to ensure that the KMP are fairly remunerated. The remuneration for the CEO and breakdown of the remuneration of the CEO in percentage terms for FY2025, are provided in the remuneration table below. KEY MANAGEMENT PERSONNEL CEO Remuneration Base Salary1 Variable Bonus1&2 Deferred Compensation3 Total remuneration S$983,340 Mr Gerard Yuen 53% 21% 26% 1 Inclusive of employer’s Central Provident Fund contributions. 2 The quantum of performance-related bonuses earned by the CEO of the Manager are for FY2024 but are paid in FY2025. 3 Includes (i) contingent performance units awarded during the year pursuant to the Performance Unit Plan of the Manager. The proportion of value of the unit awards is based on the fair value of the units comprised in the contingent awards under PUP at the time of grant in FY2025. The final number of units released under the contingent awards of units for the PUP will depend on the achievement of pre-determined performance targets and subject to the respective vesting period under the PUP; and (ii) cash awarded pursuant to the Restricted Awards Plan which are a deferred time-based award and aimed at encouraging continued service. More information on the PUP and RSA is contained within the section on “Remuneration Policy in respect of Key Management Personnel”. There are no employees of the Manager who are Substantial Shareholders of the Manager, Substantial Unitholders, or immediate family members of a Director, the CEO, a substantial shareholder of the Manager or a substantial unitholder of UHREIT, whose remuneration exceeds S$100,000 during the year.
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