East Hospitality Trust ("Far East H-Trust") is a hospitality stapled group comprising Far East Hospitality Real Estate Investment Trust ("Far East H-REIT") and Far East Hospitality Business Trust ("Far East H-BT").
Far East H-REIT is a real estate investment trust constituted by the trust deed dated 1 August 2012 (as amended, varied or supplemented from time to time) ("Trust Deed") and entered into between FEO Hospitality Asset Management Pte. Ltd. (in its capacity as the manager of Far East H-REIT) (the "REIT Manager") and DBS Trustee Limited (in its capacity as the trustee of Far East H-REIT) (the "REIT Trustee").
Far East H-BT is a business trust constituted by the trust deed dated 1 August 2012 (as amended, varied or supplemented from time to time) and entered into by FEO Hospitality Trust Management Pte. Ltd. (in its capacity as the trustee-manager of Far East H-BT) (the "Trustee-Manager"). Far East H-BT has been dormant since Far East H-Trust was listed on the Mainboard of Singapore Exchange Securities Trading Limited (the "SGX-ST").
The REIT Manager has been issued a Capital Market Services Licence by the Monetary Authority of Singapore ("MAS") for real estate investment management ("CMS Licence") pursuant to the Securities and Futures Act 2001 of Singapore (the "SFA") on 10 August 2012.
FAR EAST H-TRUST AND CORPORATE GOVERNANCE
The framework of relevant legislations and guidelines governing Far East H-Trust include:
- The SFA;
- The Code on Collective Investment Schemes (including Appendix 6 thereon on property funds) (the "CIS Code", and Appendix 6 of the CIS Code, the "Property Funds Appendix");
- The Listing Manual issued by SGX-ST (the "Listing Manual");
- The Business Trusts Act 2004 of Singapore;
- The Code of Corporate Governance 2018 ("the Code"); and
- Written directions, notices, codes and other guidelines that may be issued by the MAS from time to time.
The REIT Manager and the Trustee-Manager ("the Managers") are fully committed to upholding the highest standards of corporate governance, business integrity and professionalism in all its activities. The Managers believe that sound and effective corporate governance policies and practices are essential in achieving sustainable growth, and consequently a trusted, successful and respected Far East H-Trust.
This corporate governance report ("CG Report") sets out Far East H-REIT's corporate governance framework and practices with specific reference to the principles and the provisions of the Code of Corporate Governance 2018, in accordance with to Rule 710 ("Rule 710") of the SGX Listing Rules, and where applicable, the Listing Manual and the Companies Act 1967 of Singapore, ("Companies Act"). For the financial year ended 31 December 2022 ("FY 2022"), save as stated in this CG Report, Far East H-REIT has complied in all material aspects with the principles of the Code. Where there are variations from any of the provisions of the Code, an explanation has been provided within this CG Report, which includes the reason for the variation, as well as the practices adopted to be consistent with the intent and philosophy of the relevant principle in question.
Due to the different legislative and regulatory requirements in relation to a REIT as compared with a business trust, the corporate governance disclosure requirements in relation to the REIT Manager are different from those in relation to the Trustee-Manager.