Corporate Governance Overview Statement CORPORATE GOVERNANCE STRUCTURE (CONT'D) The main purpose of a governance structure is to address the central issues revolving the four components of the governance operating model summarised below (Cont'd): COMPONENTS SUBCOMPONENTS DESCRIPTION TALENT & CULTURE • Business and operating principles • Core belief and risk culture • Leadership development and talent programmes performance • Management and incentives • Aligns governance with operating and business principles • Articulates core beliefs and foundation for culture • Highlights characteristics of risk culture • Outlines leadership succession, assessment, and development responsibilities • Aligns performance management, approach, measures and responsibilities to compensation and incentive plans INFRASTRUCTURE • Policies and Procedures • Establishes design and content of policy manual and associated procedures • Outlines type and frequency of internal reporting and communications • Define scorecards, measures, and metrics to track performance • Aligns technology and governance requirements PRINCIPLE A: BOARD LEADERSHIP & EFFECTIVENESS Board Leadership and Management The Board is led by an Independent Non-Executive Director and comprised of 4 Independent Non-Executive Directors and 4 Non- Independent Non-Executive Directors. The Directors have a balance and depth of skills, experience, independence and knowledge of the Real Estate/ Property industry and the REIT business model, which enables them to discharge their respective duties and responsibilities effectively. Each Director and Senior Management were assessed for compliance with the Policy on Fit & Proper Criteria, their performance, and contribution to board effectiveness. Should any of them be found to be no longer fit and proper or is underperforming, the BNRC will take corrective measures to manage such events accordingly. The Board is collectively responsible for the and the REIT Manager’s long term business sustainability, strategic planning and long term targets. The annual budget and strategic planning report are developed by the Chief Executive Officer and the senior management team and approved by the Board. The management team, led by the Chief Executive Officer, is responsible for implementing the strategy and managing the business at an operational level, aimed at promoting a long-term value for the unitholders and stakeholders. Number of Meetings and Board Attendance in 2024 Similarly, all highlights of matters reviewed, deliberated and approved by the Board and Board Committees during FY2024 can be found on the same section mentioned above. 104 AL-SALĀM REIT ANNUAL REPORT 2024
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