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ANNUAL REPORT 2014
• hold the HBT Trust Property on trust for all HBT Unitholders as a whole in accordance with the terms of the
HBT Trust Deed;
• adhere with the business scope of HBT as set out in the HBT Trust Deed;
• review interested person transactions in relation to HBT;
• review expense and cost allocations payable to the HBT Trustee-Manager in its capacity as trustee-manager of
HBT out of the HBT Trust Property and ensure that fees and expenses charged to HBT are appropriate and in
accordance with the HBT Trust Deed; and
• comply with the BTA and the Listing Manual.
The MAS has also granted the HBT Trustee-Manager an exemption from compliance with Section 10(2)(a) of the
BTA and the directors of the HBT Trustee-Manager (the “HBT Trustee-Manager Directors”) from compliance with
Section 11(1)(a) of the BTA subject to the condition that for the duration of the time that the HBT Units are stapled to
the units of H-REIT, the HBT Trustee-Manager and HBT Trustee-Manager Directors shall act in the best interests of all
the holders of the stapled securities in CDL Hospitality Trusts.
The HBT Trustee-Manager Board, in exercising its power and carrying out its duties as trustee-manager of HBT,
has put in place measures to ensure that:
• the HBT Trust Property is properly accounted for and is kept distinct from the property held by the HBT Trustee-
Manager in its own capacity;
• the business scope of HBT as set out in the HBT Trust Deed has been adhered to;
• potential conflicts between the interests of the HBT Trustee-Manager and the interests of the HBT Unitholders as
a whole are appropriately managed;
• interested person transactions are transparent, properly recorded and disclosed;
• expenses and cost allocations payable to the HBT Trustee-Manager out of the HBT Trust Property, and the fees
and expenses charged to HBT are appropriate and are made in accordance with the HBT Trust Deed; and
• the BTA and with the Listing Manual have been complied with.
The HBT Trustee-Manager has also adopted a set of corporate governance practices as set out from pages 60 to 77 of
this report.
HBT Trust Property Properly Accounted For
To ensure that the HBT Trust Property is properly accounted for and is kept distinct from the property held by the
HBT Trustee-Manager in its own capacity, the accounting records of HBT are kept separate and distinct from the
accounting records of the HBT Trustee-Manager. Different bank accounts are maintained for the HBT Trustee-Manager
in its capacity as trustee-manager of HBT and the HBT Trustee-Manager in its own capacity, and regular internal reviews
are carried out to ascertain that all HBT Trust Property has been fully accounted for.
Each of the accounts of HBT and HBT Trustee-Manager are approved by the HBT Trustee-Manager Directors on a
quarterly basis and are duly audited by external auditors on an annual basis to ensure that the HBT Trust Property is
properly accounted for and the HBT Trust Property is kept distinct from the property of the HBT Trustee-Manager held
in its own capacity.
STATEMENT OF POLICIES AND PRACTICES OF HBT
