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ANNUAL REPORT 2014
STATEMENT OF POLICIES AND PRACTICES OF HBT
The HBT Trustee-Manager is also entitled to a maximum of 0.1% of the acquisition price of any authorised investment
acquired directly or indirectly by HBT (pro-rated if applicable to the proportion of HBT’s interest in the authorised
investment acquired).
The acquisition fee is payable to the HBT Trustee-Manager in the form of cash and/or Stapled Securities or (as the
case may be) HBT Units as the HBT Trustee-Manager may elect, and in such proportion and for such period as may be
determined by the HBT Trustee-Manager.
Any increase in the rate or any change in structure of the HBT Trustee-Manager’s management fee and trustee fee,
or in the maximum permitted level of the acquisition fee, must be approved by an extraordinary resolution passed
at a meeting of HBT Unitholders duly convened and held in accordance with the provisions of the HBT Trust Deed.
The table below sets out the fees earned by the HBT Trustee-Manager for the financial year ended 31 December 2014.
Fee
Amount
(S$’000)
% in Cash
% in Units
Management Fee
24
100%
-
Acquisition Fee
-
-
-
Trustee Fee
-
-
-
During the financial year ended 31 December 2014, the HBT Trustee-Manager has received 100% of the management
fee in cash. No fees were payable during the period that HBT was dormant and any out of pocket expenses incurred
when HBT was dormant (such as auditing and legal expenses) were funded by HBT’s working capital. Fees payable to
the HBT Trustee-Manager by HBT will be put up to the HBT Trustee-Manager Board for approval every quarter.
The HBT Trustee-Manager Board will meet every quarter to review the material expenses and fees charged to HBT and
to ensure that the expenses payable to the HBT Trustee-Manager out of the HBT Trust Property are appropriate and in
accordance with the HBT Trust Deed.
For the financial year ended 31 December 2014, no expenses were paid to the HBT Trustee-Manager from the HBT
Trust Property.
Compliance with the Business Trusts Act and Listing Manual
The Company Secretary and Compliance Officer monitor HBT’s compliance with the BTA and the Listing Manual.
The HBT Trustee-Manager has an internal compliance manual which serves to summarise all the applicable rules
and regulations as well as key internal policies and processes which HBT needs to comply with. The manual will be
consistently updated whenever there are changes to the rules and regulations and such policies and processes, and this
will help management to check that applicable rules and regulations are being followed.
The HBT Trustee-Manager will also engage the services of and obtain advice from professional advisers and consultants
from time to time to ensure compliance with the requirements of the BTA and the Listing Manual.
