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REPORTS
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, trustee fee or 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 2016.
Fee
Amount (S$’000)
% in Cash
% in Units
Management Fee
438
20%
80%
Acquisition Fee
–
–
–
Trustee Fee
134
100%
0
For the financial year ended 31 December 2016, the HBT Trustee-Manager will receive 100% of trustee fee in cash while
the management fee is in the form of 20% cash and 80% Stapled Securities. No expenses were paid to the HBT Trustee-
Manager during the financial year ended 31 December 2016 and any out-of-pocket expenses incurred 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.
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 ensure that applicable rules and regulations are being complied with.
The HBT Trustee-Manager will also engage the services of and obtain advice from professional advisors and consultants
from time to time to ensure compliance with the requirements of the BTA and the Listing Manual.
STATEMENT OF POLICIES AND PRACTICES IN RELATION TO
THE MANAGEMENT AND GOVERNANCE OF CDL HOSPITALITY
BUSINESS TRUST
99
Annual Report 2016