CORPORATE GOVERNANCE STATEMENT
The Manager recognizes that an effective corporate governance culture is critical to its performance and consequently the success of Axis Real Estate Investment Trust ("Axis-REIT" or "the Fund").
The Manager is committed to high standards of corporate governance and has adopted a comprehensive corporate governance framework that meets best practice principles. In particular, the Manager has to act honestly, with due care and diligence, and in the best interest of the Unitholders of Axis-REIT.
The following sections describe the Manager’s main corporate governance practices and policies. They are designed to ensure that applicable securities laws and regulations, the Guidelines on Real Estate Investment Trusts (REITs) issued by the Securities Commission (SC) as well as SC’s Guidelines on Islamic REITs, the Listing Requirements of Bursa Malaysia Securities Berhad (Bursa Securities) and the Malaysian Code on Corporate Governance 2012 [Code] are complied with, where applicable, and that the Manager’s obligations as described in the Deed constituting Axis-REIT (Deed) are properly and efficiently carried out.
THE MANAGER OF AXIS-REIT
Axis REIT Managers Berhad is the appointed Manager of Axis-REIT in accordance with the terms of the Deed. The Deed outlines the functions and duties of the Manager as well as the circumstances under which the Manager can be retired.
As Axis-REIT is externally managed by the Manager, it has no employees. The Manager appoints experienced and well qualified personnel to handle its day-to-day operations. All directors and employees of the Manager are remunerated by the Manager and not by the Fund.
The Manager has the general power over the assets of the Fund. The Manager’s main responsibility is to manage the assets and liabilities of Axis-REIT for the benefit of the Unitholders.
The primary role of the Manager is to set the strategic direction of the Fund and make recommendations to the Trustee of Axis-REIT on acquisitions, divestments and enhancements in line with the agreed strategy.
The Manager is also responsible for the risk management of the Fund.