OUE Hospitality Trust ("OUE H-Trust") is a stapled trust which comprises OUE Hospitality Real Estate Investment Trust ("OUE H-REIT") and OUE Hospitality Business Trust ("OUE H-BT") . OUE Hospitality REIT Management Pte. Ltd., as manager of OUE H-REIT (the "REIT Manager") and OUE Hospitality Trust Management Pte. Ltd., as trustee-manager of OUE H-BT (the "Trustee-Manager") are committed to maintaining good standards of corporate governance with regards to OUE H-REIT and OUE H-BT respectively. This report describes the corporate governance practices of the REIT Manager and the Trustee-Manager (collectively, the "Managers") for the financial year ended 31 December 2016 ("FY2016") with specific reference to the principles of the Code of Corporate Governance 2012 (the "Code"). The Managers are pleased to report that they have complied in all material aspects with the principles and guidelines set out in the Code, save for deviations from the Code which are explained under the respective sections.
WHISTLE BLOWING POLICY
The Managers have in place a whistle-blowing procedure whereby staf of the Managers may, in confidence, raise concerns about possible improprieties in matters of financial reporting or other matters as well as any breach of the Managers' Code of Business Conduct and Ethics, without fear of reprisals in any form. The ARC has the responsibility of overseeing this policy which is administered with the assistance of the Head of OUE's Internal Audit Department ("OUE IA"). Under these procedures, arrangements are in place for independent investigation of such matters raised and for appropriate follow-up action to be taken. The ARC is empowered to conduct or authorise investigations into any activity within its terms of reference, and obtain independent professional advice as it deems necessary. The ARC has full access to and co-operation from the Management and full discretion to invite any Director or executive ofcer to attend its meetings, and has adequate resources to enable it to discharge its functions properly.
In carrying out its duties, the ARC is guided by the Guidebook for Audit Committees in Singapore. The external auditors, Messrs KPMG LLP, updated the ARC members on recent changes to financial reporting standards and regulatory developments.