Corporate governance.

Ensuring Precinct maintains best practice governance structures and the highest ethical standards are key objectives for Precinct and the Board.

We significantly enhanced our corporate governance when we corporatised in 2011 and have continued to refine our ongoing strategy in order to grow shareholder value.

In accordance with best practice, Precinct reviewed its corporate governance manual during the year. It incorporates (to the extent relevant) the NZX listing rules relating to corporate governance and the NZX Corporate Governance Code 2017 and Guidelines.

Precinct's Corporate Governance Manual guides both the directors and the manager of Precinct. It includes a Code of Ethics, Board and Committee Charters and Policies on Securities Trading, Audit Independence, Diversity and Inclusion, Continuous Disclosure, Takeover and Shareholder Communications.

Precinct has seven directors, the majority of whom are independent (as defined by the NZX Listing Rules). Precinct’s four independent directors are appointed by Precinct’s shareholders and are required to retire by rotation