Company: KBSR
Filing Date: 2025-04-28
Form Type: DEF 14A
Source: 0001482430-25-000025
Chunk: 12

Company: KBS Real Estate Investment Trust III, Inc.
Filing Date: 2025-04-28
Form: DEF 14A
Chunk 12
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 audit committee and the conflicts committee, are composed entirely of independent directors. Although our board of directors has not established a policy on whether the role of Chairman of the Board and Chief Executive Officer should be separated, our board of directors has determined at this time that separating the roles of Chairman of the Board and Chief Executive Officer would be most effective for our leadership and governance given the differences between the two roles. Mr. DeLuca serves as Chairman of the Board, and as Chairman, he is responsible for leading board meetings and meetings of stockholders, generally setting the agendas for board meetings (subject to the requests of other directors) and providing information to the other directors in advance of meetings and between meetings. Mr. Schreiber, in his role as our Chief Executive Officer, is responsible for general management of the business, financial affairs and day-to-day operations of our company. As our independent directors have strong oversight responsibility, we believe it is beneficial to have a Chairman of the Board whose focus is to lead the board and facilitate communication among directors and management. We do not currently have a policy requiring the appointment of a lead independent director as all of our independent directors are actively involved in board meetings.

The Role of the Board of Directors in our Risk Oversight Process

Our executive officers and our advisor are responsible for the day-to-day management of risks we face, while the board of directors, as a whole and through its committees, has responsibility for the oversight of risk management. No less than quarterly, the entire board of directors reviews information regarding our liquidity, credit, operations, regulatory compliance and compliance with covenants in our material agreements, as well as the risks associated with each. In addition, each year the board of directors reviews significant variances between our current portfolio business plan and our original underwriting analysis and each quarter the directors review significant variances between our current results and our projections from the prior quarter, review all significant changes to our projections for future periods and discuss risks related to our portfolio. The board of directors also is responsible for reviewing our advisor’s cybersecurity policies with management and evaluating the adequacy of the program, compliance and controls with management. Our advisor’s Information Technology Director reports at least annually to our board of directors and to our audit committee as appropriate. Our board of directors also receives prompt and timely information regarding any cybersecurity incident that meets pre-established reporting thresholds, as well as ongoing updates regarding any such risk. The audit committee oversees risk management in the areas of financial reporting and internal controls. The conflicts committee manages risks associated with the independence of the