05:55 AM Nov 12, 2009SINGAPORE - Real estate investment trusts (Reits) will be required to hold annual general meetings, or AGMs, once every calendar year with effect from next year.
This is a new requirement introduced by the Monetary Authority of Singapore (MAS) under the revised Property Funds Appendix.
MAS said mandatory AGMs will enhance corporate governance for Reit by providing an important channel for communication between Reir managers and unit holders.
This will allow Reit managers to be more accountable to unit holders, MAS said.
In addition, MAS said AGMs will also provide a regular opportunity for Reit managers to seek general mandates from unitholders for the issuance of new units.
The central bank said the revision took into account feedback from its public consultation earlier this year as well as discussions with Reit players. Irene Chan
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To know more how this is really work for you and your clients....
Please contact me Terence Tay @ (+65) 9387-5896 or email : terencetay.kh@gmail.com
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