REITs now required to hold AGM

On November 11, 2009, The MAS announced that it had revised the Property Funds Appendix within the Code of Collective Investment Schemes (CIS). The MAS have now included a requirement for all REITs to hold AGMs at least once every calendar year and not more than 15 months apart. AGMs are required to be held within 4 months of financial year end. This new requirement comes into effect from 1 January 2010 and is the result of the consultation process held in May 2009.

It is hoped that this revision will enhance the focus on corporate governance, more interaction with unitholders and therefore overall more flexibility for equity raising activities.

For further information please see AGM requirement for REITS