All Real Estate Investment Trusts (REITs) must hold an Annual General Meeting (AGM) by 31 December 2010 under a revision introduced by the Monetary Authority of Singapore (MAS).
The MAS issued the requirement that will take effect by January 2010, under the REITs’ revised Property Funds Appendix.
It requires all REITs to conduct Annual General Meetings within 15 months from their last annual meeting. It is a move that will allow REIT managers to be more responsible to its unitholders as well as improve corporate governance for REITs, said the MAS.
The timing of the revision, which is in line with rules from the Singapore Stock Exchange on the timing of AGMs for other listed issuers, signifies that REITs must hold their AGMs within four months from their fiscal year end.
MAS has also revised the Property Funds Appendix to assist REIT managers to easily seek authorization for a new REIT, as they are now subjugated to the licensing regime of the capital markets services.
The said revision considered the feedback from discussions with REIT players and public consultations held in May 2009.