The Monetary Authority of Singapore (MAS) will now require Real Estate Investment Trusts (Reits) to hold Annual General Meeting (AGMs), with effect from Jan 1, 2010.
These new requirements come under the revised property funds appendix, within the Code of Collective Investment Schemes, which MAS issued on Wednesday.
The Reits have to hold AGMs once every calendar year, and no more than 15 months from its last AGM. As this takes effect from Jan 1 next year, this means all Reits will have held an AGM by Dec 31, 2010.
In line with SGX’s rule on the timing of AGMs for other listed issuers, REITs will have to hold their AGMs within four months of their financial year end.
MAS has also revised the appendix to remove the requirement for REIT managers seeking authorisation for a new REIT to submit information in a prescribed form, given that REIT managers are now subject to the capital markets services licensing regime.
Source : Business Times, 11 Nov 2009
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