One-proxy vote approach is well-established, but is it the best way?

Singapore

THE Securities Industry Council (SIC) has reminded all parties that the scheme of arrangement for the merger of Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (Sabana Reit) and ESR-Reit is a court-supervised process.

In a statement to The Business Times, SIC added that how a custodian votes on the scheme will follow a contractual agreement between the custodian and its clients - the beneficial owners of such units. "Beneficial unitholders who do not agree with the terms and conditions set out in the agreement with the custodian can choose to hold their units directly," SIC added.