OUE C-Reit cuts directors' fees by 10% amid 'escalating' Covid-19 situation

OUE Commercial Real Estate Investment Trust (OUE C-Reit) on Monday said its board of directors has agreed to a voluntary 10 per cent fee cut in light of the escalating Covid-19 situation.

OUE C-Reit's latest announcement comes after the Singapore government on Friday announced "significantly stricter" social distancing measures for four weeks, including the closure of all non-essential workplaces. Last week, it offered its retail tenants rent reductions of between 15 per cent and 25 per cent.

The fee cut will apply to directors' fees accrued in respect of the financial year ended Dec 31 2019, the Reit's manager said in a bourse filing.

Former directors Lim Boh Soon and Jonathan Miles Foxall will be excluded from the fee cut as they had stepped down from the board on Sept 17, 2019, it added.

Following the fee revision, the highest-paid director on the board is Loh Lian Huat, who has a remuneration of S$115,166.

OUE C-Reit units finished two Singapore cents or 5.9 per cent lower at 32 cents last Friday.