Pushing for greater accountability of Reit managers in Singapore
Under the current regime, unitholders have limited or no rights to interfere with the management of the Reit.
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WHILE Singapore is now the second largest Reit market in Asia, recent headlines have highlighted possible deficiencies of the Reit industry, including the accountability of Reit managers.
This issue has not gone unnoticed by the authorities. While the conduct of Reit managers is currently regulated by the Code on Collective Investment Schemes (CIS) and the common law, Parliament in January 2017 passed the Securities and Futures (Amendment) Act 2017, which introduces statutory protections for unitholders against the failure of Reit managers and their directors to act in the best interests of unitholders.
In this first of a two-part article, we explore some options available to the unitholders of a Reit under the current regime to hold a Reit manager accountable for its actions.
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