Regulatory Alerts2024-05-27
Added · Updated
Notice SFA 04-N14 to All Holders of a Capital Markets Services Licence for Real Estate Investment Trust Management
REIT managers must disclose remuneration policies and procedures in annual reports, including named remuneration for the CEO and directors, and named remuneration for at least the top five executive officers in S$250,000 bands. If remuneration is linked to entities other than the REIT or paid in shares of controlling shareholders, managers must explain the absence of interest misalignment or detail mitigating measures. Executive directors' remuneration cannot be linked to the REIT's gross revenue, while non-executive director fees must be a fixed sum. The audit committee must comprise at least three non-executive directors with a majority being independent, review all related party transactions, and assess internal controls. Board resolutions concerning the REIT require approval by a majority including at least one independent director, with specific abstention and quorum rules for interested parties.
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