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of <h1>Trustees' appointment, oversight and termination of asset management companies, with duties on conflicts, audits, and unitholder protections</h1> Trustees must appoint and may terminate an asset management company (AMC) subject to prior Board approval and enter an investment management agreement containing prescribed clauses, ensuring the AMC has requisite expertise, controls and risk management-operative effect: trustees control AMC selection, oversight and termination. Trustees must address conflicts of interest and approve broker-empanelment policy, conduct quarterly reviews, and prevent undue advantage to associates-operative effect: conflicts and broker concentrations must be actively identified and mitigated. Trustees may demand information, ensure AMC compliance with regulatory obligations and custodial duties, and hold fund property in trust-operative effect: trustees remain accountable for scheme compliance and safekeeping. Trustees must obtain unitholder consents in specified cases, oversee auditing and reporting, and perform specified general and specific due diligence, with independent trustees and directors given particular oversight roles; trustees acting in good faith after due diligence are not liable-operative effect: enhanced ongoing supervisory, reporting and accountability obligations toward unitholders.
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