Board nomination rights let eligible unitholders nominate Investment Manager directors, subject to eligibility, disclosure and ongoing holding conditions. Board nomination rights allow Eligible Unitholders of InvITs to nominate a non-independent Unitholder Nominee Director to the Investment Manager's board subject to a minimum unitholding threshold and aggregation rules. The Investment Manager must adopt a published policy on qualifications, evaluation, remuneration and removal; confirm candidate eligibility within a set period; complete appointment within a further period; and conduct monthly reviews of nominating unitholders' holdings, reporting to the Trustee and effecting resignation where eligibility is lost. Trust deeds and investment management agreements must be amended to reflect these rights.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Board nomination rights let eligible unitholders nominate Investment Manager directors, subject to eligibility, disclosure and ongoing holding conditions.
Board nomination rights allow Eligible Unitholders of InvITs to nominate a non-independent Unitholder Nominee Director to the Investment Manager's board subject to a minimum unitholding threshold and aggregation rules. The Investment Manager must adopt a published policy on qualifications, evaluation, remuneration and removal; confirm candidate eligibility within a set period; complete appointment within a further period; and conduct monthly reviews of nominating unitholders' holdings, reporting to the Trustee and effecting resignation where eligibility is lost. Trust deeds and investment management agreements must be amended to reflect these rights.
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