Board nomination rights for REIT unitholders enable ten-percent holders to appoint a non-independent nominee director under prescribed procedures. Unitholders holding ten percent or more of a REIT's outstanding units may nominate one non-independent Unitholder Nominee Director to the Manager's board, subject to a Manager-adopted policy on qualifications, remuneration, evaluation and removal. Eligible unitholder(s) must notify the Manager within prescribed timelines with candidate particulars; the Manager's Nomination and Remuneration Committee/Board shall confirm eligibility within ten days and effect appointment within thirty days. The Manager must review monthly that nominating unitholder(s) continue to hold the threshold and report to the Trustee; loss of threshold requires immediate resignation of the nominee. Trust deeds and IMAs are to be amended to incorporate these rights within six months.
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 for REIT unitholders enable ten-percent holders to appoint a non-independent nominee director under prescribed procedures.
Unitholders holding ten percent or more of a REIT's outstanding units may nominate one non-independent Unitholder Nominee Director to the Manager's board, subject to a Manager-adopted policy on qualifications, remuneration, evaluation and removal. Eligible unitholder(s) must notify the Manager within prescribed timelines with candidate particulars; the Manager's Nomination and Remuneration Committee/Board shall confirm eligibility within ten days and effect appointment within thirty days. The Manager must review monthly that nominating unitholder(s) continue to hold the threshold and report to the Trustee; loss of threshold requires immediate resignation of the nominee. Trust deeds and IMAs are to be amended to incorporate these rights within six months.
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