Governance requirements for REIT managers strengthened; board composition, audit tenure, disclosure and compliance obligations tightened. Regulatory amendments strengthen REIT governance by refining definitions of change in control, independent director and senior management; impose limits on auditor appointment and mandate limited review of consolidated accounts; treat overnight mutual fund investments as cash equivalents excluded from REIT asset value; require transfer of unclaimed distributions to an investor protection fund; and import specified listing obligations to prescribe board composition, quorum, quarterly compliance reviews, vigil mechanism, secretarial compliance reporting and compliance certificates with supporting evidence as set out in Schedule VIII.