COMMITTEES

To differentiate our operations in an environment where investors and regulators are requiring greater corporate governance and transparency, we have established two corporate governance committees.

The two corporate governance committees our firm has established are an Audit, Risk and Compliance Committee and Investment Committee, each of which have a defined operating charter.

Audit, Risk and Compliance Committee

The Audit, Risk and Compliance Committee (ARCC) monitors the effectiveness of each fund’s internal control and risk management systems and supervises the integrity of financial information. In particular, it is responsible for monitoring compliance with all provisions of the law and regulations and strict adherence to the group’s internal charters and corporate governance policies.

In addition, the ARCC, as it relates to the external audit of each fund, is responsible for making recommendations to the respective fund’s Board concerning the selection, appointment, reappointment and remuneration of the statutory auditor, supervision over the independence of the statutory auditor, monitoring of the statutory auditor’s work program, and overseeing the response of management as to any recommendations formulated by the statutory auditor.

The group’s ARCC meets at a minimum, four times per year.

Investment Committee

Although not required by law, an Investment Committee (IC) has been established to oversee and coordinate the group’s investment transactions (both acquisitions and disposals), review investment performance of each fund’s assets on a periodical basis and against set criteria, and to establish general and fund specific investment policy, strategy and procedures.

The IC is a technical rather than a representative committee. Its members are appointed on the basis of their expertise and interest in investment, business and economics.

To ensure a minimum level and consistency of information upon which to base decisions, the IC has developed a strategic framework in which all prospective acquisitions and disposals are evaluated.

Furthermore, the IC has responsibility for sourcing and analysing on a regular basis, all relevant real estate market research and statistics, and for monitoring and interpreting competitor intelligence.

As a principle, the IC meets once every two months or more frequently at such other times as is necessary or dictated by market activity in order for each of our funds to act decisively and in a timely manner toward potential asset acquisitions and disposals.

 

Fund directors

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