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Corporate Governance Committee

The objective of the Corporate Governance Committee is to:  Define, promote and keep under review, high standards of behaviour in the management of real estate funds; and to ensure that Member funds, and firms involved in their management, agree to comply with those standards.

Mid-year Update from the Corporate Governance Committee:

Completion of the AREF Code of Practice Self-Certification Form, and Template by Full Members of AREF has been completed for its second successive year. The 2016 summary matrix of compliance for all Full Members is now available to view here.  A rolling review of a selection of the Self Certification forms is in progress via Browne Jacobson LLP, and we are hoping to gain valuable feedback from this work to inform where there may be issues of compliance, or further Code clarification might be required.

 In 2017, one of the most important topics for inclusion into the Code of Practice will be in respect of Fund Liquidity, stemming from the John Forbes “Lessons learnt in the Financial Crisis” paper, and conclusion of the FCA consultation on Illiquid Assets and open-ended investment funds; we anticipate adopting liquidity drafting into the Code in 2018.

The Code is also shortly to be updated to explain the process and sanctions available to AREF in respect of  non-Compliance with the minimum requirements of the Code. In addition the new section will provide contact information and the process for investors to raise issues of concern to AREF and our Member Funds.

A working group has been formed to update the Code in respect of derivatives’ minimum and best practice. This work is expected to be completed for adoption into the code at the next update in January 2018

 If there are any issues members would like the Corporate Governance Committee to consider, please e-mail us at:

Current members and their biographies can be viewed here.