Objectives

To define, promote and keep under review, high levels of governance in the management of unlisted real estate funds; and to ensure that Member funds, and firms involved in their management, agree to comply with those standards.

Membership Structure (Preferred) 

Chair Chair must be a Fund Management Representative
Fund Management Representatives Minimum 2 from different houses than Chair
Investment House Operations Minimum 2
Fund Administrators / Trustee or Depositary / Accountant or Auditor Minimum 2
Independent Legal Advisers Minimum 2
AREF Secretariat 1

 

Current Membership

Responsibilities

  • Promote and encourage AREF members to follow good corporate governance practices.
  • Regularly review AREF’s Charter; reviewing practices of, and engaging with, other real estate and general investment organisations as necessary.
    • Ensure that the Charter is reviewed annually.
    • Undertake Charter re-writes and be available to meet at short notice on urgent matters.
  • To be aware of likely future legislative and regulatory developments in relation to vehicle governance and consider the potential impact on AREF Charter and Guidance.
  • Work with AREF’s Communications Executive to promote PR opportunities to position AREF at the forefront of Corporate Governance for real estate funds.
  • Work with AREF’s Communications Executive to promote seminars to highlight developments in best practice and changes to the Charter.
  • Review AREF’s guidance documents annually.
  • Update guidance or convene a suitable working group to update guidance when there is new regulatory or industry requirements.
  • Initiate new guidance where there is a requirement from the AREF membership.
  • Work with AREF’s Communications Executive to promote seminars to highlight new guidance.
  • All documentation and information reviewed as part of Committee business should be treated as confidential by Committee members.
  • Consider items specifically delegated from Management Committee.
  • Review terms of reference annually.

Reports to

AREF Management Committee

Liaises with

Other AREF Committees, as appropriate
Other real estate and investment organisations as required

Meeting timing and frequency

Quarterly full meetings, ideally a month or thereabouts before the AREF Management Committee
Ad hoc full or partial meetings as required
Minutes circulated to Committee and included in AREF Management Committee papers
Requests for approvals to AREF Management Committee required at least two weeks in advance