To define, promote and keep under review, high levels of corporate 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


  • Promote and encourage AREF members to follow good corporate governance practices.
  • Regularly review AREF’s Code of Practice (Code); reviewing practices of, and engaging with, other real estate and general investment organisations as necessary.
  • To be aware of likely future legislative and regulatory developments in relation to corporate governance and consider the potential impact on AREF best practice.
  • Ensure that agreed best practice and minimum acceptable standards are enshrined within a regularly reviewed and publicised Code of Practice.
    • Ensure that Code of Practice is reviewed at least annually. 
    • Undertake Code re-writes and be available to meet at short notice on urgent matters.
  • Respond to any queries from the AREF Secretariat when they review the self-certification form completed as part of a Full Member application. Ensure the applicant is able to or, in the case of newly launched funds, intends to comply with the Code.
  • Review self-certification forms and templates completed annually by members to confirm compliance with the Code.
  • Oversee audits of existing Full Members to confirm that they are complying with the Code, including:
    • Maintaining a programme to ensure that every Member is audited within an agreed maximum timeframe
    • Ensuring that an agreed number of audits (currently 4 to 5) are conducted each quarter
  • Report on self-certification and completed audits, highlighting compliance failures, to each meeting of the Management Committee, recommending action if appropriate.
  • 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 Code of Practice
  • 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