tag:blogger.com,1999:blog-2726155834089512157.post5168138165820687500..comments2023-08-11T21:04:00.991+08:00Comments on Qiaofeng's Musings: MAS must clarify threshold levels for demanding a Pollqiaofenghttp://www.blogger.com/profile/09868194920751640197noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-2726155834089512157.post-63864492922616381432017-02-22T19:31:07.535+08:002017-02-22T19:31:07.535+08:00I have just downloaded iStripper, and now I can wa...I have just downloaded <b><a href="http://strippers.syntaxlinks.com/r/iStripper" rel="nofollow">iStripper</a></b>, and now I can watch <b>the sexiest virtual strippers</b> get naked on my desktop.Bloggerhttps://www.blogger.com/profile/07287821785570247118noreply@blogger.comtag:blogger.com,1999:blog-2726155834089512157.post-6635162901302614502011-12-05T01:49:29.801+08:002011-12-05T01:49:29.801+08:00Hi ghchua,
Have done both.
In Nov 2009, after mu...Hi ghchua,<br /><br />Have done both.<br /><br />In Nov 2009, after much Public Consultations, MAS introduced changes to the “ Code on Collective Investment Schemes”. http://www.mas.gov.sg/resource/legislation_guidelines/securities_futures/sub_legislation/CIS_Code_11_Nov_2009.pdf<br />The main proposal in this exercise was to mandate that REITs hold AGMs.<br /><br />In Appendix 2 Sect 4.2 under “ Trust Deed Provisions for Removal of Manager and Convening of Meetings” amended on 11 Nov 2009, it states….<br /><br /> “In the convening and conduct of general meetings, regard shall be had where appropriate to the relevant provisions of the Companies Act and principles in the Code of Corporate Governance 2005.”<br /><br />Clearly, the change was intended to improve Corporate Governance and follow the principles as guided by the Code of Corporate Governance.<br /><br />So the latest Companies Act and the Code of Corporate Governance applies,IMHO.qiaofenghttps://www.blogger.com/profile/09868194920751640197noreply@blogger.comtag:blogger.com,1999:blog-2726155834089512157.post-1038491794561201702011-12-02T22:34:08.937+08:002011-12-02T22:34:08.937+08:00Hi Qiaofeng,
We did not meet the 5% threshold. I ...Hi Qiaofeng,<br /><br />We did not meet the 5% threshold. I think we only have around 2% as I have asked the scrutineer.<br /><br />There are certainly more than 5 members requesting for poll. I think there are around 11 or so if I don't remember wrongly.<br /><br />I have checked the Business Trust Act and request for poll can be demanded at any general meeting<br />(i) by the Chairman;<br />(ii) by 5 or more holders having the right to vote at the meeting; or<br />(iii) by Holder(s) representing not less than 10% of the total voting rights of all the Holders having the right to vote at the meeting.<br /><br />I guess if the Business Trust Act is stated this way, I don't see the reason why the Companies Act can be any different.<br /><br />Besides writing to BT, did you write to MAS and SGX as well? I think we can take this case further, in the spirit of minority shareholders' rights.ghchuahttps://www.blogger.com/profile/09475913934410840352noreply@blogger.comtag:blogger.com,1999:blog-2726155834089512157.post-89524362496644888072011-12-02T12:53:54.716+08:002011-12-02T12:53:54.716+08:00Many thanks ghchua, for the reply.
Thanks also fo...Many thanks ghchua, for the reply.<br /><br />Thanks also for the info and I am very glad that I have found a fellow sojourner. <br /><br />My query is still valid,IMHO.<br />I am aware that Reits are under CIS.However, the requirement for Reits to conduct shareholder meetings such as AGMs and EGMs is brand new. Under the CIS, I doubt there is such a requirement.<br /><br />In wanting to have shareholder meetings to have greater transparency, MAS has adopted elements of the Companies Act----- implying that the Corporate Governance model has shifted into hybrid form OR something quite different from that governing Unit Trusts, which has no need for AGMs.<br /><br />So IMHO, my query to MAS/MoF to clarify the matter stands. Where does the entire Reits class fit in the CGC latest recommendations?<br /><br />I have written to BT, on the matter and hopefully. We could see some clarification.qiaofenghttps://www.blogger.com/profile/09868194920751640197noreply@blogger.comtag:blogger.com,1999:blog-2726155834089512157.post-16861008233245987612011-12-01T22:07:38.764+08:002011-12-01T22:07:38.764+08:00Hi Qiaofeng,
I am also one of those retail invest...Hi Qiaofeng,<br /><br />I am also one of those retail investor who requested for poll at the K-REIT EGM. You might have met me at the registration counter.<br /><br />The problem is that K-REIT, being a listed REIT doesn't fall under the Companies Act. REITs fall under Collective Investment Schemes which also include unit trusts. Therefore, you might be looking at the wrong act.ghchuahttps://www.blogger.com/profile/09475913934410840352noreply@blogger.com