A major rule overhaul is on the way for the listed property sector, after significant changes to the management of New Zealand's largest real estate entity.
Sunday, December 11th 2005, 7:14AM
by The Landlord
Kiwi Income Property Trust unitholders yesterday voted for changes which will give them similar powers to shareholders and ensure the entity owning $1.29 billion of real estate is run more like a company than a trust.
Investors will get more of a say in the running of the trust, which also upgraded its payment forecasts from 8.7c to 9.1c.
Next year, a group of fund managers plan to overhaul the appointment of independent directors, which they want to be carried out by unitholders, not management.
"Then the board won't get to pick their own friends," said ING chief investment officer Rebecca Thomas.
