SINGAPORE - Business trusts in Singapore will need to provide more information about their beneficial owners, and unitholders will find it easier to vote to remove trustee-managers."The amendments will enhance the transparency and governance of registered business trusts in Singapore," said Alvin Tan, Minister of State for Trade and Industry.
Monday's amendments were of three sorts: promoting transparency and corporate governance; strengthening the rights of unitholders; and improving the ease of doing business. Another change is that auditors of listed business trusts and their subsidiaries will have to seek MAS' consent if they wish to resign before the end of their term.
Other changes include aligning the timeline of business trusts' deadlines to hold annual general meetings and file annual returns with the end of their financial year.