The IRA is constituted as a Not-for-Profit Company. Besides the statutory board (“Board”) which is responsible for the overall governance of IRA as required under the Companies Act 2013, the IRA has the following committees.
Executive Committee (EC)
Day-to-day management of the Indian REITs association.
Work on policy matters including representing to regulatory bodies, government, agencies etc.
Facilitate growth of REITs in India – work on newer initiatives, research on global REITs, benchmarking best practices etc.
To recommend professional and ethical standards for the REIT participants, promote best governance practices, etc.
Facilitate and encourage dissemination of information, data, research and knowledge to increase governance standards
EC may take support from external advisors at it may need for the management of Indian REITs association
Executive Committee may constitute such number of sub-committees as it may deem necessary subject to advice of the Advisory Council and approval of the Board
Executive Committee shall keep the Board / Governing & Strategy Committee apprised on the functioning of the EC and its sub-committees.
Engagement and Promotions Committee (EPC)
To Increase Stakeholder awareness and engagement
Shall work to create awareness amongst investor community about the product, training and education, etc.
To encourage knowledge sharing
Introduce programs, courses and workshops for its members and other stakeholders to improve understanding of REITs
Facilitate and encourage understanding on REITs through quality research/whitepapers/studies directly or indirectly
Training sessions for members on governance standards
Work on any assignment or initiative in respect of engagement with stakeholders or promotion of the product as may be guided by SEBI.
Regulatory Committee
Regulatory Committee shall comprise members with expertise in the areas of compliance and financial reporting
Regulatory Committee shall study and recommend standardization of disclosures and reporting across the REITs
This Committee shall study the reporting and regulatory frameworks across other REIT jurisdictions and recommend best practices in the areas of compliance and reporting.
This Committee shall work on various Governance and Investor Protection initiatives identified by SEBI
This Committee shall support the Executive Committee on Policy advocacy
This Committee shall oversee the implementation of various Governance Initiatives as may be recommended by IRA under SEBI’s guidance for its members
Work on such matters as SEBI may direct in the areas of reporting and compliance.
The quorum and voting for the above Committee were also proposed to be as under:
Where there are more than one representative from a particular REIT on any committee
Only one vote will be counted from that REIT despite the number of members
For the purpose of quorum presence of one member from each REIT shall be adequate.
