Corporate Governance

The Fund is governed by a Board of five Trustees, four of whom are independent of the Fund or its Manager.

The Board oversees the business and affairs of the Fund. The independent Trustees also monitor the performance of the Fund Manager, Brookfield Real Estate Services Limited, a subsidiary of Brookfield Asset Management Inc., on behalf of the Fund and ensure compliance with the terms of the Management Services Agreement.

The Trustees have adopted formal terms of reference regarding their responsibilities and all matters of governance. They have agreed to formal distribution and disclosure policies, which are reviewed on an ongoing basis. The Fund has two committees: the Audit committee and Governance Committee.

Audit Committee

The Audit Committee is comprised of four independent, financially literate Trustees. They meet on a quarterly basis and oversee financial accounting and reporting, internal control, risk management and insurance, external/internal audit and publicly disclosed financial information.

The Audit Committee reviews and reports to the Board of Trustees on interim financial statements, audited annual financial statements, public disclosure documents containing audited or unaudited financial information, and the effectiveness of management policies and practices concerning financial reporting and control.

The Audit Committee is also responsible for retaining the external auditor. It receives an annual report from the auditor on the independence of the auditors. The committee also reviews any relationship between the auditor, the Fund and the Fund Manager – or any other relationships that may adversely affect the auditor’s independence.

Governance Committee

The Governance Committee is responsible for ensuring that the Fund adheres to principles of good governance. Made up of four independent Trustees, the Committee provides direction on the size and composition of the Board, Trustee nominations, Trustee orientation and effectiveness, and Trustee compensation, in accordance with the governance policy adopted by the board. On an annual basis, the Governance Committee evaluates the effectiveness of the Board and its committees.

For more information on the Fund’s corporate governance, see its Management Information Circular.