Home REIT begins 'formal and phased' board succession process
Home REIT said the senior independent director to be appointed has «significant» investment company expertise.
In its first of the monthly updates today (4 September), the trust said it expected that the majority of the current board will have departed before shares resume trading, and that the board will transition entirely within 12-months, allowing a period of handover.
«In assembling the new board, careful consideration will be given to the appropriate skills, experience, knowledge, culture, capacity and independence of the incoming board members. Further announcements will be made in due course,» it said.
'Why have all of you not resigned?': Inside Home REIT's investment policy general meeting
Chair Lynne Fennah first told shareholders at the general meeting on 24 August that a senior advisor that had been closely working with the trust since February would be joining the board «in due course».
She said the board was working towards providing further details about the individual «soon», but Home REIT said today the person being considered has «significant» listed company expertise.
In the update, the board said it «cannot comment further at this stage» regarding any potential legal action against Alvarium, the trust's former investment manager, as to do so may prejudice its position in any potential proceedings.
As previously noted, the trust does not expect to be in a position to publish its outstanding accounts until late 2023 «at the earliest».
However, it noted that the completion of property valuations and inspections, a «key workstream» required for the publication of the accounts, as well as a review of the accounting policies back to inception, is underway.
Home REIT moves on from Alvarium as shareholders
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