Photo: Jpatokal
Imagine being questioned all the time that your salary is too high and you’re overpaid. Or imagine having your backers suspecting whether your actions are solely for your personal interests or aligned with overall shareholder’s interests. These are the “ordeals” REIT managers have had to face the past few years and the perceived mistrust came to a head three years ago when Keppel Land sold Ocean Financial Centre to its sister company, Keppel REIT. The 99-year leasehold office property was deemed to be too expensive at the time of acquisition when the market was slowing down due to the Euro Debt crisis. Despite several unhappy unitholders voicing their disapproval at the deal at the meeting, the deal was concluded successfully.
