Singapore legislation

Section 83

of Business Trusts Act 2004

Section 83

Auditors’ remuneration

(1)

If the trustee‑manager of a registered business trust is served with a notice sent by or on behalf of —

(a)

at least 5% of the total number of unitholders of the registered business trust; or

(b)

the unitholders holding in aggregate at least 5% of the total voting rights of all the unitholders of the registered business trust,requiring particulars of all emoluments paid to or receivable by the auditor of the registered business trust or any person who is a partner or an employer or an employee of the auditor, by or from the trustee‑manager in respect of services other than auditing services rendered in relation to the registered business trust, the trustee‑manager must immediately —

(c)

prepare or cause to be prepared a statement showing particulars of all emoluments paid to the auditor or other person and of the services in respect of which the payments have been made for the financial year immediately preceding the service of the notice;

(d)

forward a copy of the statement to all the unitholders entitled to receive notice of general meetings of the unitholders of the registered business trust; and

(e)

lay the statement before the unitholders in general meeting.

(2)

Without affecting subsection (1), the trustee‑manager of a registered business trust must, under prescribed circumstances, undertake a review of the fees, expenses and emoluments of the auditor of the registered business trust to determine whether the independence of the auditor has been compromised, and the outcome of the review must be sent to all persons entitled to receive notice of general meetings of the unitholders of the registered business trust.

(3)

Any trustee‑manager of a registered business trust which contravenes subsection (1) or (2) shall be guilty of an offence.

Read in full context — Business Trusts Act 2004 →