Reporting

A - Minimum compliance

Each fund should:

  1. Complete in full and submit the quarterly MSCI/AREF Pooled Property Questionnaire within a calendar month of the end of each quarter and distribute to investors on request.
  2. Detail a clear ESG (environmental, social, governance) strategy and supply environmental data for the fund (energy and associated greenhouse gas emissions) .
  3. Ensure that any annual/periodic statements as required under legislative/regulatory requirements are completed in a timely fashion.
  4. Disclose if there are preferential fees and other terms for investors or prospective investors.
  5. Disclose under which accounting standards the accounts are prepared.
  6. Disclose the Standard NAV calculated in accordance with AREF’s Fund Pricing Recommendations (August 2014) (click here to view).  Any distributions not already deducted as a liability in the accounting NAV should be deducted in determining the Standard NAV.

 

B - Best practice

  1. Any annual statement should incorporate a manager's report including the following where applicable:

    a. The objectives of the fund, including annual objectives based on the ESG strategy for the fund. b. The manager’s policy for achieving the objectives.
    c. Any investment/compliance restrictions.
    d. A review of the investment activities during the period under review.
    e. A review of ESG risks, opportunities and performance against the fund or manager’s own strategy and targets, including absolute and like-for-like environmental data covering energy, greenhouse gas emissions, water and waste.
    f. A statement of any consolidation or subdivision of units.
    g. Any other significant information which should reasonably be disclosed.
    h. Changes in key personnel during the period under review.
     

2.  Annual statements should also include a performance record containing the data set out in Annex 2.