It proposes to impose a statutory duty on every REIT manager and on every REIT's director to 'prioritise' the interests of unitholders over those of the REIT manager and its shareholders, in the event of a conflict of interest. At the moment, every REIT manager is obliged to ensure that at least one-third of the board are independent directors (i.e. independent from any management and business relationship with the REIT manager and the REIT, or any substantial shareholder thereof) in line with Singapore's Code of Corporate Governance. The MAS is thinking of moving this up to half.

The MAS also proposes to require each REIT management firm to make the following disclosures in the annual report of the REIT:

(a) its policies that govern the remuneration of directors;

(b) the remuneration of each of its named directors and its named CEO; and

(c) the remuneration of at least the top five key executive officers of the REIT management firm, naming names, in bands of S$250,000 ($122,315).

There are to be new audit committee requirements and the MAS wants comments on whether its current reliance on unitholders to initiate reviews of REIT managers' appointments has been effective. If not, it wants suggestions to remedy this. It wants to place greater constraints on the setting of performance, acquisition and divestment fees payable to REIT managers. It also wants to "impose certain restrictions which seek to ensure that the remuneration or fees payable to the directors and executive officers of REIT managers would not lead to a misalignment of interests."

Singapore is now one of the largest REIT markets in Asia. As at the end of September 2014, there were 33 listed REITs in Singapore with an aggregate market capitalisation exceeding S$61 billion.