- December 2012: Vol. 24 No. 11

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Governance Grows Up: But Not Among Institutional Real Estate Investors, Where It Remains a 98-Pound Weakling

by Ted Leary

TheWall Street Journal recently had a headline titled: Governance Grows Up. The underlying article reported that, despite a spate of recent cases involving certain boards of directors shirking their fiduciary responsibilities, in general the governance of public companies was steadily improving. I wondered if the same could be said of the management of institutional real estate investments?

I fear the answer is: No!


After my most recent commentary for this publication urging the use of independent board members or investment committee members (let’s call them collectively “Indies”), I received a lot of email comments and questions — some quite serious, others quite snarky, but all interesting and worthy of consideration. The following are some of the questions and my attempts to answer them.

Serious:Who would appoint the Indies?

My thought is that the manager/GP would select the In

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