Corporate Governance Report: Paper Company Structure, 90%+ Dividend Payout, Some Governance Gaps Identified
IGIS Value Plus REIT is a entrusted management REIT (paper company) under the Real Estate Investment Company Act, outsourcing asset management to IGIS Asset Management without full-time employees
Largest shareholder IGIS Asset Management holds 11.43%, minority shareholders hold 57.53%
Exempted from outside director obligation (REIT Act); board consists of 1 inside director and 2 non-executive directors, no board committees
Current period: consolidated revenue 21.79B KRW, operating profit 16.63B KRW, net profit 12.41B KRW, a significant turnaround from previous losses
Dividend policy: pays over 90% of distributable profits; 12th period: 172 KRW per share (3.88% yield), 11th: 173 KRW, 10th: 612 KRW
Shareholder meeting notice given only 15 days in advance (recommended 4 weeks), improvement planned
CEO succession policy not formalized; internal control via asset manager's compliance officer, risk committee, and investment review committee
Auditor is a single CPA (part-time); no internal audit support department; meetings with external auditors less than quarterly
Supports shareholder voting rights via electronic voting, written voting, and proxy solicitation