Details of the Organization of MIRAI
The organization of MIRAI consists of a general meeting of unitholders, one executive director, two supervisory directors, a board of directors composed of executive directors and supervisory directors, and an accounting auditor.
- In accordance with the Act on Investment Trusts and Investment Corporations and the Articles of Incorporation of MIRAI, the number of supervisory directors must not be less than the number of executive directors plus one.
- Please refer to here for more information on the executive and supervisory board members.
Compliance and governance system
MIRAI will establish an appropriate risk management and compliance system, and will further strengthen the system through training for officers and employees and regular internal audits. MIRAI has adopted a governance structure that ensures unity of interest between unitholders and sponsors and a third party approach to conflicts of interest. Please refer to here for governance structure of MIRAI.
Fiduciary Responsibility / Consideration for Unitholders' Rights / Disclosure of Information
Mitsui Bussann & IDERA Partners Co., Ltd. (hereinafter the “Asset Manager”), the asset management company of MIRAI, has formulated the “Basic policy of investment corporation-centric operation"(Japanese only) in order to ensure responsible business management by securing stable earnings and steady growth of investment assets through continuous investment as an asset management company of listed investment corporations and aiming to increase unitholder value over the medium to long term.
The Asset Manger will also continue to make efforts to appropriately disclose important information that unitholders need to make investment decisions, such as ESG, in addition to information on investment performance and distributions.
Asset Management Fee
The following table shows the actual management fees paid by MIRAI. Please refer to the financial highlights data in the IR Library for earlier figures.
|9th FP||10th FP|
|9th FP||10th FP|
|405 million yen||394 million yen|
|AM Fee Ⅰ
(based on AUM)
|Up to 0.5% per year x total assets (note)||405 million yen||394 million yen|
|34 million yen||27 million yen|
|AM Fee Ⅱ
(based on DPU)
|Up to 0.001% x DPU before AM Fee Ⅱ x NOI after depreciation||34 million yen||27 million yen|
|－||89 million yen|
|Acquisition Fees||Up to 1.0% x the acquisition price||－||89 million yen|
|32 million yen||70 million yen|
|Disposition Fees||Up to 1.0% X the disposition price||32 million yen||70 million yen|
|Merger Fees||Up to 1.0% the appraisal value of real estate related assets the counterparty of the merger holds at the time of merger to be transferred to and to be held by the new merged entity||－||－|
- Daily calculation based on actual days in the period on 365 days a year basis, rounded down to the nearest yen.