Governance

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.

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.

11th FP 12th FP
AM Fee Ⅰ
(based on AUM)
Up to 0.5% per year x total assets (note) 407 million yen 399 million yen
AM Fee Ⅱ
(based on DPU)
Up to 0.001% x DPU before AM Fee Ⅱ x NOI after depreciation 33 million yen 34 million yen
Acquisition Fees Up to 1.0% x the acquisition price 106 million yen
Disposition Fees Up to 1.0% X the disposition price
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.
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