GovernanceIndex

Governance is what an investor can rely on when performance is not the question. This category covers the instruments that constrain the board and management, the continuous disclosure obligations owed to unit holders under Canadian securities law, the rights that attach to a unit, and the custody standard applied to the records behind every position. It describes how the structure is governed across Canada, the United States, Spain, and Mexico — four legal regimes, one disclosure posture.

Start here: Corporate governance documents — the board mandate, committee charters, and conduct code that every other article here operates under.

Board and management oversight

Who supervises the business and how the supervision is kept independent: the board's governing instruments, the audit committee's mandate over financial reporting, the three-way separation of management functions, and the external record-keeping roles.

• Corporate governance documents — Board mandate, committee charters, governance policy, and code of business conduct published as disclosure of governance practices under NP 58-201 and NI 58-101.
• Audit committee mandate — The composition, independence requirements, and responsibilities of the audit committee under NI 52-110 Audit Committees, including oversight of financial reporting, external auditor relationships, and internal controls.
• Tripartite management structure — The three-way functional separation — development execution, Regulated Reporting Entity compliance, and an independent Asset Manager banking syndicate — that governs how each Direct-Hold Solution is managed and capitalized.
• Auditors, transfer agent, and registrar — Roles of the auditor, transfer agent, and registrar: independent verification, ownership records, and register maintenance in the corporate structure.

Disclosure obligations and investor rights

What must be told to investors, on what schedule, and what recourse they hold: the continuous disclosure framework under NI 51-102, the contracts and proceedings that must be disclosed, the experts whose reports are relied on, and the statutory rights of rescission and damages.

• Investor relations policy — The structure and purpose of a formal investor relations policy: preventing selective disclosure, designating authorised spokespersons, establishing quiet periods, and managing guidance within the continuous disclosure framework of NI 51-102 and CSA National Policy 51-201.
• Statutory rights — Statutory investor rights under Canadian securities law: rescission, damages, and the rights that attach to different distribution channels.
• Material contracts — Material contracts disclosure: management agreements, property management contracts, and major leases, and where investors can request them.
• Legal proceedings — Legal proceedings disclosure: standard template confirming pending litigation status as of the last reporting update, reviewed each period.
• Experts — Named experts disclosure: the auditor of record, external legal counsel, and independent appraisers whose reports are referenced in offering materials.

Data custody

Who holds the records behind an investor's position, on whose hardware, and under what obligation: the custody and sovereignty requirement, and the data-handling framework built to satisfy it.

• fiduciary-data-mandate — Custody and sovereignty requirement that the corporate entity holds physical control of the ledger hardware and cryptographic keys, not a third-party custodian.
• data-governance — Each Direct-Hold vehicle's data custody framework: who holds what data, where, and under what obligations — consistent with the Fiduciary Data Mandate and PIPEDA requirements.

Risks arising from operating under four legal regimes are set out under Risks; the regulatory terms used here are defined in Reference.

See also

• Corporate structure — the entities these governance instruments bind
• Structure and regulatory risk — what changes in law or regime could mean for the structure
• Canadian securities terminology — definitions of the instruments and regulators named throughout
• Forward-looking statements advisory — the hedging posture applied to every forward statement on this wiki