3ed5a9b3__Trusts__REITs____Investor_gov__PUBLICLY_TRADED_REITs
[0] Independent Directors [NON-TRADED REITs] North American Securities Administrators Association (“NASAA”) guidelines, which have been adopted by many states, require a majority of directors to be independent of management. NASAA guidelines also require that a majority of each board committee consist of independent directors. [PUBLICLY TRADED REITs] 
Stock exchange rules require a majority of directors to be independent of management. NYSE and NASDAQ rules call for fully independent audit, nominating, and compensation committees.
Real Estate Investment Trusts (REITs) | Investor.gov
PUBLICLY TRADED REITs