make installworld: touch not found

Trying to install the FreeBSD binaries that have been built on another box by copying over the /usr/src and /usr/obj directories, I ran into the following error:

host# make installworld

[snip]

--------------------------------------------------------------
>>> Installing everything
--------------------------------------------------------------
cd /usr/src; make -f Makefile.inc1 install
===> share/info (install)
===> include (install)
creating osreldate.h from newvers.sh
touch: not found
*** Error code 127

Stop in /usr/src/include.
*** Error code 1

Stop in /usr/src.
*** Error code 1

To get around this I used:

host# make installworld PATH=$PATH