As valuation uncertainty continues to threaten the stability of financial markets, RICS Americas takes steps to advise government and promote competence in the public interest.
(New York, March 16 2009) – RICS Americas, the New York City-based division of the Royal Institution of Chartered Surveyors (RICS), London, UK, the world’s leading membership organization for professionals in property, land, construction and related environmental issues, announced today the launch of the RICS Americas Valuation Council.
The Council, tasked with debating and reviewing core valuation policy and business issues, will provide an independent and public voice to government, corporations and academia on important issues facing the property community and its users.
Steve Williams FRICS, a past President of RICS and a frequent speaker on global valuation issues and Chair of the Valuation Council, said the Council’s independent voice will help to provide clarity to the contentious global valuation debate. “Valuations form the battle lines of today’s multi-layered warfare among debt and equity investors. Stock prices and indices that support trillions of dollars around the world rest on valuation credibility. The RICS Americas Valuation Council views independent, accurate and transparent valuation as an essential part of solving the present global financial crisis.”
Through education, public events and government lobbying, the RICS Americas Valuation Council will highlight a consistent agenda, focused on three key issues:
1. Valuation Professionalism: a unified, multidisciplinary, global profession of experts must collaborate to ensure highest standards, work with related professions (e.g. accounting, law) and government.
2. Valuation Accuracy and Consistency: a unified, reliable profession must be transparent, accountable to the public and subject to peer review.
3. Valuation Education: a unified, progressive profession must continue to train its current members and to attract and prepare its future members, in collaboration with employers and academia.
Tom Justin, Chair of RICS Americas, praised the development of the Council noting “In these chaotic times, RICS serves as the voice of reason, best practice and reality. The Councils are our vehicle for this voice.”
Matt Bruck, Managing Director of RICS Americas, noted that the “RICS Americas Valuation Council draws on a multi-disciplinary leadership team, including representatives from across professional services firms, businesses, government and academia and is designed to reflect the broader RICS membership, which comprises over 100,000 professionals worldwide. Additionally, many leaders of partner associations have also taken an important role in RICS Americas, finding comfort in the collaborative approach.”
About RICS & RICS Americas
RICS (Royal Institution of Chartered Surveyors), with headquarters in London, is the leading organization of its kind in the world for professionals in property, land, construction and related environmental issues. We help set, maintain and regulate standards and provide impartial advice to governments and policymakers. RICS has over 100,000 qualified members who operate across 17 disciplines in more than 146 countries, supported by an extensive network of regional offices around the globe. www.rics.org. To ensure that our members are able to provide the quality of advice and level of integrity required by the market, RICS credentials – AssocRICS, MRICS and FRICS – are only awarded to individuals who meet the most rigorous requirements for both education and experience, and who are prepared to maintain the highest standards of business practice and ethics in support of public interest. RICS Americas, based in New York and covering North, Central and South America and the Caribbean, has over 3,000 members in commercial and residential development, construction management, brokerage, planning and finance, valuation and fine arts appraisal. Staff supports these members from New York, Toronto and Chicago. For further information visit www.ricsamericas.org or e-mail ricsamericas@rics.org.