 |
HONG KONG, Aug. 19, 2015 /PRNewswire/ -- A group of about 50 professional bodies from around the world, RICS (Royal Institution of Chartered Surveyors) being one of them, have completed the first stage of its work aimed at creating the first International Ethics Standards (IES). Known as the IES Coalition, the group this week announced the selection of its committee of independent global experts that will write the first high level ethics principles for real estate professionals. Launched at the United Nations in New York, last October, the IES Coalition is tasked with creating these standards aimed at reasserting the role of ethics in property markets across the world.
With commercial real estate capital worth more than a trillion US dollars flowing around the world*, it is increasingly important that professionals manage that huge capital flow responsibly. The creation of consistent global ethics principles will directly underpin this.
The 50 real estate professional bodies, including RICS, makes up the IES Coalition and represents many thousands of practitioners working in real estate sectors across the world. The Coalition is united by the belief that business ethics plays a valuable and prominent role in the global property profession. A group of independent experts, known as the Standards Setting Committee, will make a significant contribution to its reputation and status.
"Although many firms and professional bodies might have ethics codes and different ways to implement those, there is not one universal ethics standard to which all professional real estate and trade organisations subscribe. The Standards Setting Committee has a very exciting task ahead of them and once the new International Ethics Standard is created, we expect to have a consistent and clear code which will enable us to improve the visibility and role that ethics plays in real estate," said Peter Bolton King, Chair of the International Ethics Standards Coalition and RICS Global Property Standards Director.
The IES Coalition includes prominent real estate representatives from around the world, including the United States, Brazil, China, the United Kingdom, Ghana, South Africa and a number of European countries (See full list of organisations below). The Standard Setting Committee will review the many existing ethical codes, identify common themes and bring greater consistency and clarity to how ethics are used across the real estate sector. The Committee plans to publish a consultation document later this year.
Notes to Editors:
*According to Real Capital Analytics (RCA)
For more information about the International Ethics Standard, visit www.ies-coalition.org.
The International Ethics Standard Coalition consists of the following organisations:
About RICS
Confidence through Professional Standards
RICS promotes and enforces the highest professional qualifications and standards in the development and management of land, real estate, construction and infrastructure. Our name promises the consistent delivery of standards – bringing confidence to the markets we serve.
We accredit 118,000 professionals and any individual or firm registered with RICS is subject to our quality assurance. Their expertise covers property, asset valuation, real estate management; the development of infrastructure; and the management of natural resources, such as mining, farms and woodland. From environmental assessments and building controls to negotiating land rights in an emerging economy; if our members are involved the same professional standards and ethics apply.
We believe that standards underpin effective markets. With up to seventy per cent of the world's wealth bound up in land and real estate, our sector is vital to economic development, helping to support stable, sustainable investment and growth around the globe.
With offices covering the major political and financial centres of the world, our market presence means we are ideally placed to influence policy and embed professional standards. We work at a cross-governmental level, delivering international standards that will support a safe and vibrant marketplace in land, real estate, construction and infrastructure, for the benefit of all.
We are proud of our reputation and work hard to protect it, so clients who work with an RICS professional can have confidence in the quality and ethics of the services they receive.
About RICS Asia
RICS Asia supports a network of over 20,000 individual professionals across the Asia region with an objective to help develop the land, property and construction markets in these countries, by introducing professional standards, best practice education and training. We promote RICS and our members as the natural advisors on all property matters. We also ensure that services and career development opportunities are provided to members.
RICS Asia region serves local member associations locating in Brunei, Japan, Malaysia, Singapore, Thailand, The People's Republic of China, Hong Kong SAR, Taiwan and South Korea. It also has members working across the region such as Bangladesh, Bhutan, Burma/Myanmar, Cambodia, Indonesia, Kiribati, Laos PDR, Macao SAR, Mongolia, Nepal, North Korea, The Maldives, The Philippines, Timor East and Vietnam. For more information, please visit: www.ricsasia.org.
Logo - http://photos.prnasia.com/prnh/20150819/8521505405LOGO
