More than a dozen real estate organisations from around the world have met in New York to form the International Ethics Standards Coalition to develop a global ethical standard for the sector
A host of leading real estate bodies from around the world have become founding members of the International Ethics Standards Coalition (IESC).
The coalition, which is made up of leading professional bodies from Asia, Europe, Oceania, North and South America, aims to develop and implement the first industry-wide ethics standards for property and related professional services.
Among organisations from the real estate industry and related sectors that participated at last week’s United Nations meeting in New York are;
- American Society of Appraisers (US)
- Appraisal Foundation (TAF, US)
- Asociacion Professional de Sociedades de Valoracion (Spain)
- Counselors of Real Estate (CRE, US)
- German Property Federation / Initiative Corporate Governance (Germany)
- Institute of Real Estate Management (IREM, US)
- International Consortium of Real Estate Associations (ICREA, Switzerland)
- International Real Estate Federation (FIABCI, France)
- International Right of Way Association (IRWA, Canada)
- La Asociation Espanola de Analisis de Valor (AEV, Spain)
- Royal Institute of British Architects (RIBA, UK)
- Royal Institution of Chartered Surveyors (RICS, UK)
- Russian Society of Appraisers (Russia)
- SECOVI-SP (Brazil)
They hope the IECS will help in bringing about an International Ethics Standard by 2016 that can be used globally in the real estate industry and other sectors.
FIABCI World President, Robyn Waters, says, “Over the last quarter century, the property market has become truly global covering all aspects of commercial and residential development as well as institutional investment.
“Numerous ethical codes already exist with common principles promoting integrity, transparency, trustworthiness and professional competence. However, up to now there has been no united voice or single, clear set of fundamental standards applied worldwide.
“The new coalition has the potential to transform the public perception of the entire real estate industry by creating and implementing international standards of ethical conduct.
“This, in turn, will help to enhance confidence and stability in the global market place, leading to improved ratings for property as an asset class.”
Peter Bolton King, RICS Global Residential Director, says, “Many professions already have their own robust ethics standards and codes. However, whilst the principles set out in these codes often overlap the extent to which they are understood consistently by members of the public, clients and consumers of professional services is poor. This can lead to confusion but it can also impact the legitimacy of professionals in an increasingly global and interconnected marketplace.
“Establishing a common, internationally-applied ethics standard will enhance transparency, consistency and trust in the services being offered by professionals wherever they operate.”
The members aim to establish an agreed standard that will help professionals undertake their work in an ethically consistent way, regardless of where in the world they are located and the nature of their work.
The coalition hopes the new International Ethics Standard will be ready in early 2016 and that members will then implement it.
The ethics principles set out in the standard will be drafted and published for public consultation by an independent group of experts appointed by the coalition early next year.
Professional and not-for-profit organisations are being invited and encouraged to join the International Ethics Standards Coalition.
By Adrian Bishop, Editor, OPP Connect