RICS orders independent review into handling of governance scandal

The Royal Institution of Chartered Surveyors (RICS) has agreed to set up an independent review into its response into a scandal which broke out last week over allegations a report criticising the group’s governance had been suppressed.

BDO UK Real Estate and Construction Group, one of the largest dedicated accounting and tax property practices in the UK, warned the organisation was at risk of “unidentified fraud, misappropriation of funds and misreporting of financial performance”. 

In a meeting last night, it was agreed that an independent review should take place.

After listening to the views of its members, and appreciating their need for further reassurance, the governing council of RICS yesterday voted unanimously to proceed with an independent review into the events that took place in 2018/19, the outcome of which will be made public.

The governing council will appoint an experienced, fully independent individual to undertake the review according to terms of reference which it will set.

In addition, members of RICS have raised a wide range of issues, including matters relating to engagement and governance, and as a consequence the trade organisation’s governing council has also agreed to undertake a comprehensive review looking at the ongoing purpose and relevance of RICS in 2021 and beyond.

It will examine a range of issues, including member experience and engagement.

Kath Fontana

Following the governing council meeting yesterday, interim chair of governing council, Christopher Brooke, RICS president Kathleen Fontana, and chief executive Sean Tompkins, issued the following joint statement on the decisions made by the RICS governing body: “We welcome this important decision taken by governing council and lend our wholehearted support to the implementation of an independent review.

“We have listened to our members carefully, and we are confident that decisions agreed by governing council today are in the best interests of RICS and its members.”

x

Email the story to a friend

One Comment

  1. SoldPal90

    …chickens coming home to roost.

    Carried on taking a big fat salary and performance bonuses whilst recording a loss…….

    Insufficient accountability and kangaroo courts.

    Meanwhile members stump up year on year and membership entry requirements diluted to create volume.

    Looking forward to the independent review.  Another dinosaur in need of a new brush.

    Report
X

You must be logged in to report this comment!

Comments are closed.

More top news stories

Foxtons chief executive receives £1m bonus package despite shareholder revolt

Continue Reading ...

Thank you for signing up to our newsletter, we have sent you an email asking you to confirm your subscription. Additionally if you would like to create a free EYE account which allows you to comment on news stories and manage your email subscriptions please enter a password below.