August 18, 2015
FIABCI, the International Real Estate Federation, supports the move to ensure greater transparency and consistency within global property markets
A growing Coalition of almost 50 professional bodies from around the world, launched at the United Nations in October 2014, has completed the first stage of its work. This week they announced the selection of a committee of independent global experts to write the first International Ethics Standards for real estate professionals. The intention is to reassert the role of ethics in property markets across the world.
With a trillion dollars of commercial real estate capital flowing around the world*, it is increasingly important that professionals manage that huge capital flow responsibly. The creation of one set of consistent global ethics principles will directly underpin this.
The 50 real estate professional bodies, including FIABCI, the International Real Estate Federation, which make up the International Ethics Standards Coalition represent 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. The new Standards Setting Committee will make a significant contribution to its reputation and status.
Included in the group who will be writing the International Ethics Standards are prominent real estate representatives from Russia, China, France, the USA, Germany, Brazil, Japan, Malaysia, Canada and the UK. They have been asked by the Coalition, to review the many existing ethical codes, identify common themes and bring greater consistency and clarity to how ethics are used across real estate. They plan to publish a consultation document later this year.
The Coalition Trustees invited nominations for the independent Standards Setting Committee from professionals with a background in real estate and business ethics who have experience of working in different sectors and markets.
Peter Bolton King, Chair of the International Ethics Standards Coalition, said: “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.”
Danielle Grossenbacher, FIABCI World President commented: “This is a very exciting project which comes at a time when many professions and sectors are looking closely at the role ethics plays in developing trust, transparency and greater confidence in how we conduct business.”
Akin Olawore, who was nominated by FIABCI to represent Nigeria and the continent of Africa on the Standards Setting Committee added: “Global ethics standards have had a proven effect on the global accountancy profession and this shows that they are an achievable endeavor which could potentially bring many positive benefits for the RE profession.”
*According to Real Capital Analytics (RCA)
For more information about the International Ethics Standard, visit www.ies-coalition.org or contact FIABCI Past World President Tony Grant who is FIABCI’s Trustee to the International Ethics Standards Coalition and also serves as the Coalition’s Deputy Chair (email@example.com)
The following organisations have currently signed up to the International Ethics Standard Coalition: