Summary of the Governing Council meeting, 16-17 January 2025

The Council is keen to engage with our members and to hear your questions and views — we will be setting time aside on each meeting agenda for this purpose.  If you have a question to raise with the Council please visit Ask Governing Council (rics.org). 

Scene setting by the President

• This was the first Council meeting to be chaired as President by Justin Sullivan, who opened the meeting by observing that RICS now has a full Executive team in place and emphasising the importance of the institution now being forward-looking.

Governing Council membership

• This was also the first meeting at which ten new Council members were able to participate as members. The new members comprised the 2025 SVP Maureen Ehrenberg and seven elected members who had attended the November 2024 Council meeting as observers, and two Appointed Members, Rosalyn Schofield and Darina Armstrong, for whom this was their first Council meeting.
• To set the tone for the year ahead, at the start of the meeting each member explained why RICS is important to them, why they stood for Council, what they feel they can contribute, and what they want Council to focus on in 2025.

Global economic overview

• Governing Council received and discussed a presentation from Hugh F. Kelly, PhD, CRE Emeritus, a leading real estate economist, on the global economic overview and forecast for 2025.

Evaluation process rollout

• Council noted the revised annual evaluation process for individual Council members, which is also designed to provide valuable input in the overall review of the performance of Governing Council.

Annual assurance reports

• Governing Council convened its annual session to receive assurance that the RICS governance structure is working effectively, having reviewed in preparation the 2024 Assurance Reports of the RICS Board, the Audit Risk Assurance and Finance Committee, the Nominations and Remuneration Committee, the Knowledge and Practice Committee, the Global Members Committee and the Standards and Regulation Board.
• Council discussed the content of the Assurance Reports in a roundtable Q&A panel session with the Board and Committee Chairs, chaired by the President Elect.
• The outcome was that Council was assured that the Boards and Committees were working effectively and had discharged their duties during 2024 as set out in their respective terms of reference.

Transformation programme

• Council was updated on progress on the RICS’s transformation programme, and the approach being taken to create a three-year plan, alongside the focus on delivery of critical change projects in 2025.

Independent Review 2025

• Governing Council approved the recommendations of the Governance Project Steering Group (GPSG) for (i) the terms of reference for the Independent Review 2025, and (ii) the specification for the reviewer. Council also approved the continued delegation of the selection of the reviewer to the GPSG with final approval reserved for Council.

Concessions

• Council discussed an update on the proposed approach to review of RICS concessions in 2025, the timeframe for which is to enable changes to be enacted in 2026.

Social media guidance

• Council engaged in an interactive session covering the social media landscape and RICS’ key channels, building a social media profile as a Council member, and the practical application of guidelines provided by an external expert.
• A key output of the session was to empower Council members as advocates for key RICS topics on social media.

Questions from members

• It was noted that no questions had been received from members for Council to consider at the January Council meeting.