Update from Richard Collins, Interim CEO - March 2023

I am pleased to report on a busy and productive period which saw RICS members and staff continue to work together to transform our work with and for members and deliver for the public advantage.

We are about to publish the second edition of the RICS Whole Life Carbon Assessment (WLCA) for consultation. The update is a result of real collaboration with members and with internationally-recognised professional bodies, building on the success of the first edition in establishing a global benchmark for consistent carbon measurement at all project stages. I encourage you to share your thoughts to help bring visibility and transparency to the carbon cost of different project choices by developing this important standard, with the consultation available here from 7 March.

Last week we launched a consultation on the use of Discounted Cash Flow (DCF) in real estate investment valuation. This is part of implementing the Valuation Review recommendations, with the aim of encouraging and supporting valuers to use DCF more confidently and consistently, where appropriate. The consultation seeks member views on a series of outputs that support a better understanding and appropriate application of the method to future proof valuation practices the public interest. Again, we value members’ views and I encourage you share your thoughts through the consultation link on the Review’s web page here.

Linked to this, we are seeking an experienced Chair to lead a new Valuation Assurance Committee (VAC) to be established by the Standards and Regulation Board. The successful candidate will be responsible for overseeing the regulatory assurance regime for RICS Registered Valuers and RICS Regulated Firms undertaking valuation services, with application process details published here (link removed - process closed).

This position is published alongside other opportunities for members to take on leading roles in driving the transformation of the Institution. We have extended the application window until 13 March for members to stand for one of 20 available Governing Council seats covering six professional disciplines, 13 geographic seats and 1 young member seat. We are keen to ensure all members can participate and have the chance to make a difference within our new governance structure, so please check how you can stand or nominate another member for these seats here.

Looking ahead, RICS members will be prominent at this month’s forthcoming MIPIM gathering in Cannes, with our presence as a coalition partner in the Road to Zero initiative focussing on sustainability. All members attending are warmly invited to the RICS hosted reception on 14 March between 1800 and 2000 CET, with those interested asked to see details and register here.

We have published our latest quarterly report which summarises our work, alongside the latest research wave findings from Survey of the Profession. As well as an improved response rate versus previous waves, we have seen an upward trend on major measures of net satisfaction, trust, influence and advocacy. This is welcome but there is more for us to do to transform RICS and improve these measures to where they should be. Your insight and feedback provided through the survey is key to that, and I thank all members who took the time to respond to the survey.

We will also be marking Women’s History Month to highlight examples of the positive role allies can play in creating a diverse and inclusive profession where all can thrive. You can register to attend our flagship event taking place in person at RICS HQ in London and online on International Women’s Day on 8 March here.

A final statistic to close – in February the RICS Press team recorded over 1,400 individual news articles mentioning RICS and members globally, compared with 1,053 articles in the same period last year. Alongside the growing press coverage of our regular member surveys, this snapshot reflects the skilled work the team does to cultivate media reporting in respected titles consumed by key decision-making audiences, building recognition and respect for the designation that all RICS members hold. My thanks to the team for their hard work and to the many members who work with them and provide many of the stories we are able to showcase.

Thank you for your ongoing commitment to professionalism, and warm wishes to you all.