Any entity from one of the following categories may apply to the Board of Trustees for membership of the International Valuation Standards Council:
- Valuation Professional Organizations – which shall include valuation professional organizations recognized either by legal decree or general consensus;
- Associate Valuation Organizations – which shall include organizations at an earlier stage of their development but structured so as to achieve Valuation Professional Organization status;
- Corporate Members – which shall include valuation companies and companies having an interest in valuation;
- Client Members – which are entities with an interest in valuation standards and which secure or use valuation services to include but not be limited to lenders, accountants, insurers, asset managers, investment bankers, and others;
- Institutional Members – which are not-for-profit entities to include but not be limited to government agencies and regulators; and
- Academic Members – which shall include but not be limited to universities, colleges, and other institutions offering advanced education.
Applicants for membership shall provide IVSC with any information that IVSC reasonably requests in order to support its application. If IVSC considers that an applicant organisation does not meet its criteria or that its admission to membership of IVSC would be prejudicial to the reputation or objectives of IVSC it may reject any application and return the initial payment. Such a decision is at the absolute discretion of the Board of Trustees, which shall be under no obligation to give reasons for its decision.
Applicants in each membership category shall provide sufficient information to illustrate that they meet the criteria set out in the Bylaws and Regulations.
Specific criteria & applications for:
- Professional valuation organisations
- Associate Valuation Organisations
- Corporate Members
- Client Members
- Institutional Members
- Academic Members
Rights and responsibilities of membership
Following admission to Membership, each Member shall appoint one Delegate to the IVSC by notice in writing to the Executive Director. Any subsequent changes in such appointment from time to time shall be made by notice to the Executive Director. Each Delegate shall exercise the vote of his or her Member.
Members may be represented at the annual and any special meetings of the International Valuation Standards Council by one Delegate who may be accompanied by one assistant who may act as a translator or take notes.
The annual meeting of the Members, beginning with the year 2008, shall be held on or before November 30 of each year at the office of the Corporation, or at such other place and at such time as may be provided by resolution of the Board of Trustees. The purposes of the annual meeting shall be: to elect Trustees to the Board of Trustees; to receive the annual reports of the IVSC Boards and Committees; to receive financial statements of the Corporation for the preceding year; to receive the year to date operating results and projected remaining budget of the current year; to receive the budget of the Board of Trustees for the next year; to install Officers appointed or elected by the Board of Trustees; to formalize appointment of persons to IVSC Boards and Committees: to admit new Members; and to transact such other business, if any, stated in the notice of the meeting.
A primary function of IVSC Members is to advise the Boards on issues related to projects on the Boards’ agendas, possible new agenda items, project priorities, procedural matters that may require the attention of the IVSC, and other matters as requested by the chairmen of the Boards. The role of Members is not to reach a consensus or to vote on such issues that it considers at its meetings. Rather, it is to operate as a window through which the Boards can obtain and discuss the representative views of the diverse IVSC membership groups.
Members of IVSC are urged to speak out publicly on matters before the IVSC Boards and also to be supportive of the Boards’ processes and the principle of private-sector standard setting. Individual members are not expected to agree with the Boards’ decisions on all of the technical aspects of the projects on the Boards’ agendas, but it is important that IVSC Members support the institution and its due process.
Members are encouraged to nominate individuals to serve on the Board of Trustees, the International Valuation Standards Board and the International Valuation Professional Board.
Members may announce themselves as members of the International Valuation Standards Council. Use of the IVSC logo is prohibited without the prior permission of the Board of Trustees.
Individuals who are members or employees of an IVSC Member organisation are under no circumstances permitted to refer to themselves as members of the International Valuation Standards Council.
Membership of the IVSC will include the obligation to provide resources to participate in the IVSC’s activities and to pay appropriate fees on an annual basis. Membership dues for each category of member shall be determined by resolution of the Board of Trustees of the IVSC and may be revised from time to time.