A report on our 2016 AGM in Indonesia
This year’s AGM, Standards Board meeting, Board of Trustees and Advisory Forum were well attended, with representation from across the world and Asia Pacific in particular.
A big thanks to our hosts, the Ministry of Finance of Indonesia and MAPPI, for their incredible hospitality and sponsorship.
The IVSC meetings were followed by a MAPPI-RICS regional conference for valuers, which attracted over 500 people and where there was a lot of focus on speeches from our Chair Sir David Tweedie, as well as our seconded Standards Directors Adam Smith (PwC), Alex Aronsohn (RICS), and Peter Melvin (EY).
The new Standards Board structure was announced at the IVSC AGM. This has followed an intense period of reviewing applications and interviewing by Lee Hackett and the Nominations Committee which was expanded to include VPO representatives to ensure that candidates selected are of the right calibre. Congratulations to those selected.
The newly formed Standards Review Board will, through ongoing consultation, amend and approve International Valuation Standards. It will ensure that IVS add value and can be implemented by valuation professional organisations.
Under the new structure, the Standards Review Board will have focused subject matter expertise boards beneath it, which are the Tangible Assets Standards Board (covering real estate, plant and machinery and personal property) and the Business Valuation Standards Board.
There were many candidates with the right level of quality and expertise who just missed out to others with more experience and we would encourage anyone not successful to apply again in the future or look for other ways to get involved with IVSC - we do appreciate help from everyone.
The new boards will come into operation once IVS 2017 is issued and it is anticipated the first meetings will take place in March 2017. Thanks must go not just to the individuals but also to the employers and VPOs for offering support in relation to the costs of the different board members and helping develop further high-quality IVSs in the future.
Standards Review Board:
- Mark Zyla (Chair), USA, Acuitas
- Andreas Ohl, USA, PWC
- Leigh Miller, USA, EY
- Ben Elder, UK, RICS
- Roy Farthing, Australia, EY
- Ahmed Sabry, Saudi Arabia, TAQEEM
- Mauro Bini, Italy, Bocconi University
- Ian Jedlin, Australia, KPMG
- Olivier Peronnet, France, FINEXSI
Business Valuation Board:
- Andreas Ohl (Chair), US, PWC
- Robert Boulton, Canada, CICBV
- Jouky Chang, USA, Duff & Phelps
- Jay Shaw, New Zealand, Grant Thornton
- Diana Nikolaeva, Bulgaria, EY
- Jan Marek, Czech Republic, Deloitte
- Takako Iwata, Japan, KPMG
Tangible Assets Board:
- Ben Elder (Chair), UK, RICS
- Chris Stanley, New Zealand, NZ Property Institute
- Larry Dybvig, Canada, Grover Elliott
- James Gavin, USA, Duff & Phelps
- Rengganis Kartomo, Indonesia, MAPPI
- Dirk Hennig, Germany, PwC
- C.K. Lau, Hong Kong, JLL
- Claire Magowan, UK, Savills
The IVSC would like to thank Nick Brooke, Jens Røeder, John Smith, Malcolm Knight and Roel Campos, who are stepping down as Trustees, for their hard work on behalf of IVSC.
We welcome the new Trustees approved at the AGM: Kathleen Casey, Anton Colella, Alan Johnson, Tom Seidenstein and Howard Wetston.
Kathleen Casey, USA
Kathleen is a Non-Executive Director of HSBC. Her previous professional roles include holding the post of Commissioner at the US Securities and Exchange Commission, and Staff Director and Counsel of the United States Senate Committee on Banking, Housing and Urban Affairs. Kathleen is also Chair of the Alternative Investment Management Association, a member of the Board of Trustees at Pennsylvania State University and on the Trust Fund Board of the Library of Congress.
Anton Colella, UK
Anton is CEO of the Institute of Chartered Accountants of Scotland and Chair of the Global Accounting Alliance. Anton's previous posts include CEO of Scottish Qualifications Authority and he was a member of the IVSC Review Group.
Alan Johnson, Portugal
Alan is a Non-Executive Director of food retailer Jeronimo Martins SGPS and was previously CFO of the company. Prior to this, Alan was CFO of Unilever. Alan is also the Chair of ACCA - Accountants for Business Global Forum and a member of IFAC's Professional Accountants in Business Committee.
Tom Seidenstein, USA
Tom is currently Vice President for Financial Markets and Policy Research in the Economic and Strategic Research Group at Fannie Mae. Prior to joining Fannie Mae, Tom was Chief Operating Officer at the IFRS Foundation, the London-based body responsible for developing International Financial Reporting Standards.
Howard Wetston, Canada
Howard is a former chair and CEO of the Ontario Securities Commission (OSC), Canada’s largest securities regulator. Prior to joining the OSC, Howard was Chair and CEO of Ontario Energy Board. He currently serves as Counsel at Goodmans LLP, one of Canada’s leading business law firms.
Invitation for further Trustee
IVSC’s Board of Trustees' Nominating Committee is currently accepting nominations for a VPO representative to serve on the IVSC Board of Trustees.
We currently have one VPO leader from China as a Trustee and would like to see further representation from candidates with knowledge of the valuation profession.
While all candidates are welcome, we would especially encourage candidates with an intimate knowledge of the administration, challenges, and governance of large VPOs. Candidates may be a professional member of a VPO or the Chief Executive Officer.
Nominations of candidates for this position may be submitted to the independent Nominations Committee in writing by 20 December 2016 to:
International Valuation Standards Council
Chair, Nominating Committee
c/o Danuta Wojtowicz
Nominations may also be submitted via email to firstname.lastname@example.org
An update from John Martin - Chair of the Advisory Forum Working Group
The meetings in Bali were well attended and the level of engagement and discussion was very encouraging.
The working group (WG) will action a number of initiatives over the next 12 months focusing initially on greater engagement and communication with members of the Advisory Forum.
A comprehensive questionnaire will be sent to all members shortly. Your responses will be incredibly important as it will enable IVSC to have an up to date and comprehensive database of its membership to provide the respective boards with a better understanding of what standards, best practice, membership structures, etc. VPOs have, when considering future agenda items.
To achieve higher levels of engagement the WG will expand to ensure a better geographical representation. Members of the WG will be allocated regions (“cells”) to provide VPOs in the region with an opportunity to participate in a mid-month teleconference to be held say every two months chaired by AFWG member.
The monthly AFWG teleconference and face-to-face meetings will remain and include the chairman of the recently announced Boards.
As indicated, the WG is communicating with TEGoVA, UPAV and WAVO to ensure all stakeholders in the valuation profession are fully engaged.
Each AFWG member will be rotated to provide an article for the E-News.
We will be upgrading the AF section of the Website to include a member’s only section to include a Help Section and FAQs.
The AF will be working closely with the MRSB on its three key actions, being recognition of IVS to external stakeholders, IVSC membership categories and a single BV designation.
We will also continue to work closely with Nick Brooke on the APEC project.
Finally, and most importantly, we will work with the IVSC to achieve the adoption of a single set of international valuation standards.
An update from Steven Sherman - Standards Board Chair
The Standards Board is nearing completion of its mission over the past two years to revise and expand the quality of the International Valuation Standards.
It is expected that IVS 2017 will be posted on our website in draft form within the next month. This revised draft was the result of input from over 100 Comment Letters submitted by many Valuation Professional Organisations, appraisal-oriented firms, corporations, regulators, academics, and others. These Comment Letters are posted on our website.
Thanks to all of you who contributed, these standards are a result of your contributions and hopefully are something we feel belongs to all of us.
The Standards Board expects to finalise IVS 2017 by the end of the year.
We are pleased to announce that the Singapore Institute of Surveyors and Valuers has rejoined IVSC as a VPO member.
Please feed back to us if you have any comment regarding this