The Professional Board had been made aware of differing practice in the preparation of “Fairness Opinions” in respect of corporate transactions. In some countries there are requirements governing who may provide such opinions and what they may contain, but these are not consistent. In some jurisdictions there is no regulation at all. The Board agreed a project to examine the various codes in place and to produce guidelines for preparing fairness opinions to indicate the specific issues that generally need to be addressed in accepting and progressing an assignment, and how these relate the provisions of the IVS.

A Working Group of practitioners with experience of providing fairness opinions in North America, Europe and Australasia was assembled.

An Exposure Draft was published in early March 2012, with a comment period until 31 May 2012.

After reviewing the comments received on the draft, further consultation with some of the respondents and additional research into the different regulatory regimes in the major markets where fairness opinions are provided, the Board concluded that it any guidance it could produce would have little practical benefit as it would frequently be overidden by the requirements of the jurisdaiction in which the transaction was taking place. Also, in some major markets the legal framework for fairness opinions has evolved through judicial decisions and the Board was concerned that guidance it gave could be seen as providing a legal opinion or interpretation that could be used out of context.

At is meeting in March 2013 the Board agreed to suspend the project.

Working Group:

Board members



Doug McPhee - Chairman

Professional Board

New Zealand

Jim Eales

Standards Board


Frank Bollmann

Standards Board


External Members



Paul Gill



Bill Stamatis



Gil Matthews

Sutter Securities


John Gibson

Ernst & Young


Jean-Florent Rerolle



Start Date: March 2011

Exposure Draft: March 2012.

Project suspended March 2013.

An Exposure Draft was published on 6 March 2012 with a comment period until 31 May.

Exposure Draft March 2012

Comment letters received on the Exposure Draft "Procedural Guidelines for Fairness Opinions" issued in March 2012.

29-06-2012 013 Ernst & Young
07-06-2012 012 PricewaterhouseCoopers
07-06-2012 011 RICS
06-06-2012 010 Fédération Française des Experts en Evaluation
06-06-2012 009 CBN (Brazil)
06-06-2012 008 China Appraisal Society
06-06-2012 007 Canadian Institute of Chartered Business Valuators
06-06-2012 006 Institute of Chartered Accountants in Australia
28-05-2012 005 Organismo Italiano di Valutazione
28-05-2012 004 Capstone
28-05-2012 003 Scrutton Bland
28-05-2012 002 Appraisal Institute
28-05-2012 001 Centerpoint Advisors