(Chicago—December 20, 2016)—The first set of global property ethics principles has been released by the International Ethics Standards (IES) Coalition, a group of more than 100 professional organizations worldwide. The Standards are intended to guide professionals working in land, property, construction, infrastructure and related professions.
John J. Leary, CRE®, Senior Valuation Consultant, Advisra Consulting, LLC, New Haven, Conn., chaired the 19-member Standards Setting Committee. In 2011, he served as chair of The Counselors of Real Estate (CRE) professional association, an international organization for highly experienced real estate advisors, and chaired the organization’s Ethics Committee 2003 – 2005.
Several other CRE members also served on the Committee: Robert H. McKennon, CRE, Appraisal Associates, Inc., Wilmington, Del.; William P.J. McCarthy, CRE, W.P.J. McCarthy and Company, Burnaby, B.C., Canada; and Steven R. Norris, CRE, principal, Norris Realty Advisors, Pasadena, Calif. James C. Hannoch, CRE, president, Hannoch Appraisal Company, Livingston, N.J., served as The Counselors’ appointed Trustee of the Coalition and is chair of The Counselors’ 2017 Ethics Committee.
“The new Ethics Standards is a universally applicable set of values that will elevate the role of ethics and help ensure greater professionalism in the global real estate marketplace,” Mr. Leary said. “This set of standards provides overarching ethical principles that can bring improved clarity and transparency, helping to de-risk markets. It also may serve as or augment the codes of conduct published by organizations that comprise the Coalition. It is an honor to work with my colleagues from around the world on the Standards Setting Committee.”
“According to Savills research, worldwide real estate assets reached a value of $217 trillion in 2015,” Mr. Hannoch added, emphasizing the importance of creating the new standards.
Earlier this year, the Coalition held a three month global public consultation to facilitate clear understanding of the standards by Coalition members, practitioners and their clients.
Organizations from countries including France, Germany, Dubai, Brazil, China, Russia, Japan, Nigeria, Australia, the U.K. Canada, and the United States participate as members of the Coalition. The Coalition first met at the United Nations in 2014.
The Counselors of Real Estate®, established in 1953, is an international group of high profile professionals including members of prominent real estate, financial, legal and accounting firms as well as leaders of government and academia who provide expert, objective advice on complex real property situations and land-related matters. Membership is selective, extended by invitation only. The organization’s CRE (Counselor of Real Estate) credential is granted to all members in recognition of superior problem solving ability in various areas of real estate counseling. Only 1,100 people in the world hold the CRE credential. For more information, contact The Counselors of Real Estate, 430 N. Michigan Avenue, Chicago, IL 60611; +1 312/329.8427; http://www.cre.org.