RICS governing council has published a statement in reaction to Alison Levitt QC’s recent and excoriating 167-page report into the public scandal that surrounded the ousting of four non-executive directors who had alleged financial irregularities within the organisation.

Released on September 9^th, she told RICS members at the time that the events that led to the four NEDs being dismissed had been an ‘accident waiting to happen’ and recommended that the organisation begin a root-and-branch overhaul.

Its Governing Council has now set out the values expected of the institution in response to this review, committing RICS to ‘far-reaching cultural change’ as part of a reform agenda.

These include integrity, transparency, inclusion, collaboration, advocacy and passion, along with accountability, providing value for money, championing diversity and creating a sustainable future.

This will be alongside a review of its governance, the introduction of a new whistleblowing structure and a shake-up of executive pay and bonuses, all designed to ‘restore pride in the institution’.

The Governing Council has accepted all 18 of Alison Levitt QC’s recommendations and is today providing a detailed update on the progress made in their implementation.

It is expected that these values to be embedded into the organisation through agreed policies and actions, success measured through independent benchmarking, regular feedback and reporting against clear targets.

To achieve these aims, RICS’ Governing Council says it is committed to a “truly robust, transparent and independent process in which the views of members and other stakeholders will be heard,” its statement says.

Private apologies to the four NEDs – Amarjit Atkar, Bruce McAra, Simon Hardwick and Steve Williams – and to former members of Governing Council who had been improperly threatened with legal proceedings have already been given. Several key members of the management team, including CEO Sean Tomkins, have already left the organisation.

Behaviour

Nick Maclean (pictured), Temporary Chair of Governing Council, says: “Ethical culture and behaviour are at the core of RICS’s identity and we believe our new values statement will be an important step in restoring pride in our institution.

“However, we are aware that we will be judged by our actions, not our words, and that is why we felt it was important to give an update on our response to Alison Levitt QC’s recommendations, with a clear timeline for each one”.