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Associations & Bodies

More trouble at RICS uncovered by newspaper investigation

Sunday Times column Prufrock uncovers internal unhappiness at the way the organisation is being run.


Following The Negotiator’s report on RICs agent member unhappiness over the handling of 140 redundancies at the venerable trade body, a major newspaper has alleged further unrest within the organisation.

Last month we were contacted by agents who were disappointed that a plan to offload staff had been executed with only minor pay cuts for senior staff.

But Sunday Times business column Prufrock has now revealed that four non-exec directors of RICs recently had their contracts ended abruptly after they questioned how the organisation’s finances were being run.

They had worried back in 2018 that an unflattering report into its treasury management had been buried by senior management following reports that RICs had extended its overdraft without informing the organisation’s board.

Treasury controls

Treasury controls are the checks and balances larger businesses employ at board level to ensure they have the day-to-day cash to operate.

The quartet then spent many months demanding on behalf of its 134,000 members that it be published and finally gained access to a copy, Prufrock journalist Liam Kelly claims.

The four NEDs discovered that the report was critical of RICs internal financial regulation and they then sought answers from then president Chris Brooke, who stepped down in December last year.

Kelly says the four NEDs all had their contracts terminated. RICS has denied this was linked to their probe into the report and has told The Sunday Times it is financially sound and that it does not comment on contractual matters.

December 14, 2020

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