Global Performance Report 2017-18
Q1
rics.org
Introduction Reflecting the strategic direction we are taking, and the expectations placed on us, our Governing Council has set out an ambitious new vision: Through our credential and our professional standards, we will create confidence in markets and be known for effecting positive change in the built and natural environments. We believe demand for our profession will continue to grow as the forecast pace of global urbanisation builds to 2050, coupled with an increasing and shifting population, climate change and rising pressures on food, water and energy supplies. Professionals must lead the way in addressing these trends, working to consistent technical standards and upholding the highest standards of ethics. A willing acceptance of and adherence to independent self-regulation and scrutiny distinguishes RICS and the profession around the world. Our business plan for 2017-20 sets three strategic priorities that will position RICS as a fit, globally relevant and trusted professional body for the 21st century: – Trusted: the standards to which RICS professionals work are demanded and adopted in the major economies of the world; as a result of market demand for RICS standards and credentials, highly talented individuals choose to qualify and work to our standards, and we remain trusted to set and enforce standards for the profession. – Influential: RICS is an influential body on issues of global significance and brings about beneficial change in the world.
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Q1 - Global Performance Report 2017-18
– Sustainable: the organisation is efficient and financially stable, and the profession and RICS employees are highly engaged, proud and increasingly diverse. As a body aspiring to create standards of global relevance, our collaboration with like-minded organisations is essential to set a framework of standards that will help us realise our vision to create confidence in markets and effect positive change in the built and natural environments. RICS’ recent award as the Top Association at the Global PropTech Awards in New York recognises our determination to further build our standing and influence in this space, in support of standards adoption and creating demand for the profession. Our influence will be greatly enhanced by the digital platform for the World Built Environment Forum, launched in October. The site showcases our cutting-edge knowledge and insights to leaders and influencers of the built and natural environments. We were invited by the UK government to form part of a delegation to Brazil and Argentina. The tour focussed on infrastructure investment and green finance and gave us the opportunity to raise awareness of the importance of international standards as well as the expertise of our professionals in contributing to economic development in both countries.
One of our organisational priorities was to implement a new property strategy for our existing operations in Coventry so that our workplace facilities are an enabler to our future needs. Therefore, in October, we announced that from early 2018 RICS’ global operations will move into 55 Colmore Row, Birmingham, a prime location that will allow us to be more market-facing. This Q1 report is a summary of RICS’ worldwide performance against our objectives and strategic goals in the first quarter of the 2017/2018 financial year (August 2017 – October 2017). It is available to all RICS professionals, employees and other key stakeholders. We welcome all comments on this report.
Paul Marcuse Chairman, RICS Management Board Sean Tompkins Chief Executive Officer, RICS e contactrics@rics.org
Context To achieve Governing Council’s vision, Management Board established strategic goals for the 2017-20 business plan period.
Strategic goals • Our standards adopted The standards to which RICS professionals work are demanded and adopted in the major economies of the world. • Profession in demand As a result of market demand for RICS standards and credentials, highly talented individuals choose to qualify and work to our standards.
“A more responsible, more transparent, more predictable macroeconomic framework, aligned with international standards, is crucial for sustainable economic growth and development.”
• Trusted by our stakeholders We remain trusted to set and enforce standards for the profession. • Influential profession RICS brings about beneficial change in response to the major challenges the world faces. • Sustainable professional body The profession and RICS employees are highly engaged, proud and increasingly diverse. The organisation is efficient and financially stable.
UK Chancellor and the Brazilian Minister of Finance
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Key achievements this quarter Market trust in our profession, our standards and how we assure them
draft standard for consultation. The draft ensures the standard will be directly connected to the UN Sustainable Development Goals. ILMS will be formally launched at the World Bank Conference in March 2018 and the FIG meeting in Istanbul in May 2018.
Governments and major end-users
The Chartered Institute of Procurement and Supply (CIPS), The Association for the Advancement of Cost Engineering (AACE) and The International Cost Engineering Council (ICES) have all joined the International Ethics Coalition.
In this quarter, Infrastructure Ontario (Canada) has formally adopted International Construction Measurement Standards (ICMS) and has agreed to work with RICS to further embed the standard. Through our engagement on the independent expert advisory panel on the Grenfell Tower fire, the UK Government has recommended that all public and private sector building owners seek advice from chartered members of RICS. All major Dutch banks including ING, ABN AMRO, Rabo, NIBC Bank, Berlin Hyp and Deutsche Hypo, now have members of the profession on their boards. EY in the US has designated RICS as the valuation professional organisation of choice in the US for business valuation professionals pursuing the highly regarded Certified in Entity and Intangible Valuations (CEIV) credential. The International Property Securities Exchange (IPSX), a new financial exchange for real estate assets based in the UK, has embedded RICS Valuation Standards. IPSX launches in November this year and will operate globally. Tahoe Investment Group, a fast-growing international real estate, finance and biological medicine conglomerate in China, has adopted RICS Valuation Standards.
Standards we are developing The International Land Measurement Standards (ILMS) Setting Committee has met in Berlin to agree the final
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An influential body on issues of global significance that brings about beneficial change in the world In October, RICS won the Top Association Award at the Global PropTech Awards at Real Estate Tech Week in New York. The week-long event sees senior leaders from across the global built environment come together to focus on technology and its impact on the future. We have launched the digital platform for the World Built Environment Forum; the site showcases our cutting-edge knowledge and insights to leaders and influencers of the built and natural environments. Ten years on from the Global Financial Crisis, our inaugural “Global Perspectives” report provided valuable insights on investment risks from investors responsible for one trillion US dollars of assets under management. RICS submitted recommendations to the Hong Kong and Chinese governments regarding the development of the Guangdong-Hong Kong-Macao Greater Bay Area, one of China’s three main economic regions which will lead its growth in the coming few decades.
In the UK, we launched the “Attracting infrastructure investment through international standards” policy paper. We also became a founding partner of the UK Collaborative Centre for Housing Evidence, a collaboration between nine leading universities and four non-academic organisations.
Operationally efficient and financially stable. RICS professionals and employees are highly engaged, proud and increasingly diverse In August, our second School of Built Environment (SBE) in Mumbai welcomed the first cohort of over 100 students, all aspiring to careers in real estate and construction. In October, we welcomed more than 100 surveyors and built environment professionals from Black, Asian, and Minority Ethnic backgrounds for the launch of the DiverseCity Surveyors network, which celebrates ethnic diversity in the industry. At the Scotland Diversity Awards, RICS was named the winner in the 250-1000 employees category. We also launched the new RICS professional portal, myaccount.rics.org. The portal is a new single place for professionals to maintain their relationship with RICS. They can update their personal details, record their CPD, and manage professional subscription renewals and purchases.
43,618 receive RICS News globally
83,800 followers on Twitter
73,381
people in the global LinkedIn group and 63,683 followers
24,046 fans on Facebook
4,398
followers on Instagram
3,579
subscribers on YouTube
2,317
new candidate enrolements Q1 - Global Performance Report 2017-18
5
568
new professionals were awarded RICS designations in the financial year
58%
107,133
RICS-qualified professionals worldwide
15,525 3,470 APC assessors and counsellors now 8,167 using ARC 6
Q1 - Global Performance Report 2017-18
of newly qualified professionals are based outside the UK and Ireland, notably mainland China (19%), Europe (9%), South Asia (7%) and North America (7%)
candidates (in 104 countries) now using our online assessment resource to prepare for their professional assessments
£0.3 million operating surplus at the end of October 2017
94% of service complaints resolved within five days
Confidence through professional standards
We accredit 125,000 professionals and any individual or firm registered with RICS is subject to our quality assurance. Their expertise covers property, asset valuation and real estate management; the costing and leadership of construction projects; the development of infrastructure; and the management of natural resources, such as mining, farms and woodland. From environmental assessments and building controls to negotiating land rights in an emerging economy; if our professionals are involved the same standards and ethics apply.
We believe that standards underpin effective markets. With up to seventy per cent of the world’s wealth bound up in land and real estate, our sector is vital to economic development, helping to support stable, sustainable investment and growth around the globe. With offices covering the major political and financial centres of the world, our market presence means we are ideally placed to influence policy and embed professional standards. We work at a cross-governmental level, delivering international standards that will support a safe and vibrant marketplace in land, real estate, construction and infrastructure, for the benefit of all. We are proud of our reputation and we guard it fiercely, so clients who work with an RICS professional can have confidence in the quality and ethics of the services they receive.
United Kingdom RICS HQ
Ireland
Europe
Middle East
Africa
Americas
Parliament Square, London SW1P 3AD United Kingdom t +44 (0)24 7686 8555 f +44 (0)20 7334 3811 contactrics@rics.org Media enquiries pressoffice@rics.org
38 Merrion Square, Dublin 2, Ireland t +353 1 644 5500 f +353 1 661 1797 ricsireland@rics.org
(excluding UK and Ireland) Rue Ducale 67, 1000 Brussels, Belgium t +32 2 733 10 19 f +32 2 742 97 48 ricseurope@rics.org
Office B303, The Design House, Sufouh Gardens, Dubai, UAE PO Box 502986 t +971 4 446 2808 ricsmena@rics.org
PO Box 3400, Witkoppen 2068, South Africa t +27 11 467 2857 f +27 86 514 0655 ricsafrica@rics.org
One Grand Central Place, 60 East 42nd Street, Suite #542, New York 10165 – 2811, USA t +1 212 847 7400 f +1 212 847 7401 ricsamericas@rics.org
South America
Oceania
East Asia
China (Shanghai)
China (Beijing)
Japan
Rua Maranhão, 584 – cj 104, São Paulo – SP, Brasil t +55 11 2925 0068 ricsbrasil@rics.org
Suite 1, Level 9, 1 Castlereagh Street, Sydney NSW 2000. Australia t +61 2 9216 2333 f +61 2 9232 5591 oceania@rics.org
3707 Hopewell Centre, 183 Queen’s Road East Wanchai, Hong Kong t +852 2537 7117 f +852 2537 2756 ricseastasia@rics.org
Room 2006, Garden Square, 968 Beijing Road West, Shanghai, China t +86 21 5243 3090 f +86 21 5243 3091 ricschina@rics.org
Room 2507-2508B, Jing Guang Centre, No.1 Hu Jia Lou Road, Chaoyang District Beijing 100020, China t +86 10 6597 8586 f +86 10 6581 0021 ricschina@rics.org
Level 14 Hibiya Central Building, 1-2-9 Nishi Shimbashi Minato-Ku, Tokyo 105-0003, Japan t +81 3 5532 8813 f +81 3 5532 8814 ricsjapan@rics.org
ASEAN
South Asia
#27-16, International Plaza, 10 Anson Road, Singapore 079903 t +65 6812 8188 f +65 6221 9269 ricssingapore@rics.org
48 & 49 Centrum Plaza, Sector Road, Sector 53, Gurgaon – 122002, India t +91 124 459 5400 f +91 124 459 5402 ricsindia@rics.org
GLOBAL/NOVEMBER 2017/DML/22636/RICS Q1 PERFORMANCE REPORT
RICS promotes and enforces the highest professional qualifications and standards in the development and management of land, real estate, construction and infrastructure. Our name promises the consistent delivery of standards – bringing confidence to the markets we serve.