International Ethics Standards Coalition Meeting Recap

On October 25, 2016, individuals from across the globe participated in the International Ethics Standards Coalition (IESC) Trustees’ Meeting held at George Mason University’s Arlington campus. This two day gathering was the second phase of the International Ethics Standards being developed by the IESC.

The meeting commenced Tuesday morning with introductions and a presentation of the draft standards. Shortly after, various key matters were highlighted, such as, the discussion on whether the Standards-Setting Committee (SSC) has met their terms of reference, the future of the Committee, discussion of the final look, and the vote for a potential launch date. Wednesday focused on the agreed-upon course of action for the draft standard. Vital questions arose from attendees but were soon answered by the leaders of this coalition. The meeting concluded with the affirmative vote to release the standards as modified at the meeting.

Throughout the two day meeting, the American Society of Appraisers got a chance to sit down and chat with key players of this coalition. Some of these key players included the Chairmen of the International Ethics Standards Coalition, Peter Bolton King; Deputy Chairmen of the International Ethics Standards Coalition, Anthony P. Grant; Regional Manager Director for Americas RICS, Neil Shah; ASA’s Liaison and ASA’s Former Chair of Ethics, Gary R. Trugman, ASA; and; Trustee of JaSIA and Secretary General of the Board of Trustees of the International Ethics Standards, Richard Berkemeier, ASA.

Peter Bolton King, Chairmen of the IESC, has played a vital role in the formation of this ethics coalition. Mr. King found that international organizations did not have a global code of ethics that they could follow. From there he created the International Ethics Standards Coalition (IESC), based on the fact that newer generations of consumers were growing and they wanted to comprehend the process of how the value was achieved. Mr. Bolton King believed that by having these standards in place, not only would it help organizations be trustworthy in the market but it would show consumers that they can rely on organizations to create ethically conduct business practices.

 

“From a valuers perspective, I think having these high codes of ethics illustrates that your organization is dealing with similar likeminded individuals from around the world and you are reassuring the consumer that they are dealing with people who can be trusted.”—Peter Bolton King, Chair of the International Ethics Standards Coalition, October 2016

 

Anthony P. Grant, Deputy Chair of the IESC, believed that all organizations understood the meaning of these global standard which are high in principles, ethics, honesty, and decency. He has also emphasized the amount of dedication and work participants have made in making this dream into a reality and having it available to the public on the coalition’s website.

 

“The coalition rules as one coordinating body that provides resources and assistances to all of its 104 members. Our website, which is vastly compressive thanks to administration by RICS and contributions from trustees from all of our 104 associations, has information for each discipline”— Anthony P. Grant, Deputy Chairmen of the International Ethics Standards Coalition, October 2016

 

Neil Shah, Reginal Manager Director for Americas RICS, explained that several complications have arisen in the profession since the global financial crisis. He has confidence that certain markets will rise up from their recessionary effects and will continue to invest in their infrastructure in a resilient stainable way. Mr. Shah has also expressed the phenomenal progress that these standards have made and the diversity of organizations coming together for the public interest.

 

“These are professional organizations that have come together to raise the profile of the profession in the marketplace and commit to ethical behavior. Professionals need to make decisions in the public interest and in the interest of their clients.  RICS is firmly committed to that from an organizational standpoint”— Neil Shah, Regional Managing Director for Americas RICS, October 2016

 

Gary R. Trugman,  Liaison and ASA’ Former Chair of Ethics, has expressed the importance of the American Society of Appraiser’s participation in this coalition and the positive effects it will have. He noted that these standards are at a high level and any business that is interested in doing business on an international level should be supporting these standards. When asked about his reaction to the coalition and its affiliates, he praised the founders and the surrounding organizations that have been involved.

 

“This is probably the most elite group I have ever been associated with. I am extremely impressed with what I have seen and the caliber of people here. The people involved are people that I want to know and who I would want to do business with on an international level.”— Gary Trugman, Liaison and ASA’ Former Chair of Ethics, October 2016

 

Richard Berkemeier, Trustee of JaSIA and Secretary General of the Board of Trustees of the International Ethics Standards, has emphasized the influence and the importance ethical standards have on the appraisal industry. With the standards being implemented on a global scale, he is certain that the appraisal industry is leading in the right path.

 

“Ethical Standard are the foundation and bedrock of the appraisal industry. In the future I see ethic standard as part of the education process of individuals seeking to be professional appraisers. Like the ‘Dutch Banking Oath’ I would like to see appraisers take on a similar oath as part of the accreditation process. The International Ethics Standard has set the basic framework for our industry going forward. I congratulate all the Trustees, Officer and author for their contribution.”— Richard Berkemeier, Trustee of JaSIA and Secretary General of the Board of Trustees of the International Ethics Standards, December 2016

 

George Mason University’s Arlington campus was the ideal location for this affair because of their emphasis on ethical teachings which is offered in the School of Business.

 

“Ethics is embedded and is the foundation of our entire program in both our undergraduate and graduate programs. All of our programs whether it be accounting, finance, business valuation, or real estate has an ethical focus in their given field”— Dr. Sarah E. Nutter, Dean of George Mason University School of Business, November 2016

 

Dr. C. Kat Grimsley, Director of the Master’s in Real Estate Development program at the George Mason University, served as a member of the Standard Setting Committee of the International Ethics Coalition and helped support the coordination of this successful affair. She has emphasized the importance of the real estate program and the extraordinary events that the program participates in.

 

“We are looking to empower the next generation of industry leaders in Real Estate. Our Master’s program has grown since its beginning in 2009 and is now able to participate in important global affairs, such as the International Ethics Standards Coalition Trustees Meeting”— Dr. C. Kat Grimsley, Director of the Master’s in Real Estate Development Program George Mason University, November 2016

 

Students were given the chance to meet IESC Trustees and key industry leaders.

 

“The good thing about this program is that it’s not only academic but it’s also provides professional information and experience to its students”—May Abou Ghazaleh, EagleBank Scholar Award Winner, November 2016

 

With the first set of global ethical principles now published, thanks to the efforts of the independent Standards Setting Committee, organizations now have the capability to apply these new set of standards in their daily practice. For those who are new and are interested in obtaining information on the coalition, please visit www.ies-coalition.org.