Members give new modern corporate structure overwhelming approval
RICS members have given a new governance model overwhelming approval at the annual general meeting, with over 90% of voters supporting the proposal.
A modern corporate structure will now be established combining the representative and democratic elements of a membership organisation with the business-like approach of the private sector.
The governance model will see the introduction of a principles-based framework, with clear lines of accountability, control, performance monitoring and assessment.
The vote is the next step in the evolution of the institution following the establishment of the arm's-length, self-regulatory regime last year.
Jim Allan, RICS honorary secretary, said: 鈥淭his positive vote is a huge step forward for RICS. We want to set a new standard for the governance of professional bodies.
鈥淭he new framework will make us more fleet of foot, more efficient, and better able to manage a fast-moving, international organisation.鈥�
The mandate for the governance model follows a two-year trial where shadow boards worked alongside the existing constitutional structure. The information collected from these boards was used to inform a three-month consultation with members, culminating in the final proposals.
Louis Armstrong, RICS chief executive, said: 鈥淭he real key to success of professional institutions is modern governance. It may sound boring but it is critical. Many institutions are handicapped by their 19th-century roots and archaic ways of managing.
鈥淩ICS needs to be able to develop further into a global, business-like organisation, building on its success. Now we can do so.鈥�
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