Ethics Flashcards
1
Q
How many rules of conduct are there?
A
5
2
Q
What is rule 1?
A
Act with honesty, integrity and comply with professional obligations
3
Q
What is rule 2?
A
To maintain professional competence
4
Q
What is rule 3?
A
To provide good quality and diligent service
5
Q
What is rule 4?
A
To treat others with respect and encourage diversity and inclusion
6
Q
What is rule 5?
A
To act in the public interest, take responsibility, prevent ham and maintain public confidence
7
Q
Where are the rules of conduct found?
A
RICS Rules of Conduct effective 2 Feb 2022
8
Q
What are the example behaviours of rule 1?
A
Members:
Not mislead
Not to be influenced
Identify areas of conflict of interest,
Firms:
Identify conflict of interests
Provide honest advice
Be open and transparent with clients about fees and services
Prevent others being misled
Do not take unfair advantage
Keep information confidential
Keep client money safe
No to facilitate financial crime
9
Q
What are the example behaviours of rule 2?
A
Members & Firms:
Only undertake work within knowledge and skill set
Supervise employees undertaking work and ensuring training
Check subcontractors have knowledge and skills
Reflect on work undertaken
Maintain CPD
Keep up to date with legislation
10
Q
What are the example behaviours of rule 3?
A
Members & firms:
Understand client needs and objectives Understand client services and timescales Inform client of RICS regulated and need to disclose records where requested
Seek client agreement for proposal change
Work in timely manner
Communicate material information
Communicate so clients understand
Referrals in clients best interest
Keep records
Encourage sustainable solutions
Understand risk and benefits of tech
Check accurate data and keep secure
Have effective quality assurance process
11
Q
What are the example behaviours of rule 4?
A
Members & firms:
Treat others with respect
Treat everyone fairly and do not discriminate
Do not bully
Check supply chain for modern slavery Report abuse
Cooperate with others
Develop inclusive culture
12
Q
What are the example behaviours of rule 5?
A
Members & Firms:
Question things not right and raise concerns
Support those acting in good faith
Do not undermine public confidence
Respond to complaint promptly
Do not dissuade complaints from ADR
Cooperate over complaints
Consider effects of health conditions
Manage professional finances responsibly
Take appropriate action when rules breached
13
Q
What is the guidance on conflict of interest called?
A
Conflicts of interest, eff 11 Jan 2018, professional standard
14
Q
What are professional standards?
A
Requirements or expectations for members and regulated firms about how they provide services and outcomes of their actions
Where a professional standard applies to an area of practice they set:
-mandatory requirement use ‘must’
-best practice use ‘should’
15
Q
What do professional standards include?
A
Mandatory requirements using the word must
And / or
Recommended best practice using the word shoud
16
Q
What is the Royal charter?
A
Requires the RICS to act in public interest
17
Q
Royal charter dates
A
Founded June 1868
Incorporated by Royal Charter August 1881
18
Q
What is the RICS motto?
A
Est modus is rebus
There is measure in all things
19
Q
What is the RICS mission statement?
A
To qualify and equip members to offer the highest standards
Promote and enforce standards
Lead solutions facing the built environment through professional expertise
20
Q
What is the RICS structure?
A
Self regulated
Bye-laws determine how the RICS is regulated
Governing council manage and agree the strategy
21
Q
Who is the president and vice president?
A
President is Tina Paillet
Vice president is Justin Sullivan
22
Q
What does RICS standard for?
A
Royal institution of chartered surveyors
23
Q
What is the structure of the RICS?
A
Governing Council
Standards and Regulation Board & RICS Board
24
Q
What is the RICS Strategy?
A
Five future foundations:
Vision, mission, strategic goals, values and World class organisation
25
Break down the five sections of the RICS strategy?
Vision - sustainable natural and built environment for all
Mission - inspire, advance and uphold standards
Strategic goals - lead on sustainability, diversify, strengthen trust, enhance value
Values - professional, collaborative, inclusive
World call - efficient, effective and inspiring
26
What are the five principles for better regulation?
P roportionality
A ccountability
C onsistency
T argeting
T ransparent
27
What are ethics?
Moral values
28
Why did the Rules of Conduct change?
Been in place since 2007, consultation with members, vote, single document and focus on behaviours
29
What were the changes to Rules of Conduct?
Three documents into one - Rules of conduct for Firms, RoC for Members and Global Professional Ethics
Obligations in appendix A
30
What are the obligations for members
Three - CPD, cooperate with RICS, provide information RICS require
31
What are the obligations on firms?
7=
Complaints handling
Locum
PII
RICS designation
RICS information requested
Cooperate
Report matters under Rules for the Registration of Firms
32
Why do we need rules of conduct?
Guide for all members and firms
Framework for all to work towards and sets the standard of service
33
What if a relation who is MRICS is acting outside the Rules of Conduct
Verify the fact and confront
Inform RRICS and advise for the corrective action
34
What is the procedure for breach of the Rules of Conduct?
Not all breaches bring proceedings
Investigation by Head of Regulation, RICS request info and inspect, member must comply with request
35
How is a disciplinary triggered?
Complaint
Allegation
Information received/established by RICS
36
What are the actions after investigation?
Penalty fine
Consent order - written agreement between RICS and party re the issue
- require corrective action, restrain or fine
Disciplinary panel - for serious breaches, held in public domain, burden on RICS proving, balance of probabilities
37
What are the steps to setting up an RICS regulated firm?
Contact RICS and obtain pack
Information RICS and register
Appointment of contact officer
Complaint handling procedure
PII
Abide by Rules of Conduct - Firms
Use designation
38
What are the required insurances?
Professional indemnity insurance
Employers liability
Public liability
Buildings insurance
39
What annual information is required by the RICS?
Annual return done online - failure = fine
Includes: type of business, nature of clients, training provisions, CHP, PII, if holds clients money
40
What is the process for handling clients money?
Segregate employee duties
Principle oversee client money
Principle not override
Have competent staff
Secure data files
Money kept separately using the term ‘client’
Agree terms and client have bank details
Not be overdrawn
Maintain ledger and running balance
41
What are the types of client money account?
General = money for one or more client
Discrete = single named client
42
what is negligence?
Failure to provide a duty of care
Breach - damages or PII claim
Merrit V Babb - surveyor pursued after firm no longer in existence
43
What is the limitation period for negligence?
3 years after the date the claimant learned of their entitlement
12 years executed under a deed
44
Included within a complaint handling process?
RICS model form include redress mechanism
Details included in ToB
Clear, quick, transparent and impartial
Contact details of investigator
28 days to investigate
Record outcome
Advise PII
45
Complaints handling procedure include?
2 stages
1. Consideration by senior member of firm
2. Unresolved then referred to third party, award redress or complainant concedes
46
What is the independent redress scheme?
Handles small issues
If in favour of complainant = binding
If in favour of firm = complainant my escalate
Firms must specify redress scheme
Could cost large sums if proceeds to court
47
How to deal with a complaint?
Acknowledge - forward to the handler and provide all information
Inform PII
48
What is the client money protection scheme?
Operated by the RICS
Public reimbursed loss of funds
Provided through RICS insurance policy
49
Detail the CPD requirements?
Undertake and record for lifetime
Providence to RICS on request
20hrs = 10hrs formal
Ethics every 3 years
Record online
Need clear objectives
50
Difference between formal and informal CPD
Formal - assessment, seminar, research and preparation
Informal - private reading, internal CPD
Refer to RICS decision tree
51
Where to find CPD articles?
RICS website, EG, BCIS, RICS journals, internal comms
52
How to keep updated with topical issues?
Mailing lists, employer info, articles, research, RICS
53
Detail Professional Indemnity Insurance
Financial cover in the event of financial loss from professional breach
Benefits: professional - protected from financial loss, firm not meet costs
Benefits: client - recover financial loss
Underwritten on a claims basis
Policy responsible is that at the time the breach is discovered
54
RICS requirements for PII
Cover each and every claim
RICS set minimum indemnity
RICS set max uninsured excess
Cover at least 6 years
Cover past & present staff, directors, partners
55
Minimum lndemnity Levels
Turnover vs Limit
100k less. 250k
100k-200k. 500k
200k +. 1m
56
Max Level of Uninsured Excess - RICS PII Requirements 2022
Turnover. Vs. Excess
10m or less. Greater of 2.5% of sum or £10k
10m+. No limit
57
How to avoid PI claims?
Keep records of meetings and conversations
Record recommendations and advice
Use letter’s of engagement, scope of services and ToE
Only advise within expertise
Use RICS guidance
Avoid poor management
58
What actions to take if there is a mistake in a cost plan given to a client?
Notify them immediately
Company with any condition and procedures
59
What if a Quantity Surveyor’s quote is incorrect?
Not a right of redress in itself
Demonstrate warranted accuracy
Or
Incorrect due to skill and care
60
How to limit your liability when agreeing terms of appointment?
Appointment based on care and skill not fitness for purpose
Performance based requirements imply fitness for purpose - clause to limit appointment
Run off cover in place
Execution of appointment under hand mean liability for 12 years
61
What to include in a few proposal?
Terms and conditions
Scope of service
Exclusions
Assumptions
62
How would you deal with under forecasting your fee?
If services, scope, value increase, request a higher fee
Mistake in quoting = carrying on and not affect service
63
How to agree a service?
Write to the client include the terms and conditions, fees, scope of services
64
What to do if you receive a lump sum fee?
Add to the client account
Draw down against services agreed
65
What is a conflict of interest?
Person of trust has interest making impartially difficult
Eg. Existing relationship
66
How to address a conflict of interest?
Make the client aware
Consider declining work
67
How to handle two departments dealing with one client?
Ensure exclusivity of staff
Avoid cross over of info
Separate communication with client
Separate office location and data storage
Staff sign confidentiality
Monitor and update client throughout
68
What to do it the client is happy despite conflict?
Check their understanding of conflict of interest
Make them aware of reduced impartiality
Letter of instruction to continue
Agree working procedures with client and team
69
What constitutes a bribe under Bribery Act 2010?
Four offences
Make a bribe
Receive a bribe
Bribe a foreign official
Failure to prevent
70
Principle of Bribe prevention
Proportionate procedures
Top level commitment
Risk assessment
Due diligence
Communication
Monitoring and review
71
Bribery Act - when is it ok to facilitate a payment ?
Under redress
Risk/damaged to life, liberty
Physical threat
Safety first, payment, report
72
What to do if you win a prize from a contractor?
Advise uncomfortable in accepting due to value and how it’ll be interpreted
Advise inappropriate to accept
Decline and suggest charity donation
Report to line manager
73
Due to attend an event with another department but they drop out; do you go?
Declare of gifts and hospitality register
If it’s be assumed ok,
Decline of team drop out
Decline at other departments expense
74
Offered an expensive meal during tender process…?
States it’s against company policy and could be an offence under the Bribery Act 2010
Decline first time and explain why inappropriate
If persistent, report to line manager
75
Implications of money laundering?
Assisting can result in 14yrs prison
Or unlimited fine
Tipping off = 5yrs prison
76
Why register as RICS?
Globally recognised
Shows integrity and honesty
Shows skills and competence
Manage conflict
Safeguard client money
Manage finances
Indemnity
Complaints handling procedure
77
Roles at RICS
President - Tina Paillet
President Elect - John Sullivan
Senior Vice President - Nicholas Maclean
78
What is money laundering?
Disguising money to appear as from a legitimate source
Terrorist financing = soliciting funds to support terrorist acts
79
Name the legislation governing money laundering?
Money Laundering and Terrorist Financing Regulations (2002)
80
What are the main responsibilities under Money Laundering and Terrorist Financing Regulations 2022?
Customer due diligence
Risk assessment
Nominated officer within the business
Training staff
Policies
Record keeping
81
What is the RICS bribery document?
Professional statement 1st edition 2019
RICS Countering Bribery and Corruption, Money Laundering and Terrorist Financing
82
Rules for members under RICS Countering Bribery and Corruption, Money Laundering and Terrorist Financing?
Don’t accept/be complicit in bribery
Have knowledge of laws and requirements
Report suspicious activity
83
Rules for Firms under Bribery and Corruption?
Provide training
Have plans and policies to counter
Due diligence
Record information
ID checks on clients
84
How should members act under Bribery and Corruption?
Comply with employer policy
Attend training
Declare gifts/hospitality
Keep records
85
Firms policies for Bribery and corruption
Proportionate controls - whistleblowing
Compliance control - officer
Qualified professional undertaking checks
86
What is contained in the appendices for RICS Bribery, Corruption, Money Laundering and Terrorist Financing?
Appendices A -template for due diligence form
B - compliance checks, beneficial owner enquiry and anti money laundering checklist
C- template of reliance letter
87
What to consider regarding gifts and hospitality?
Bribery Act, Rules of Conduct and RICs ethics decision tree
88
Gifts and hospitality recommendations
Proportionality - reasonable and relating to activity
Value - worth of gift
Impartiality - perceived influence
Time - when offered? Near job
89
What is a bribe?
Offer, promise, giving demanding or acceptance of an advantage as an inducement for an action that is illegal, unethical or a breach of trust
90
What is corruption?
Misuse of public office or power for private gain or misuse of private power in relation to business practice and performance
91
What is money laundering?
Concealing the source of proceeds of criminal activity to disguise their legal origin. Hiding, transferring and/or recycling I’ll it money or other currency
92
What is a beneficial owner?
Anyone who benefits from ownership of a security or property who may or may not be on record as the owner. Individual who owns or controls 25% + of the shares or profits
93
What is terrorist financing?
Solicitation, collection or provision of funds with the intention that they may be used for terrorist acts
94
How to firms apply the Bribery, Corruption, Money Laundering and Terrorist Financing standards?
Bribery & Corruption - not offer or accept, directly or indirectly anything that constitutes a bribe. Have plans to comply. Report activity. Act with due diligence. Retain information.
Money Laundering & Terrorist Financing - not facilitate or be complicit in either. Have training in place to comply. Report suspicious activity. Review the risks. Conduct checks on clients. Use reliance with appropriate confidence. Understand client and purpose of transaction. Retain information
95
How should members act in relation to bribery and corruption?
Not offer or accept, directly or indirectly, anything constituting a bribe.
Have knowledge to comply with professional standards
Report activity
96
How should members act with money laundering and terrorist financing?
Not facilitate or complicit with activity
Report suspicious activities
97
What is the guidance to firms under bribery and corruption?
Have a written policy
Appropriate governance proportionate to work
Encourage transparency with register: gifts, hospitality, donations
Train staff to understand their role
Appoint contactable person
Publish code of behaviour
Due diligence on suppliers
98
What is the guidance to firms under money laundering and terrorist financing?
Have a written policy
Have appropriate governance
Provide training so staff are aware of risks
Keep reports of suspicion
Identify beneficial owner
Appoint senior who is responsible to oversee
99
What is the guidance to members under bribery and corruption?
Declare items: gifts, hospitality
Attend training
Familiarise with company policy
Ensure employer has suitable regime
100
What is the guidance to members under money laundering and terrorist financing?
Keep up to date with training
Comply with company policy
Keep reports of suspicions
Ensure employer has appropriate regime
101
What forms supplementary guidance under Bribery, Corruption, Money Laundering and Terrorist Finance?
1. Bribery & Corruption risks - types of risk and level of risk
2. Money Laundering & Terrorist Financing risks - know your client/customer due diligence
3. Reliance - rely on checks of regulated entity
4. Departures - specific legislative, regulatory or court order to be followed. Differs to professional standards
5. Risk Based Approach - 3 W’s, who you act for, what you are doing, why you are being asked
6. Enhanced & simplified due diligence - level of risk to money laundering
7. Compliance and ethics champion - senior manager role
8. Code of behaviour- company policy
9. Politically exposed person - high risk
10. Beneficial Ownership - certificate of incorporation or annual return
11. Whistleblowing - reporting concerns
102
What are the professional obligations?
Appendix A of the Rules of Conduct set out:
Mandatory obligations for members (3):
Must comply with CPD
Must cooperate with RICS
Must provide all information requested by Standards and Regulation Board
Mandatory obligations for Firms (7):
Must publish complaints handling procedure
Must ensure previous and current work is covered by appropriate PII
Set up loccum
Must cooperate with RICS
Must provide all information requested by Standards and Regulatory Board
Must display designation to denote RICS regulated
Must report matters required under Rules for the Registration of Firms
103
What does the term ‘Principal’ mean?
Sole practitioner
Director of a company
Member of a limited liability partnership
Member of management, supervisory or administrative board
Person holding any position that is equivalent to any of the above positions
Person performing the functions of any of the above roles
An officer or employees of the Firm who provides surveying services to the public through and in the name of the Firm
104
When is a firm required to register for regulation by RICS?
Firm provides surveying services to the public
Firm is operating in regulated area A
At least 50% of the firms principles are RICS members
105
When are firms eligible to register?
Firm provides surveying services to the public
At least 25% of firms principals are RICS members
Or meets:
Head of Regulation is satisfied that the firm is implementing an appropriate plan to secure compliance under b
Head of Regulations is satisfied that the firm is supported and supervised by another RICS registered firm that fulfils requirement a
106
How to register for regulation by RICS?
Application to register must:
-Provide information as prescribed by -Standards and Regulation Board
-Agree that RICS share information about the firm with government or regulatory bodies
Agree RICS declines to register, they may publish decision
Upon receipt of application, Head of Regulation may:
- register
- register subject to conditions
- refused
107
What is a material change which RICS expect to be informed?
Change of Principals
Change of non-principal employees
Change to contact details
Commences/ceases to hold client money
Commences/creases to provide insurance distribution work
Breach of firms regulatory and statutory obligations
Other change relevant to work
108
What is a responsible principal?
Firms registered to RICS must have Responsible Principal
Must meet:
A - Head of Regulation satisfied appropriate to hold position
B - head of Reg satisfied: person able to exercise leadership responsibility and report directly to person with delegated authority
C - RICS member
- non member but HofR satisfied: impracticable for firm to appoint member and person has sufficient experience
Must be reasonable steps to ensure firm complies with regulatory and statutory obligations
109
What are the obligations of registration?
Firm shall:
Comply with rules of conduct and these rules
Act in accordance to bye-laws and royal charter
Inform HofR of findings against it
Inform HofR of insolvency
Notify HofR in 7 days of material change
110
What are the powers of the Head of Regulation?
Firm no longer eligible
Firm contravened obligation of registration
Powers:
Take no action
Add/vary conditions
Deregister
Suspend
111
What is the role of the Governing Council?
Approve the strategy and overseeing the direction and performance of the RICS
Accountable for overall governance framework
Ensure RICS remains sustainable
112
What is the requirement of the RICS royal charter?
To act in the public interest
113
What is the governance structure?
Governing council
|
|
RICS Board——Standard & Regulation Board
114
Who holds what roles?
Tina Paillet - President
Justin Sullivan - President Elect
Nicholas Maclean - Senior Vice President
115
What is the role of the Standards and Regulation Board?
Delivers independent professional regulation for RICS, acting in public interest to uphold standards
116
What are the duties of the RICS Board?
Approve business plan and meet the strategic objective set by the Governing Council
Monitoring strategic risk
Monitor performance vs financial strategy
Prepare annual reports
117
How many Bye-laws exist?
1 Application and definitions
2 Membership and registration
3 Designations
4 Contributions to Funds
5 Conduct
6 Governing Council, Officers and Staff
7 Subordinate Boards, Committees and Groups
8 Procedure for General Meetings
9 Accounts and Audit
10 General
118
How many regulations are approved by Governing Council?
Reg 1 Definitions
Reg 2 Membership and registration
Reg 3 Designations
Reg 4 Contribution to funds
Reg 5Conduct
Reg 6 Governing Council, officers and staff
Reg 6a Revoked
Reg 6b Transitional Regulation
Reg 6c Transitional Regulation (commencement provision)
Reg 6d Transitional Regulation
Reg 7 Subordinate boards, committees and groups
Reg 8 Procedure for General Meetings and voting
Reg 9 Accounts and audit
Reg 10 General
119
What is the Bichard Review?
Independent review of RICS purpose, governance and strategy commissioned by the Governing Council in Dec 21 following Levitt Review.
120
What did the Bichard review outline?
36 recommendations
121
What is the Levitt Review?
Commissioned by RICS to investigate articles in the press alleging RICS tried to suppress a critical internal report into its finances in 2018/2019 and unfairly dealt with those who sought to explore the issue
Conclusion - internal power struggle
122
What were the conclusions of the Levitt review?
Governance principles not followed
Wrongful dismissal of members following concerns
Lack of clarity around roles and responsibilities of Boards, leadership and management
18 recommendations
123
What is the RICS Regulatory framework document October 2022?
Agreed by the council, Standards Regulation Board and RICS in Oct 2022. Created following Bichard Review to ensure independence, transparency and autonomy of regulation.
124
What is included in the RICS Governance Procedures and Processes June 2024?
SO1 - process for the election, appointment and removal of officers by governing council and for dealing with temporary vacancies
SO2 - process for election to governing council under regulation 6.1.1c
SO3 - process for emergency decision under bye-law 6.1.3 and 6.1.4d
SO4 - process for the conduct of governing council meetings under bye-law 6.1.4d
125
Who is the chief executive officer?
Justin Young
126
What bye law requires rules of conduct?
Bye law 5 - conduct with 5.1 applying to the application
127
Explain the Governing Council roles?
Set our global strategy
Ensure RICS fulfils Royal Charter obligations
Sets and enforced professional standards
29 seats
128
Explain the RICS Board?
Directs affairs under delegated authority from Governing Council
Comprises non members, members, and RICS executives
Chair = Martin Samworth
129
Explain the Standards and Regulatory Board?
Delivers independent professional regulation
Acts in public interest to uphold standards
Strengthens trust and confidence in profession
Sets and upholds entry standards
Responsible for professional standards
Regulates members and firms
Oversee Regulatory tribunal majority of members are non members of RICS
11 members
Chair is Nigel Clarke
130
Explain the Regulatory Tribunal?
Independent members and RICS members
Determine regulatory cases incl disciplinary against members and firms
Chair is Alexandra Marks
131
How is the Royal Charter received?
Issued by the monarch through the privy council
132
What Regulations make up the Regulations approved by Governing Council June 2024?
1 Definitions
2 Membership and registration
3 Designation
4 Contribution to funds
5 Conduct
6 Governing Council, Officers and staff
6a Revoked
6b Transitional Regulation
6c Transitional Regulation 6d Transitional Regulation
7 Subordinate boards, committees and groups
8 Procedure for General Meetings and voting
9 Accounts & Audit
10 General
133
What regulations governs use of the RICS logo?
Rules for the use of the RICS logo and designation by firms v 6 effective 2.2.22
134
When are firms required to register?
Providing surveying services
Operate in regulated area A
50%+ principals are RICS members
135
When are firms eligible to register?
Providing surveying surveys to the public
25%+ principals are RICS members
136
What is the disciplinary procedure?
Complaint or concern
Investigation
Less serious - member admits and Head of Regulation imposes Regulatory Compliance Order
Not admit - refer to Single member of the Regulatory Tribunal
Serious = HofR refer to disciplinary panel for a hearing with sanctions incl fine to expulsion
137
Who is the RICS Board chair?
Martin Samworth
138
Who is the SRB chair?
Nigel Clarke + 10 other members
139
What are the five red flags for money laundering and terrorist financing?
Client
Parties
Source of funds
Instruction
Transaction
140
What are the three lines of defence from ML?
Front line staff
Policies, systems and controls
Senior management, internal specialists and audit functions
141
When is informed consent not acceptable?
When the appointment could be contentious
142
What is the Bribery Act 2010?
UK’s main anti-corruption law
Advantage to influence a person in carrying out a function
Accepting, requesting, offering, giving, bribing a non-UK official
143
What are the 6 principles to preventing Bribery?
1 Proportionate Procedures
2 Top Level Commitment
3 Risk Assessment
4 Due Diligience
5 Communication (Training)
6 Monitoring and Review
144
What is RICS guidance on Social media?
Use of social media: guidance for RICS members
Version 1, effective 30 June 2021
Guidance note
- responsible use
- respectful
- professional
- represent RICS
- not dishonest
- not undermine profession
145
What is the case law outlined in Hart v Large?
Surveyor to report areas not inspected
Recommend further investigation
Recommend professional consultant certificate for refurbishment
146
What is the Bichard Review
Independent review commissioned by RICS to review purpose, governance and strategy
Followed the Levitt review recommendation to create purpose and direction
36 recommendations
- commercial activity separate
- give matrix a stronger voice
- diversity and inclusion panel
- public interest pane advise Governing Council
147
What is the affect of Brexit on UK property and construction?
31 Dec 2020 - end freedom of movement
Employer register as sponsor for overseas
Labour up as available staff fell
Material cost up due to extra admin and checks
Construction los 12.6% of workers
148
Outline recommendations in the Levitt report
- be open and transparent
- develop new whistleblowing structure
- commission review in governance (Bichard review)
- frequency of management board meetings
- exclusion of members of the presidential team form management board
- Review of rewards and executive bonus structure
149
Outline the corporate and financial objectives?
Corporate:
- maintain and increase demand for qualification
- member involvement and engagement
- sustainability
Financial
- pay back furlough
- reduce external finances
- reduce funding deficit
150
What is the RICS future report
Updated in 2020 includes:
- construction 2nd highest data = 95% wasted
- challenges with urbanisation in China from pollution, congestion, expensive
- drones - compliance, standards, safeguarding
151
What impact has war in Ukraine had?
Highlight dependence on Russian oil and gas
Price increase
Cost of building products up
- plastic - cement - bricks - steel
