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Question 1

What is the RICS Levitt Report

Answer 1

Commissioned by RICS in 2018 following Treasury management audit.

Reason: RICS had to extend overdraft facility by £3m due to inaccurate cashflow forecasting.

Following report, recommendations accepted by RICS were:
1. Governing Council to have more oversight over internal RICS dealings
2. Governing Council to be briefed by the Management Board, not just CEO
Governing Council to oversee executive management decisions
3. Greater transparency as CEO could have involved management board to rectify treasury issues

Question 2

Are you familiar with the aims highlighted within the RICS Business Plan 2021-22

Answer 2

1. Following acceptance of Levitt Report, be more transparent with members and the public about the operation of the institution.
2. Developing new, more effective internal whistleblowing arrangements
3. Reviewing arrangements for senior executive reward

Financial priorities
1. Supporting the profession as economies recover from Covid. Minimizing increase in subscription cost

2. Utilize any surplus cash to pay back furlough monies received from government through the Job Retention Scheme

Question 3

Are you aware of updates to the RICS Leadership Team?

Answer 3

1. Following Levitt report at end of 2021, RICS appointed new leadership team. Named Richard Collins new interim chief executive. Key responsibility: maintaining public confidence in the profession
2. RICS President: Clement Lau (as of Sep 2021)
3. Executive Director: Chris Alder
   Key responsibility: ensuring standards remain relevant for the future and ensuring members contribute to natural and built environmental challenges
4. Chief Information Officer: Paul Hobbs
5. Chief Financial Officer: Justin Lester

Question 4

Why were the previous Rules of Conduct changed

Question 5

Tesy

Answer 5

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Question 6

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Answer 6

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