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: “This positive vote is a huge step forward for RICS. We want to set a new standard for the governance of professional bodies.

“The new framework will make us more fleet of foot, more efficient, and better able to manage a fast-moving, international organisation.”

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: “The 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.

“RICS needs to be able to develop further into a global, business-like organisation, building on its success. Now we can do so.”