Vancouver Valuation Summit : The Evolving Business Case for Valuation and Sustainability

 

Senior executives from the most influential bodies responsible for international valuation standards came together for the first time with key industry stakeholders, heads of global green building councils, top level surveyors, appraisers, international agencies and senior government policy makers to discuss the critical importance for communities and economies as a whole of integrating sustainability into valuation and appraisal practices. The Summit culminated in the signing of the Vancouver Accord, which will devise formal criteria on valuing sustainability in business practices globally.

According to Chris Corps, a driving force behind this event, “The Vancouver Valuation Summit provided an exceptional opportunity to access critical strategic intelligence about how sustainability factors can or might add tangible value to everyday business and investment transactions. This historic event  will impact policy and regulatory trends for the coming decade, and influence the development of business, communities, society and their respective economies around the world.”

Summit 2007 was anchored by a major public conference focusing on the link between sustainability and valuation. This set the stage for a private Roundtable attended by senior industry stakeholders and professionals to discuss the process of embedding sustainability within valuation practices, the initial development of practice guidelines, and the signing of what will be known as the Vancouver Accord – a commitment by valuation standards organizations globally to begin the process to embed sustainability into valuation and appraisals.

 

What is the Accord?

The Vancouver Accord addresses the interrelationship of Sustainability and Valuation.

There is increasing need and demand for the business case for sustainability to be established, and valuation can play an important role. Recognising and understanding that valuers can no longer ignore Sustainability, the Accord will strive to commit to:

  • A review of how sustainability relates to the practice and standards of valuation.
  • Working with stakeholders to promote awareness of and competency in the appropriate methods of addressing sustainability in valuations and worth appraisals.
  • Working with those within and outside the valuation professions worldwide, to educate and inform about Sustainability and its relationship to value and worth.
  • Regular reporting of our collaborative progress via an agreed secretariat set up for that purpose and targeting a full report on progress at Globe 2010 in Vancouver, British Columbia, Canada.

Background on what valuation means and who attended is contained in the Vancouver Valuation Accord Executive Summary. For more information, click on this link:  www.vancouveraccord.org.

 

Posted February 2007