Knight Frank’s head of commercial property John Edge has been elected chairman of the International Valuation Standards Committee (IVSC).
Edge, who will hold the position for three years, is the second British chairman of the committee following Sir Idris Pearce’s appointment in the early 1980s.
Edge, who has been the RICS delegate to the IVSC since 1996, said: “International valuation standards are a vital part of a single financial language, needed for business across borders and for the increasingly sophisticated global investment community.
“The RICS, together with other IVSC member associations, has recognised that valuation standards can no longer be set only in a national context.”
The IVSC is an NGO member of the United Nations and comprises professional valuation associations from over 50 countries.
In the next year IVSC definitions of market value and protocols for valuations will be adopted by the RICS in the UK.
Edge’s first major task as chairman will be to complete and launch a new edition of International Valuation Standards in early 2003.
EGi News 25/09/02
