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9 APR 2021

Independent external review into events that took place in 2018 and 2019

First published 03 February 2021, updated 09 April 2021: On Monday 12th April 2021, Alison Levitt QC will take over from Peter Oldham QC as Independent Reviewer of historic treasury management issues at RICS. The remit of the Independent Review remains unchanged.  The Independent Review was commissioned at the end of January 2021 but the timetable for its completion changed. For professional reasons, Peter Oldham QC was unable to continue.  It is anticipated that the Review will be completed by mid-June 2021.  Steering Committee thanks Peter Oldham QC for his involvement to date and thanks Alison Levitt QC for agreeing to continue the Independent Review.

Alison Levitt QC will be assisted by barrister Christopher Foulkes, also of 2 Hare Court Chambers. They are instructed by Kingsley Napley, Solicitors to the Independent Review. The Independent Reviewer will be issuing a call for evidence.

Peter Oldham QC has been appointed to conduct an independent review into the events that took place in 2018/19 as agreed unanimously by Governing Council in its meeting of 21 January 2021. A Steering Committee made up of members of RICS Governing Council who took up their positions on 1 January 2020 was nominated by Governing Council to agree terms of reference for the review in accordance with key areas agreed by Governing Council and make a recommendation of a suitable and appropriate candidate to lead the independent review. The draft terms of reference and the appointment of Peter Oldham QC was endorsed unanimously by Governing Council on Sunday, 31 January 2021. It is hoped that the independent review will be completed by the beginning of April and the findings and recommendations will be published as soon as possible thereafter.

Separately from the Independent Review, RICS Governing Council also decided on 21 January 2021 to widen the scope of its work relating to the review of governance and engagement which began in 2019. It will examine a range of issues including member experience and engagement. Governing Council is alive to the fact that members will be keen to hear more on this programme of work, and further information will be made available soon as to how all members can contribute to shaping the future of RICS.

The Steering Committee which drafted the terms of reference and selected Peter Oldham QC to lead the independent review was made up of members of RICS Governing Council who took up their positions on 1 January 2020, more than a year after the events which will form the focus of the independent review.  It is chaired by Nick Maclean and made up of Marion Ellis, Uche Obi, Martin Eberhardt and Rob Wilson who represent RICS global membership as far as possible via their collective professional experience across a range of sectors, geographies, and work in businesses both large and small.