CORPORATE REPORTING

Global performance
report
Q4 2023
Contents
Our key numbers��������������������������������������������������������������������������������� 1

Financial update����������������������������������������������������������������������������������� 2

Introduction������������������������������������������������������������������������������������������ 3

Member engagement and support������������������������������������������������� 9

Professional practice������������������������������������������������������������������������� 15

Standards and regulation����������������������������������������������������������������23

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Our key numbers

CANDIDATES AND TRAINING AND WORLD BUILT
DESIGNATIONS CONFERENCES ENVIRONMENT FORUM

1,610 41,574 17,000+

new professionals awarded registrations across unique visitors to
RICS designations our portfolio our content

2,296 12,723
professional assessments viewers for digital seminars
and CPD

2,201
new candidate enrolments

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Financial update
Financial outcomes at the end of 2023 remained consistent
with our budgeted projections, with an unaudited operating
result of £3.3m.
The ongoing success of our EQS, DRS, and standards and
regulation revenue streams has played a pivotal role in
this achievement. However, challenges related to our
commercial margins combined with higher salary costs due
to pressures from wage inflation have tempered these gains.
Additionally, our cash position has demonstrated positive
performance throughout the year, surpassing both the
budget and the 2022 figures. Our total cash and investment
reserves have increased by approximately £1.2m over the
course of the year, placing RICS in a strong position for 2024.

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Introduction

October to December 2023 saw substantial work with politicians and

governments, as well as further progress to re-establish the institution
with new governance appointments. Core activities continued, with
new and updated standards and guidance released, and our regular
member-supported surveys tracking mixed pictures for construction
and property.

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Survey of the profession

Our members’ survey ran between October and November. Our scores for satisfaction,
trust and influence were broadly unchanged from the previous survey in May/June. You
can read more highlights from the survey on our website.
In our new strategy Future foundations, enhancing member value and engagement
for all members, and strengthening trust in the profession are both areas of focus. In
order to implement the strategy and deliver its outcomes, we will reshape RICS to drive
improvements in member experience

COP28

RICS was an official observer at COP28, meeting key

figures from government and industry. Alongside COP, we
ran a joint conference with the UK-UAE business council
to discuss what the industry can do to decarbonise in the
two countries and more broadly. The conference was
also an opportunity to promote RICS’ Whole life carbon
standard, which increasingly is being seen as the primary
assessment methodology by international partners such
as ICMS.
To coincide with the conference, we released case studies
highlighting how members are already addressing climate
change, as well as a number of policy reports suggesting
actions for governments in key markets.
A major development was the UN-led, 27-nation
Buildings Breakthrough Initiative. The signatories,
including China, France, the UK and US, cover a third of
the world’s population and provide two-thirds of global
GDP. They committed to making near-zero emissions and
climate-resilient buildings the new normal by 2030. We
signed up to this commitment and will attend a follow-up
ministerial meeting in March 2024.

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Governance

We appointed Nigel Clarke as the permanent Chair

of RICS’ Standards and Regulation Board.
Nigel had served as the interim Chair for the last
four months. With a wealth of experience spanning
40 years, including a long involvement with
professional regulation, business and government,
Nigel has also built a clear understanding of the
scope of the surveying profession through leading
the interim board and working collaboratively with
key leaders across the institution.
The appointment followed a competitive
recruitment process that shortlisted some highly Nigel Clarke
experienced candidates. Chair of Standards and Regulation Board

Following the announcement of Simon Rawlinson

as Knowledge and Practice Committee Chair, we
successfully appointed seven more members
of the committee, including a Vice Chair and six
Professional Group Panel (PGP) chairs. These
chairs have now recruited most of the panel
members, and the PGPs have started planning
their activities.
The groups will focus on specific sectors, ensuring
targeted attention and strategic oversight by
providing market feedback, input and ideas. Their
work will include developing technical standards,
defining future skills and competencies for the
APC and CPD, supporting research and thought Simon Rawlinson
leadership, and contributing to wider RICS work Knowledge and Practice Committee Chair

such as sustainability.

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UK government affairs

This quarter covered the UK party conference season, as well as a series of announcements
from governments across Britain. We are continuing to call for clarity to allow members
and their firms to plan and work with confidence, at a time when policymakers face difficult
economic conditions while focused on a general election.
Even so, our work with government delivered welcome news in October. The UK government
announced a transitional period for second staircase provision in all residential blocks over
18m. We have long called for this provision, and we continue to champion for regulation
that ensures the safety of residents. The lack of affordable professional indemnity insurance
(PII) for those working on cladding issues has also been a serious problem affecting many
professions, creating real-world difficulties for consumers, and we continue to work with
industry to find solutions.
There was widespread media coverage for RICS responses to various announcements,
notably the Scottish and Welsh budgets, the UK autumn statement and the Secretary of State
for Levelling Up, Housing and Communities announcing plans to ‘supercharge’ development.

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Standards and guidance

October saw the launch of the updated Make good Australia, a

comprehensive resource designed to demystify the world of property
leasing and end-of lease in Australia. The updated guide rectifies knowledge
gaps, empowering individuals in the Australian property sector to better
understand best practice, avoid costly mistakes and prevent legal disputes.
It also sets out the role of surveyors in the Make Good process.
Internationally, we launched a new guide to designing, delivering
and managing healthier buildings (see p.17). The guide builds on our
International Building Operation Standard, covering every stage of a
project, with ways in which professionals can promote health and well-
being, from improving air quality to tackling loneliness.
In the UK, following our review of Real Estate Investment Valuations, we
released updated standards and new practice information. An updated UK
supplement to RICS Valuation – Global Standards included implementing
time-limited, mandatory rotation cycles for regulated purpose valuations.
The new rules will prevent valuation firms from valuing an asset for
regulated purposes for more than ten consecutive years. These critical
changes will improve transparency, ultimately serving the public interest,
and will come into effect on 1 May 2024.
In November 2023, we also published the second edition of our standard
Whole life carbon assessment (WCLA) for the built environment. Being
quickly adopted around the world as the primary method for carbon
assessment, through the WLCA standard, assessors can estimate the amount
of carbon emitted throughout the life cycle of a constructed asset, from the
early stages of development through to the end of life. It gives visibility to
embodied carbon, operational carbon and user carbon – something that is
vital to carbon calculations and a unique feature of the RICS standard.

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Reporting

In December we published our 2023 sustainability report, which draws on

questions in our global construction and commercial surveys. Occupier and
investor demand for green buildings has risen globally, although initial costs
are still an issue for investors. However, the report highlighted a lack of
measurement, which our new Whole life carbon assessment standard aims
to address.
We also released our Diversity, equity and inclusion progress report.
It highlighted work with other built environment organisations to
improve data collection, education to industry pipelines and professional
understanding of the topic.
Later in Q1 2024 we’ll be launching a free one-hour DEI course for
continuing professional development, and updated guidance and resources
to support Rule 4 of the RICS Rules of Conduct. This guidance focuses on
diversity, inclusion and respect and is based on significant member and
firm input.

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Member
engagement
and support

Putting our members at the heart of everything we do is critical in

transforming the way we engage, how members experience RICS and
how they derive value from the institution.

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In Q4 we launched the new RICS Future foundations strategy, which will shape
everything the institution works towards in 2024 and beyond. Our work on the strategic
goals has already begun and we have dedicated ourselves to enhancing member
engagement.
Through targeted outreach campaigns, personalised communication from our local
Regional Advisory Board Chairs and the introduction of exclusive member-led networking
events (online and in-person) and regional conferences, we hope to foster a sense of
community and connectivity among our members.
Our dynamic approach to engagement resulted in increased participation in events,
forums and feedback sessions, allowing us to gain valuable insights into member
preferences and expectations.
Additionally, the rollout of more networking events for our members received a positive
response, contributing to a measurable uptick in member satisfaction. Overall, Q4 was
marked by a concerted effort to deepen our connection with members, resulting in a more
vibrant and engaged community that values the offerings and experiences we deliver.
We understand that our members invest their time, trust and resources with us, and
we are committed to delivering tangible and consistent value in return. We actively seek
feedback from all our members both directly and from post-event surveys to understand
their evolving needs, ensuring our services meet and exceed expectation.

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Member engagement round-up

2,803 74
members attended CPD member- free face-to-face networking events, with 3,147
engagement webinars members attending in over 28 countries

2,293 22
members engaged in global and regional webinars held globally
conferences

8.70%
customer satisfaction score achieved on our global market-led events (with the
benchmark being 8%) – 104 responses received

9.33%
company/brand average, a shift from Q3,
with candidates averaging 8.00%

Matrics round-up

Through the combined efforts of Matrics members, the 29 committees and the Matrics
UK board, the community has matured into a robust and supportive network.
As Matrics has expanded, so has its influence, becoming a cornerstone for mentorship,
knowledge-sharing and a source of inspiration. It has transformed into a beacon of
connectivity, and in Q4 the Matrics committees delivered the following:

1,680 Matrics members engaged

£2,011 raised for Lionheart

55 Matrics events (51 face-to-face and 4 webinars)

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RICS UK Matrics Surveyor Awards

In October we celebrated the tenth annual RICS Matrics

Surveyor Awards, previously known as the Young
Surveyor of the Year.
Each of our winners represents a commitment to the
highest standards of professionalism.
Congratulations to Carolyn Brady MRICS, who has been
crowned the RICS Matrics Surveyor of the Year 2023!
Meet the winners of each category: Matrics Surveyor
Awards 2023.

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Global Matrics activity

The framework to drive Matrics globally and build new groups continues with
committees forming in Europe, India, Africa and AsiaPac. We are working with a group
of volunteers across the globe to build networks to support our members entering the
surveying profession. We aim to make it more accessible, inclusive and modern globally
for a sustainable and successful future.

Hong Kong Awards

We hosted the Hong Kong Awards 2023. The successful teams and individuals of this
year’s awards were announced and celebrated at the official dinner ceremony, which was
held at the Grand Hyatt, Hong Kong.
The RICS Awards bestow both local and global recognition. They recognise industry-
leading achievements and demonstrate the highest standards of professionalism and
ethics by individuals and teams across the built and natural environments. Meet our
winners: Hong Kong 2023.
Find out what RICS Awards are coming in 2024: RICS Awards.

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New MEA WRB Chair appointed

We look forward to working with our new Chair of the Middle East
and Africa World Regional Board Haroon Niazi FRICS. Haroon and
the MEA WRB will deliver the RICS strategy by overseeing plans
and allocating resources to the countries in the Middle East and
Africa.
We thank our former Chair Christopher Seymour for the valuable
contribution that he made during his appointment. Chris has now
taken his seat on RICS Governing Council, representing the Middle
East and Africa
Read more: (8) Post | LinkedIn

World Regional Boards

RICS has divided its global membership into five world regions – Americas, Middle East
and Africa, Asia Pacific, Europe and UK & Ireland – which each have a World Regional
Board reporting to the Member Services Committee. Each Board is responsible for
developing a strategy and business plan for their region. Read more about RICS Boards.  

RICS office opened in Cardiff

The RICS Office in Cardiff was officially opened by Justin Young

CEO in November.
Around 70 members and invited guests, some coming from as
far afield as North Wales, braved the bitterly cold weather to
join the celebrations in the festive-looking Morgan Arcade.
Read more about RICS' Cardiff office.

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Professional
practice

The Knowledge and Practice Committee is responsible for overseeing the

advancement of knowledge and professional practice. Reporting to the
RICS Board, the Committee supports the implementation and development
of technical standards (providing input to the Standards and Regulation
Board) and assists in amplifying the voice of the profession.

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Significant updates to valuation standards

RICS has published an updated RICS Valuation – Global

Standards: UK national supplement to improve
transparency and ensure valuations remain relevant
and trusted. Changes to the UK national supplement are
intended to reduce the risks of conflicts of interest in the
commissioning of valuation reports, in the public interest.
To give valuers confidence when using the discounted
cash flow (DCF) method, RICS has introduced practice
information and a website hub. DCF is important for
today's professional services and our tools will help
members use it appropriately.
RICS has also released updated guidance on the Valuation
approach for residential buildings with cladding in
Wales.

‘The Welsh government

and RICS have worked
closely to develop this
guidance and publication
today is a major step in
providing consistency
and transparency in the
valuation process for
flats in Wales affected by
potential fire safety issues,
and not just those related
to cladding.’

Julie James MS, Welsh

Government Minister for
Climate Change
© Senedd CC V4.0

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Healthy buildings

Health and well-being are becoming a key consideration in built

environment design and management for every property professional
and discipline. At the same time, it is becoming increasingly challenging to
navigate healthy choices around building design decisions, certifications,
products and operations, with new regulations and voluntary standards
emerging that require detailed guidance and expertise.
With well-being also forming an important part of the ‘social’ of ESG,
surveyors, funders and developers are keen to understand, enhance and
measure the ways in which their property portfolios can support human
health.
RICS has developed practice information to support members in
understanding this area. It is intended as an overview document and ‘one-
stop shop’ of guidance and key considerations.
It was launched at the International Well-Being Institute (IWBI) conference,
with RICS represented by Paul Bagust, Head of Property Standards. RICS
will be collaborating with the IWBI going forward.

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Scottish Net Zero Public Sector Building Standard

incorporates RICS' Whole life carbon assessment

The Scottish government's Net Zero Public Sector Buildings

Standard is a voluntary standard and is applicable across all
new or major refurbishment construction projects.
Jointly developed by the Scottish government, Scottish
Futures Trust, Zero Waste Scotland and NHS Services, the
Standard utilises RICS’ Whole life carbon assessment and
the Built Environment Carbon Database. This adoption has
been achieved through establishing positive relationships
with stakeholders in Scotland, particularly the Scottish
Futures Trust and Zero Waste Scotland.

Defra Baroness Rock Review – DEFRA Agricultural Tenancies

RICS has collaborated with other agricultural sector bodies to help the development of a new
code of practice for the agricultural tenanted sector in England. The DEFRA-appointed Farm
Tenancy Forum will focus on behaviours, one of the key recommendations arising from the
Rock Review.
Key RICS senior expert members are on the Forum and on the code’s working group. The first
priority of the Forum is to ensure all new Environmental Land Management Schemes are open to
tenants. The scope of the code to be drafted has been agreed upon by the code working group.

DEFRA embeds carbon measurement in the UK’s

timber roadmap

The Department for Environment Food and Rural Affairs

launched its Timber in Construction Roadmap, a plan to
balance the need for further housebuilding while using
homegrown timber. RICS, as a member of the working
group, advised DEFRA on the importance of carbon
measurement, with RICS’ Whole life carbon assessment
professional standard embedded in the roadmap to
support developers and policymakers in assessing the
carbon footprint of future construction needs.
The Built Environment Carbon Database has also been
endorsed as a tool for benchmarking and supporting
future development best practices when it comes to
timber construction.

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2023 party conferences

RICS had a presence at both the Conservative and Labour conferences,

attending policy debates and networking with industry leaders and
elected officials to promote our profession's recommendations in our RICS
manifesto.
At the Conservative conference in Manchester, Martin Samworth FRICS,
Chair of the RICS Board, joined fellow built environment bodies and
Rachel Maclean MP, Minister for Housing and Planning, in a panel debate
discussing whether the housing crisis will determine the next election.
In Liverpool at the Labour Party conference, Justin Young, RICS CEO,
joined the Mayor of South Yorkshire Oliver Coppard and colleagues from
RTPI, RIBA and CIOB for a panel discussion on the future of skills and
sustainability in the built environment. He highlighted our manifesto calls
for initiatives such as the creation of a Built Environment GCSE and a
commitment to the reintroduction of energy efficiency targets.

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Modus and Journals update

57 26
new articles published in the Journals new articles published in Modus

106,115
unique visitors to Modus & Journals combined (+48% on same period last year), which is broken
down as:

76,000 39,800
unique Journals visitors (+59% on same period unique Modus visitors (+23% on same period
last year) last year)

Most popular journal article in Q4

Why is PAS 9980 being misinterpreted? Since its

publication last year, PAS 9980 has been frequently
misunderstood – in this article, the code's co-authors
explain how it should be properly applied.

Most read Modus article in Q4

What are the most important features of office design?

What staff want from their workplace has changed with
the rise of hybrid working – this article analyses the results
of the global Leesman report, The Workplace Reset.

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Leading on sustainability

For the first time, RICS was an Official Observer

at the Conference of Parties 28 (COP28) in
Dubai. This status allowed RICS staff members,
including CEO Justin Young, as well as the then
President-Elect, Tina Paillet, to take part in high-
level discussions to talk through the importance
of the WLCA and the role that the profession
plays in decarbonising the built environment.
Our presence in Dubai allowed us to forge new
relationships with key stakeholders such as the
UNEP, WGBC, the British Ambassador to the
UAE and the French government to ensure RICS
is positioned as a leader on sustainability.
Aligned with our activity at COP we published
our decarbonising the built environment
policy papers and the 2023 Sustainability
report. We secured coverage in three print and
one radio media outlets in the Middle East,
resulting in an increase in our social media
following by 1,520, with COP28-related posts
receiving 218,352 impressions.

Create confident markets

Building on the strength of the previous quarters of 2023, our market

surveys and economic analysis continued to be in demand. From October
to December, we saw over 12,000 downloads of our sector reports, which
was slightly down on Q3. In terms of media coverage, they were covered
in broadcast, national, regional and trade titles. Some of these include:
Financial Times
• Outlook improves for UK housing market, property survey finds
• UK housebuilding at its weakest since start of pandemic, say surveyors
The Times
• Estate agents believe housing market may soon emerge from slump
• Lack of supply drives rising house prices in ‘extremely weak market’

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The World Built Environment Forum (WBEF)

WBEF continues to provide forward-thinking content on a

variety of crucial themes across the industry.
In the last quarter, we delivered four podcasts that
achieved a total of 2,574 downloads. These covered:
• Hidden workers: sick pay, procurement and addressing
health inequalities at work
• The role of flexible buildings in energy efficiency
• Reimagining the built environment through data &
artificial intelligence
• City-level support for climate-positive cities

4 474
webinars hosted in the last quarter total webinar audience

Our webinars covered:

• 2023 RICS sustainability report: global challenges and
opportunities for real estate & construction
• Carbon accounting: steps for successful
implementation
• The fourth industrial revolution: the future of the
construction workforce
• Whole life carbon reporting for Europe’s buildings:
establishing a consistent methodology

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Standards and
regulation

The Standards and Regulation directorates support the profession

through maintaining public trust and confidence for the benefit of society.
Strengthening trust underpins client and wider public confidence, through
upholding professional standards by regulatory activities and assurance
programmes.

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Worldwide, we uphold standards in relation to:

9,892 RICS-regulated firms 112,881 individual professionals

27,189 trainees (candidates) 15,966 Registered Valuers

In Q4, we have received 558 concerns about RICS members or firms from members of
the public, other members or clients.

175 117
new investigations opened investigations closed

The Profession Support and Assurance teams, supporting the Valuer Registration,
Client Money Protection and Designated Professional Body Schemes, have undertaken:

74 member support and regulatory review visits

13 workshops with 701 attendees

The value of client money subject to member support and regulatory review visits was
over £70m for the period.

We issue practice alerts in the UK in relation to the Home survey standard and
property management, where we are seeing an increasing number of complaints and
wider professional concerns.

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Entry and qualification

2,201
new trainee and candidates enrolled to AssocRICS or MRICS assessments (the
highest Q4 enrolments since 2019)

1,610
new AssocRICS and MRICS members elected (up from 1,508 in Q4 2022 and 1,111
in Q4 2021; this is the highest number of new elections since 2019)

2,296
assessments (the highest number for the past seven years)

In the UK, 99% of candidates who submitted for assessment were

assessed between October and December 2023. However, a small
number (25) will be assessed in January 2024. We have seen an
increasing trend in the reduction of assessors offering their availability
to support the assessment process, as well as an increase in assessors
withdrawing, which has impacted our ability to deliver a high quality
experience for all candidates.
The Entry and Assessment Review Steering Group is on track to submit
its final report to the Standards and Regulation Board by the end of
March 2024.
In response to feedback from those who participated in the EAS Group
surveys and roundtables, we are introducing 9 Principal Assessor and 19
Lead Assessor roles. These new roles have been created to support the
delivery of our assessments, as well as strengthening engagement with
assessors, assessor training and auditing processes.

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Professional standards and regulatory policy

During Q4 2023 we consulted members and firms globally on proposed

changes to regulatory policy for regulated firms that undertake Red
Book-compliant valuations. These changes are intended to implement
the recommended introduction of a valuation compliance officer role
following the Independent Valuation Review.
The consultation closed on 12 December, and responses are being
analysed to help inform final proposals for consideration by the
Standards and Regulation Board.
During this quarter we also ran an information-gathering exercise
through a survey and roundtable discussions. The CPD Framework
Steering Group is reviewing the current CPD requirements for members
and will make recommendations about the future model for CPD.
Members will be consulted on any recommended changes during 2024.
We recruited a new Professional Standards Steering Group, reporting to
the Standards and Regulation Board, which will provide legal, regulatory,
accounting and consumer advocacy expertise to the assurance process
for professional standards. This group will begin operation in 2024. We
are also taking forward plans to implement a Consumer Reference Group
to come together early in 2024.
We ran free webinars for members providing training on money
laundering risks for estate agency, lettings agency and property
management. We also drafted amendments to the minimum policy
wording for professional indemnity insurance in the UK to provide better
fire safety coverage, which are currently being consulted on. We are
making changes to the Designated Professional Body rules for firms in the
UK undertaking insurance distribution, to provide better transparency to
leaseholders about insurance commissions and cost.

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Dispute Resolution Services

14% uplift
in appointment applications against Q4 2022

5% increase
in applications across the commercial and construction sectors throughout 2023

28% ahead
on commercial applications compared to Q4 2022

10% increase
in construction adjudication applications – a 28% increase on Q4 2022

In 2023, we welcomed 467 new delegates,

which is slightly up compared to 2022.

In December, the number of new delegates was

related to the Foundation Certificate in Alternative
Dispute Resolution and Conflict Avoidance (FADR)
qualification, which ties in with year-end CPD
requirements.
Overall revenue figures show a slight decline
compared to Q3 and Q4 in 2022. The FADR
qualification and party representative programme
witnessed lower revenues compared to the
diplomas and accreditation programmes.

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DRS launched the Dispute Resolution Programme for

Advisers and Party Representatives. This new course
covers the spectrum of roles involved in advising and
representing a client in dispute. The first cohort of the
Module 1 programme was fully booked with a second
running planned in January 2024 and subsequent
modules through the year.

DRS introduced the Women in Construction Scholarship for the RICS Diploma in Adjudication.
This scholarship aims to offer a unique opportunity to women in the UK construction sector.
DRS received 33 applications in total for the scholarship, which is now being considered by the
judging panel consisting of senior industry professionals Amanda Clack, Louise Brook-Smith and
Matthew Molloy.

DRS is engaged in discussions and consultations with the UK

Law Commission and government departments, including
the Department for Levelling Up, Housing & Communities
and the Ministry of Justice, on recently enacted and
impending legislation, all of which are concerned with the
use of ADR in land, property and construction.
• Implementing mandatory ADR in the Telecoms sector
following the enactment in November 2023 of s.69 of the
Product Security and Telecommunications Infrastructure Act.
• Developing an effective alternative dispute resolution
process to determine disputes about compensation
payable to landowners under the Electricity Transmission
(Compensation) Act 2023.
• Integrating mandatory ADR into the heart of the civil
justice system in the light of the Ministry of Justice’s
ongoing campaign and the recent Court of Appeal
decision in Churchill v Merthyr Tydfil.
• Reviewing the Landlord and Tenant Act 1954, and
specifically the introduction of a statutory ADR regime
to determine a wide range of commercial landlord and
tenant disputes.
• Advising on aspects of the Arbitration Bill, which was
introduced in the King’s Speech in November 2023.

Global performance report

Delivering confidence
We are RICS. As a member-led chartered professional body
working in the public interest, we uphold the highest technical
and ethical standards.

We inspire professionalism, advance knowledge and support

our members across global markets to make an effective
contribution for the benefit of society. We independently
regulate our members in the management of land, real
estate, construction and infrastructure. Our work with others
supports their professional practice and pioneers a natural
and built environment that is sustainable, resilient and
inclusive for all.

General enquiries
contactrics@rics.org

Candidate support
candidatesupport@rics.org

rics.org