NIESV demands innovative corporate frameworkq

By Patrick Andrew, Abuja Th e Chairman, Interim National Council on Induction, Nigerian Institution of Estate Surveyors and Valuers, (NIESV), Gersh Henshaw, has called for the development of corporate governance framework to improve performance of real estate professionals, create incentives for real estate market participants and promote transparent and well-functioning of the profession.

The Chairman, who spoke at the 23rd Memorial Lecture and Fellows’ Induction in Lagos, said real estate fi rms need to apply fairness, accountability, responsibility and transparency in the conduct of their businesses. Further, he urged all stakeholders in the real estate and property sector be adequately informed about activities within the sector including regulations and business strategies to minimise risk. “Corporate governance systems and processes should be given adequate consideration in both the public and private sector.

This is because estate surveying practice can be viewed from perspectives; the public and private. “The public involve real estate practitioners in ministries, departments and agencies and the academic. The private sector comprise real estate services in the form of consultancy, advocacy, expert witness and perhaps the fl oating of non-governmental organisations”, he said. Also, he called on all practitioners to adopt the principles of corporate governance in order to improve the real estate sector and enhance their business competence.

He cautioned real estate and property practitioners against lowing professional standards for cheap fi nancial gains noting that for high standard of professionalism to be maintained all must be determined to forgo circumventing ethical standards. He insisted that NIESV and other stakeholders must jointly build the industry, enforce laws, adding that there was need to educate members on the importance of good corporate governance systems and processes in the real estate profession especially during this period that the country is undergoing both technical and full economic recession. “NIESV needs to consider the core principles of; sound system of man

agement and internal control, ensure that the level of real estate practitioners’ remuneration is suffi cient and reasonable, respect rights of members and facilitate the effective exercise of those rights, promote timely and balanced disclosure of material matters concerning the institution, actively promote ethical and responsible decision making within the institution.

“We have a structure to independently verify and safeguard the integrity of real estate professionals and fi rms, establish and disclose roles and responsibilities of the management and statutory committees of the council among others,” he stated. Meanwhile, NIESV President, Dr. Bolarinde Patunola-Ajayi, has stressed the importance of members improving their knowledge and competence in service delivery. According to him, constantly updating one’s knowledge through conventional means and the internet would in no little way increase their professional competence as well as keep them abreast with modern trend in the profession. “Let us go out and be the best in the world. If we don’t improve on ourselves, we can’t force people to hire us for high profi le job”, he concluded.

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