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The independence of valuers

"The valuer shall not accept commissions where the interest of the client is in conflict with the valuer’s independence and objectivity." A translated quote from the rules of corporate governance applying to members of NTF.This is in principle the same rule as can be found in "TEGoVA rules of corporate governance".
The Norwegian Valuers and Surveyors Association - independence of valuers
To NTF this implies that the valuers shall strive to maintain control of their professional development, including professional requirements on standards, developing standard reports, education, CPD etc. It is commonly practiced in several professional bodies (lawyers, accountants, editors etc.) that the bodies maintain this type of control. It can be exercised in many ways, either
  1. through internal production of standard reports, computer programs and education/ CPD, or
  2. through a recognition program where independent suppliers’ contribution in these areas is measured up against established minimum requirements of the organisations of the valuation business (NTF, TEGoVA etc.) 

In Norway available recourses have made the first alternative the most practical.

The solution chosen in Norway will, however, require close contact with the property industry in general to ensure high quality for all these professional products. The organisation invites close communication with all parties in this regard.

One key factor when evaluating external contributors is to consider their ties to the business in general and to the parties in the property business in particular. Therefore it is impossible to accept contributors that tie their program to a reciprocity arrangement with the individual valuer.

In our interpretation of the rules of corporate governance this will come "in conflict with the valuer’s independence and objectivity". Ideally the contributors should not be part in any way in the property business, and if they are, their products should be quality controlled and approved by the organisations of the valuation business itself, if there is such a control system available.
 
 


Contact
The Norwegian Valuers and
Surveyors Association
Phone: +47 22 08 76 00
Fax: +47 22 57 26 66
E-mail: adm@ntf.no
Adress: Fyrstikkalleen 20
0661 Oslo, Norway