Summit

The Evolving Business Case for Valuation and Sustainability

Does "green" affect value? On March 2nd, 2007, key thinkers and practitioners from leading valuation, appraisal and related industry converged to discuss the critical issues and challenges at the nexus of valuation and sustainability.

The Vancouver Valuation Summit provided an opportunity to access critical strategic intelligence about how sustainability factors can add tangible value to everyday business and investment transactions.

Summit 2007 was anchored by a major public conference focusing on the link between sustainability and valuation. This set the stage for a private Roundtable, attended by senior industry stakeholders and professionals who discussed the process of embedding sustainability within valuation practices, the initial development of practice guidelines, and the signing of the Vancouver Accord - a commitment by valuation standards organizations globally to begin the process to embed sustainability into valuation and appraisals.

What is the Accord?

The Vancouver Accord addresses the interrelationship of sustainability and valuation.

There is increasing need and demand for the business case for sustainability to be established, and valuation can play an important role. Recognizing and understanding that valuers can no longer ignore sustainability, the Accord is a commitment to:

• Review how sustainability relates to the practice and standards of valuation.
  
  
• Working with stakeholders to promote awareness of and competency in the appropriate methods of addressing sustainability in valuations and worth appraisals.
  
  
• Working with those within and outside the valuation professions worldwide, to educate and inform about sustainability and its relationship to value and worth.
  
  
• Regular reporting of the collaborative progress via an agreed secretariat set up for that purpose, and targeting a full report on progress at the GLOBE 2010 Conference in Vancouver, Canada.

An important outcome of the Summit was the signing of the Vancouver Valuation Accord (VVA). The Accord represents a formal expression and commitment by signatories to advance understanding, knowledge, education and practices about Valuation and sustainability. Led by Premier Gordon Campbell of British Columbia, the following individuals signed this historic Accord:

Click here to download the Vancouver Valuation Accord.

“Linking Valuation
and Sustainability”

Vancouver Valuation Accord Signatories:

The Hon. Gordon Campbell,
Premier of British Columbia

Bob Elton, President & Chief Executive Officer, BC Hydro

Brian Fellows, President & COO, Workplace Solutions Inc (WSI)

Chris Corps, Principal, Asset Strategics Ltd.; Past Chair of RICS

Sandy Wiggins, Chair, US Green Building Council

Kevin Hydes, Vice President, Stantec Consulting Ltd.

Jim Amorin, Vice President, Appraisal Institute

George Maurice, Vice President, Appraisal Institute of Canada

Thomas Mueller, President & CEO, Green Building Council

Louis Armstrong, CEO, Royal Institution of Chartered Surveyors

Philip Parnell, Partner, Drivers Jonas

Stephen Williams, Partner, Williams Murdoch

Clemencia Parra, Director, UPAV

Graham Hill, Mayor, Town of View Royal

Peter Clark, The Appraisal Foundation