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We have become too remote from our members. As I have said, the institution is its members and we do not fulfil our purpose if members do not engage or become involved in our work. The well-founded criticism of a failure by the RICS to engage results in many lost opportunities. We are addressing this failing now.

>> Also read: RICS report author: ‘They made it hard for me to get evidence’

Any professional body must aspire to and achieve the highest ethical standards. Our members sign up to our code of conduct. They have every right to expect those same high standards to guide every RICS officer, non-executive and employee. Governing council has reinforced our standards by publishing its values statement. This will be the touchstone of everything we do.

The role and constitution of the governing council will be a significant part of the independent review. Since taking up my new appointment, I have found nothing to suggest that elections to council are anything other than fair. But we can be more transparent about the process. Members should be reassured that today’s council is determined to reform the institution openly, transparently and with the full co-operation of all our members.

There will be an independent review of senior executive reward. Some of the past bonus figures reported seem too high for a professional body, so a review is essential. Although we are a not-for-profit organisation, we must attract and retain people with the right skills and experience to reach and maintain acceptable levels of professionalism – but we must get the balance right.

Many members have genuine concerns about the institution. We will listen to those concerns and not be defensive when criticised. We will build on what is good; cut out what is bad or ordinary; reduce costs; be more proactive; and lay the foundations for an institution which is genuinely the gold standard of any professional body. And we will achieve it by getting closer to our members, listening to what they have to say and building our enterprise around their explicit needs.