Levitt Report

Question 1

Why was the Levitt Review commissioned?

Answer 1

Commissioned by RICS to investigate articles in the press that alleged:

1. RICS had tried to supress a critical internal report into its finances in 2018/2019
2. It then unfairly dealt with those who sought to explore the issue.

Question 2

Why was the review necessary?

Answer 2

RICS commission Treasury Management audit in 2018.

4 non-executive board members of RICS raised concerns that the audit had been supressed and were subsequently dismissed from the Management board.

Question 3

What were the core objectives of the Independent Review?

There are 3….

Answer 3

1. Consider the way in which the internal report was commissioned and dealt with and to determine whether there were any shortcomings.
2. Consider whether any shortcomings represented a failure of governance.
3. Make future recommendations.

Question 4

What was the overall conclusion?

Answer 4

1. Sound governance principles were not followed by RICS
2. Non-Executive Board wrongly dismissed for raising concerns over audit.
3. Lack of clarity around roles of various RICS boards, senior leadership and management.

Question 5

What was the outcome of the report?

Answer 5

1. A number of key figures at the RICS stood down, including CEO and President.
2. Review set out 18 recommendations (governance, executive remuneration, whistle blowing and legal advice.)
3. RICS governing council accepted all recommendations set out by Alisson Levitt.