A panel of leading industry figures has been chosen to advise on an independent review on investment valuation practices, carried out on behalf of the Royal Institution of Chartered Surveyors.

The advisory group was put together by Peter Pereira Gray, chief executive of the Wellcome Trust’s investment division. The RICS appointed Pereira Gray to lead the independent review in September.

The working group comprises:

  • Isobel O’Regan, director at Savills;
  • Michael Brodtman, chairman at CBRE UK;
  • David Franklin, director at ICAEW;
  • Marc Mogull, executive chairman and chief investment officer at Benson Elliot Capital Management;
  • Rebecca Worthington, chief financial officer at iQ Student Accommodation and incoming chief financial officer at Canary Wharf Group;
  • Tim Mould of Landmark Chambers;
  • Paul Kennedy, head of strategy and portfolio manager for European real estate at JP Morgan Asset Management;
  • Sarah Fromson, chair of JP Morgan’s £400m-plus global emerging markets income trust;
  • Mike Prew, senior equity research analyst at Jefferies;
  • Sandra Robertson, chief investment officer and chief executive on the board at Oxford University Endowment Management.

The review will examine how property valuations are conducted, with four areas of focus: the methodology behind valuation, identifying risk, maintaining independence and how value is measured.

Views are sought on whether more prescriptive rules are needed and if the Red Book is the right global framework for delivering valuation services.

It will also discuss the ways in which a valuer’s objectivity and independence can be “protected and enhanced” to ensure that consumers and stakeholders can have “full confidence” in their advice.

The review’s call for evidence will continue until 31 March.

Feedback is expected to be submitted to the RICS at the end of summer next year.

Pereira Gray said: “Valuers and the users of valuations are working with significant structural shifts in investor sentiment and occupier demand for real estate which is changing the marketplace and public and regulatory expectations of valuers.”