Code of Ethics

All members are expected to follow the Code of Ethics in their professional practice, which is given below.

Professional Conduct

Schedule B of the Institute of Valuers of Sri Lanka Law, No.33 of 1975 Section 22 indicates that each of the following acts or omissions shall constitute professional misconduct or professional negligent on the part of the Valuer;

  1. Soliciting clients or professional work either directly or indirectly by circular, advertisement, personal communication, or interview or by any other means
  2. Charging in respect of any professional work fees based on a percentage of profits
  3. Paying or allowing or agreeing to pay or allow, directly or indirectly, to any person other than a Corporate Member of the Institute or a retired partner or a nominee or the legal representative of such partner, any share, commission or brokerage out of the fees or profits for his professional service
  4. Accepting or agreeing to accept any part of the fees or profits of the professional work of any lawyer, auctioneer, broker or any other agent who is not a corporate member of the Institute
  5. Allowing any other person to practice in his name as a Valuer unless such other person is also a Corporate Member of the Institute and is in partnership with or employed by him
  6. Offering any gratification to any person as an inducement of a reward for procuring or providing any professional work
  7. Accepting any work previously undertaken by any other corporate member of the Institute otherwise than as an agent of that corporate member or without first communicating with him in writing
  8. Accepting or agreeing to accept any professional work from any person in relation to any matter where the interest of that person in that matter conflict with those of any other person from whom professional work in respect of that matter has been accepted.
  9. Disclosing information acquired in the performance of any professional work except when required to do so by the person who entrusted him with that work or his agent or by a court of law or by a board or commission of arbitration appointed under this law.
  10. Certifying or submitting in his name or in the name of his firm any report or statement in the performance of his professional work unless such report or statement was prepared by him or by a partner of, or of an employee in, his firm
  11. Gross negligence in the performance of his professional work
  12. Failing to obtain sufficient information to warrant the expression of an opinion
  13. Discrediting or attempting to discredit the professional reputation or skill of any other Valuer; and Advertising his professional attainments or services.

CPD Requirement

All corporate members are expected to satisfy Continuous Professional Development (CPD)/ Life Long Learning (LLL) requirements that may be prescribed by the Council. At present the CPD requirement is that a member has to earn 12 hours of credit per year ending November 30.

Sri Lanka Valuation Standards

Members are also expected to follow the provisions of the Sri Lanka Valuation Standards effective at the time throughout the valuation process carried on a valuation assignment.