Our Vision & Mission
Guiding principles that shape the future of valuation in Sri Lanka.
Vision
To be a professional organization acceptable and recognized by everyone in the society with a discipline committed membership to serve the nation in every possible manner for the economic, social development of the country.
Mission
To render highest level of professionalism in the field of valuation by the members with creativity, dignity, integrity and honesty in order to make the valuation profession a respectable and acceptable one to all.
Establishment
The Institute of Valuers of Sri Lanka is established under the Institute of Valuers of Sri Lanka Law No. 33 of 1975 as amended by Amendment Act No. 09 of 2019.
This law provides for the formation and governance of the Institute, management through a Council, professional standards and ethics for valuers, and protection of public interests in relation to the valuation profession.
History
Budget Speech of November 1971
The role of the Valuer in a developing economy has hitherto not been fully appreciated. The Chairman of the Public Accounts Committee has drawn attention of this House to this matter more than once. In a developing country such as ours, town planning and proper land utilisation are of great importance, and the Valuer has a key role to play in this field. He also has a very important function in revenue enforcement. I am referring to the implementation of such taxes as Estate Duty, Wealth Tax and Capital Levy. I, therefore propose to examine the feasibility of setting up an Institute of Valuers in Ceylon, to regulate the activities of this profession, and to organise a Course of Study similar to the Course in Estate Management presently conducted by British Universities.
– Hon. Minister of Finance, Dr. N. M. Perera (Budget Speech November 1971)
Draft Bill
Subsequently, on 28th December 1971, a conference was held at the Ministry of Finance under the chairmanship of Mr. L. O. De Silva, Senior Assistant Secretary. At this Conference a Sub Committee was appointed under the Chairmanship of Mr. Shirley Fernando, the leader of the group of Valuers referred to above, to study the matter and suggest a draft Bill be presented to Parliament.
The Sub Committee submitted its report, with a suggested Draft Bill on 08th February 1972. Observations and suggestions on the Draft Bill were called for, from the public. Ten memoranda were received in response to this invitation. Having considered all these representations, the Draft Bill was finalized and approved by the Attorney General, and subsequently approved by the Cabinet.
However, with the resignation of Dr. N. M. Perera from the Cabinet, and subsequent changes in the Cabinet, there was a long delay in placing the Bill before Parliament, which was then known as the National State Assembly.
Finally, the National State Assembly established the Institute of Valuers of Sri Lanka under Law No. 33 of 1975.
Hon. Minister of Finance, Mr. Felix R. D. Bandaranaike issued an Order under Section 1 of the Law that the Institute of Valuers of Sri Lanka Law No. 33 of 1975, by Gazette Extraordinary No. 244/8 dated 21th December 1976, appointing January 03 1977, as the date on which the aforesaid Law shall come into operation.
The final Regulations, classifying and grading as members, and providing for the appointment of an Enrolling Officer, were published by the Hon. Minister of Finance & Planning, Mr. Ronnie de Mel, in the Gazette Extraordinary No. 328/7 dated 31st July 1978.
The First Council
With the conclusion of the enrolment process, the first Council was appointed by the Hon. Minister in 1980 with Mr. B. L. Ariyathillake as the President.
Amendment of the Act
The 19th Council of the Institute made proposal to amend the several sections of the Act by strengthening and empowering the Institute to meet local and global professional standards. The amendment Act is published by the Law No. 09 of 2019.
General Objectives
Our purpose and contributions to the profession and society.
Education
Promote the study of valuation, property management, and relevant law.
Information Sharing
Disseminate professional information and maintain libraries and publications.
Certification
Conduct qualifying exams and certify candidates for membership.
Ethics
Maintain professional standards and a strict code of ethics.
Public Interest
Protect and promote the interests of the public in relation to valuation.
Collaboration
Collaborate with local and international organizations sharing similar goals.
Affiliation
The Institute of Valuers of Sri Lanka is affiliated to the International Valuation Standards Council (IVSC) and is graded as a Valuation Practicing Organization (VPO).