Appointment of external valuers.
The external valuation of our property portfolio is a key determinant of our balance sheet, our performance and the remuneration of senior management. The Audit Committee is therefore committed to the rigorous monitoring and review of our valuers' effectiveness, as well as the valuation process itself. Our valuer appointment policy supports this commitment.
The key elements of the policy are (subject to JV / third party approval where required):
- the duration of a valuer's appointment to cover a specific asset is limited to 10 years (excepting where an asset has been market tested in the period)
- an agreed panel of valuers with the required level of market knowledge and service provision will be maintained
- there will be a minimum of two valuers on each of our key sectors, with each valuer covering a meaningful proportion
- there is a cap on the maximum proportion of our portfolio that can be valued by any single valuer
As at 31 March 2022, 95% of the portfolio had been valued by the incumbent valuer for less than 5 years.