Purpose
RICS is incorporated by Royal Charter, which sets out the objects of the Institution and requires it to:
"maintain and promote the usefulness of the profession for the public advantage."
In practice, the Charter means that important changes to the RICS constitution – its Bye-Laws - have to be ratified by the UK government, through the Privy Council, even after they have been approved by a majority of RICS members voting at a General Meeting.
Following the 2008 AGM Privy Council has approved changes to the Royal Charter and a new set of Bye-Laws to establish a new governance model for RICS. Governing Council has also approved new Regulations to support the Bye-Laws.
The continued demand for Royal Charters, which may seem an antiquated concept, shows that they retain their cachet in the modern professional world as a "gold standard" of excellence and integrity.
