GlobeSt.com: Talk about the international ethical standard that RICS has just launched.

Tompkins: We recognized that in different parts of the world, there are mismatches on the ethical standards in real estate and construction, and we've come together to launch a single ethical standard that we're requiring all RICS-qualified professionals around the world to embrace. We see that as lifting and challenging the standards in some markets where they may not be as high.

As in all professions, there is the question of how to deal with conflicts of interest. And at MIPIM, we have launched a new requirement that makes it absolutely clear what the standard should be for managing conflicts within commercial real estate agencies.

GlobeSt.com: Can you tell us how this requirement was devised, and why it's being launched first in the US?

Tompkins: There was a recognition in many parts of the world that there wasn't a clear and consistent standard, especially on the investment agency side. Eighteen months ago, we decided that to create an engaged community that would reach out to different parts of the world and understand where we are. We recognized that there were some good things happening, but there was a real lack of consistency. So we created a standard to looks at areas such as transparency, data and where people are having multiple agencies, and stipulates what the expectations would be. We're getting all of the leading firms signing up to embed that as a business practice, and come Jan. 1, 2018, it will be a mandatory requirement.

GlobeSt.com: Consistency is essential when so much of the capital flows are cross-border. What other themes does RICS see as important?

Tompkins: Another thing that's very important is that we have to make sure the industry wins the war for talent. We've got a whole next generation that will be coming into the marketplace, and everybody will be out looking for those talented people. Therefore, we need to help inspire the next generation into this profession.

If I look globally, only 13% of our profession is female, so it's a very male-oriented industry. From the standpoint of risk management and getting different points of view, it's important for our industry to become more diverse. But also, it's not being attractive to a significant portion of the world's population. Therefore, we have a major initiative to create a more diverse and inclusive profession. Personally, I now will not speak on a conference panel that isn't diverse, and many of the leaders in the industry are doing similar things. We've launched something called the Inclusive Employer Quality Mark, to try to encourage organizations to share data and best practices around diversity among themselves, so that industry can learn from each other.

And clearly, we recognize that the world is changing; there are some very interesting geopolitical conditions at the moment. Given the geopolitics, professions have to step up even more to create consistency. So we're working very hard in countries like India and China to help develop those professional skills and understanding, because as India and China expand globally, it's very important to create a profession with greater consistency where two big economic ships are going.

CANNES, FRANCE—At MIPIM earlier this month, RICS chief executive Sean Tompkins moderated a panel that asked the question “What Does Professionalism Mean to Your Clients?” It's a question to which Tompkins and the organization he leads have devoted a great deal of attention, and particularly from the standpoint of ensuring that professionalism means the same thing in different parts of the world.

GlobeSt.com sat down with Tompkins at MIPIM to discuss global consistency, the conflict-of-interest requirement that the organization is launching—first in the US, then in other regions—and other current priorities. An edited view of that discussion appears below.

GlobeSt.com: What was the tenor of the panel discussion you led here at MIPIM?

Sean Tompkins: The session looked at professionalism in real estate and how to be sure that this particular industry acts in a way that advances society's interests and grows its reputation and standing. It discussed what progress has been made in coming together to harmonize standards for a global marketplace. We all recognize that capital moves around the world and resides in different cities. But also, there's a recognition that we've started the journey of creating consistent standards, so that wherever you are in the world, if you're an occupier or an investor, you know what you're getting.

GlobeSt.com: Talk about the international ethical standard that RICS has just launched.

Tompkins: We recognized that in different parts of the world, there are mismatches on the ethical standards in real estate and construction, and we've come together to launch a single ethical standard that we're requiring all RICS-qualified professionals around the world to embrace. We see that as lifting and challenging the standards in some markets where they may not be as high.

As in all professions, there is the question of how to deal with conflicts of interest. And at MIPIM, we have launched a new requirement that makes it absolutely clear what the standard should be for managing conflicts within commercial real estate agencies.

GlobeSt.com: Can you tell us how this requirement was devised, and why it's being launched first in the US?

Tompkins: There was a recognition in many parts of the world that there wasn't a clear and consistent standard, especially on the investment agency side. Eighteen months ago, we decided that to create an engaged community that would reach out to different parts of the world and understand where we are. We recognized that there were some good things happening, but there was a real lack of consistency. So we created a standard to looks at areas such as transparency, data and where people are having multiple agencies, and stipulates what the expectations would be. We're getting all of the leading firms signing up to embed that as a business practice, and come Jan. 1, 2018, it will be a mandatory requirement.

GlobeSt.com: Consistency is essential when so much of the capital flows are cross-border. What other themes does RICS see as important?

Tompkins: Another thing that's very important is that we have to make sure the industry wins the war for talent. We've got a whole next generation that will be coming into the marketplace, and everybody will be out looking for those talented people. Therefore, we need to help inspire the next generation into this profession.

If I look globally, only 13% of our profession is female, so it's a very male-oriented industry. From the standpoint of risk management and getting different points of view, it's important for our industry to become more diverse. But also, it's not being attractive to a significant portion of the world's population. Therefore, we have a major initiative to create a more diverse and inclusive profession. Personally, I now will not speak on a conference panel that isn't diverse, and many of the leaders in the industry are doing similar things. We've launched something called the Inclusive Employer Quality Mark, to try to encourage organizations to share data and best practices around diversity among themselves, so that industry can learn from each other.

And clearly, we recognize that the world is changing; there are some very interesting geopolitical conditions at the moment. Given the geopolitics, professions have to step up even more to create consistency. So we're working very hard in countries like India and China to help develop those professional skills and understanding, because as India and China expand globally, it's very important to create a profession with greater consistency where two big economic ships are going.