The Institute Corporate Governance der deutschen Immobilienwirtschaft e.V [Corporate Governance in the German Property Sector Initiative] (ICG) has striven to support the property sector in its efforts to shape itself as a professionalised industry ever since its establishment in autumn 2002. In this respect, the ICG has developed principles for value-based and sustainable corporate governance in the property sector and aims to establish these on a voluntary basis. Its members comprise leading companies in the industry and many high-profile representatives who are individual members. The Institute has closely collaborated with the ZIA Zentraler Immobilien Ausschuss e.V. [German Property Federation] ever since it was established in Berlin in 2006. Today, the ICG is the only property organisation of its kind known in the world and the association has an international network in its field, setting corporate government standards for the industry in Germany.
Since it was created, the Institute has gone on to develop a whole host of activities. There is a set of rules (including guidelines for different market segments) intended to hold members of the industry to maintain professionalism, transparency, integrity and sustainability. Another important topic is Value-Based Management, for which a top-level ICG working group has developed the “Guidelines for Value-Based Management”. By using the “Technical Specifications for Compliance Management”, the building blocks of the company’s values can be implemented and embedded in a measurable way. The ICG has developed a certification system for this and awards a seal of approval to successfully audited compliance management systems.
Furthermore, the ICG also tackles other aspects of value-based corporate governance such as corporate social responsibility. The Institute promotes boardroom diversity and trains supervisory boards at its “ICG Real Estate Board Academy”. It is also a founder member of the UN project ‘International Ethics Standards’ (https://ies-coalition.org), an initiative to establish a global ethics standard for the property sector.