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INREV Guidelines Review – what you need to know

The INREV Guidelines sit at the core of the Professional Standards programme. The last major revision was carried out between 2012–2014. Seven years later we have now embarked on a comprehensive review to identify whether additional guidelines, or changes of existing guidelines are required.

A number of potential improvements have been identified such as:

  • integration of ESG into the different modules of the INREV Guidelines
  • development of a new stand-alone Sustainability module, 
  • guidelines and disclosures for more granular reporting and performance. 

This major review project has been broken down in two parts. The first phase, which is now open for consultation, will cover corporate governance and performance measurement topics and the second, due for completion in 2022, will address reporting, property valuation and ESG topics. No material changes are expected for the other remaining modules. 

The seven-week consultation period will close on 17 November 2021. Then we will review, make necessary adjustments and if approved by the Management Board the revised INREV Guidelines will come into effect in January 2022. This will be followed by a transition period to ensure members have sufficient time to prepare for adoption of the revised guidelines. 

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Phase 1: Consultation open for member feedback

During this seven-week consultation, running between 29 September and 17 November, we are seeking feedback from members on the proposed Corporate Governance and Performance Measurement modules and an update to the Funds of Funds/ Multi Manager DDQ.


Consultation Papers

A revision of the Corporate Governance and Performance Measurement modules and an update to the Funds of Funds / Multi Manager DDQ.  

Corporate Governance Module

This module has been updated to: reflect the latest regulations in today’s market, including an increased ESG focus; to make governance more broad reaching, recognising other stakeholders beyond the investor and; to further integrate changes made to other modules and guidelines such as the Tax Code of Conduct. 

What has changed?
We have mainly reworded or restructured the principles and guidelines. The language has been updated to reflect current functions, organisations and roles within an investment vehicle, in line with recent regulations such as AIFMD and to put an emphasis on the investment manager rather than focusing on the vehicle itself. We’ve introduced one new Sustainability principle and developed guidelines reflecting responsibility towards the environment, society and other stakeholders. And we have cross referenced and further integrated the other modules eg Tax Code of Conduct and pricing governance best practice. 


Performance Measurement Module 

This compliance module has been updated to enhance the performance measurement guidelines and calculations and to further link the Guidelines to the INREV indices and other industry frameworks such as GIPSs

What has changed?
There has been no major extension to the number of guidelines, we have mainly clarified language and added descriptions of components to enable more detailed performance analysis and comparison. The methodology for the asset-level return calculations have been added as has the gross of fee performance calculation to facilitate understanding of the impact and complexity of fee models on vehicle performance. 


Funds of Funds / Multi Manager DDQ

This updated version has been aligned with the generic INREV DDQ issued in 2018 and resembles the same phased approach consisting of three stages: Preliminary, Advanced and Supplementary. It has also been aligned with the terms in the Global Definitions Database to improve its usability across the globe. 

If you have feedback on the DDQ please send your comments to professional.standards@inrev.org.



How do you provide feedback?

Members are requested to provide feedback at a company level, we encourage you to identify an individual or a group of individuals who best represent the view of your company and have the right expertise and skills to comment on the various revisions.

There are three different ways to provide your company views and participate in the dialogue: 

13 and 14 Oct

There will be two briefings held online, the Performance Measurement Briefing will take place on 13 October at 10:00 CET and the Corporate Governance Briefing on 14 October at 15:00 CET giving all members the opportunity to learn and participate irrespective of their location.

26 Oct and 3 Nov

We will seek feedback from investors, investment managers, service providers and other finance professionals via two in-person roundtable events, the first will be held in Amsterdam on 26 October  and the second in London on 3 November, as part of the Finance and Operations Seminar. In particular members of boards and independent directors are encouraged to participate.  

open until 17 Nov

Throughout the consultation period all members can provide feedback via an online form, comprising of questions on the applicability and implementation of the proposed changes to the performance measurement and corporate governance modules. Simply complete and return the online form to professional.standards@inrev.org

Questions about the INREV Guidelines Review?

Please don't hesitate to contact us.