Richard Stewart (right) and members of the IVSC’s Standards Review Board at their meeting in Toronto, March 2025
Richard Stewart is stepping down from his role on the IVSC’s Business Valuation Board (BVB) after two terms spanning over six years, during which he served as Chair of the BVB and as a representative on the Standards Review Board (SRB). Although his official departure from the board will be in May, the recent meeting in Toronto marked his final in-person engagement. Reflecting on this period, Richard shares his thoughts on some of the most significant developments and initiatives he has contributed to, and the value of being part of the IVSC’s standard-setting journey.
“Being involved with the BVB and SRB for more than six years, and latterly chairing the BVB, has been incredibly rewarding. It’s been a privilege to work alongside such talented, dedicated professionals from around the world, collaborating to enhance global valuation standards and practices. The experience has been immensely valuable, offering the opportunity to engage with a wide range of experts and stakeholders that interact with the valuation process.
One of the most important areas of focus has been Goodwill and Intangibles. Through a series of incisive perspective papers, we have elevated the profile of the valuation profession in the minds of those who rely on valuations when considering enterprise value and financial statements, providing stakeholders with insights into issues surrounding goodwill and intangible assets. Today, these assets represent more than 90% of the value of the average listed company. Our work is influencing how information about these assets is provided, enhancing transparency and understanding.
The question of how ESG Considerations influence value has also been a key focus. Valuers and users of valuations often question how environmental, social, and governance factors impact valuation. During this period, we have also seen the creation of the International Sustainability Standards Board (ISSB) and the issuance of its first standards. The board has interacted with many stakeholders in this area, including the ISSB, providing insights and contributing to discussions aimed at enhancing alignment and consistency. We addressed ESG considerations through perspective papers that explored how value arises from these factors, leading to enhancements to the IVS to support valuers in considering ESG factors in the valuation process.
Meanwhile, Technology and Automation continue to shape the valuation landscape. The explosion of generative AI presents both opportunities and challenges. As valuers adapt to this evolving environment, we have responded by making meaningful updates to IVS related to models and data, emphasising the critical importance of objective professional judgement alongside emerging technological advancements, and reinforcing the trust and credibility of the profession.
Another critical development has been tackling Valuation Risk. This issue sits at the intersection of the needs of valuation users and providers. The boards have placed great importance on this topic and will continue to do so going into the next phase of updating IVS, supporting the IVSC’s efforts to address the concerns of stakeholders and the regulatory community. Recognising the central importance of valuation risk to financial system integrity remains a vital focus.
Beyond the technical work, it has been a privilege to serve on boards that are diverse, highly skilled, and deeply committed to the interests of the valuation profession. The opportunity to contribute to this work has been both enriching and enjoyable. I would strongly encourage others to get involved with the IVSC’s standards boards to play an active role in the standard-setting process, while also building connections and learning from colleagues and experts around the world. I look forward to seeing how the IVSC continues to evolve and strengthen the profession.