Ethics

PREAMBLE

The International Institute of Minerals Appraisers (The Institute), founded in 1991, is an assemblage of professionals specializing in the appraisal of mineral properties of all types.

All Members of The Institute, whether Certified Minerals Appraisers or Associate Members (both classes hereinafter referred to simply as “Members”) are required under Bylaws Article 2.5.2 to comply with the Code of Ethics in the professional practice of appraisal and to encourage others to maintain similarly high standards. Compliance with the Code of Ethics is mandatory and its violation will be grounds for disciplinary action by the Institute. Under the Bylaws, the Institute may also impose discipline for legal violations. Suspension or revocation of registration or licensure, among other grounds, may also be the basis of disciplinary action by the Institute. Disciplinary action may take the form of private admonition, public reprimand, suspension of membership, or termination. The Code of Ethics applies to all professional activities of Members wherever and whenever they occur. A Member shall not be relieved of an ethical responsibility by virtue of his or her employment, because the Member has delegated an assignment to a subordinate, or because the Member was not involved in performing services for compensation.

CODE OF ETHICS

1. The responsibility of Members for the welfare of the community shall at all times come before their responsibility to the profession, to The Institute or private interests, or to other Members.
2. Members shall act so as to uphold and enhance the honor, integrity and dignity of the profession of minerals appraisal.
3. Members shall perform work only in their areas of competence.
4. Members shall build their professional reputation on merit and shall not compete unfairly.
5. Members shall apply their skill and knowledge to develop objective mineral valuations unbiased by the desires, wishes, or needs of their client, employer or a third party.
6. Members shall work in the interests of their client or employer for whom they shall act in professional matters as faithful contractors or employees.
7. Members shall give evidence, express opinions or make statements in an objective and truthful manner and on the basis of adequate knowledge, and communicate with the available data.
8. Members shall continue their professional development throughout their careers and shall actively assist and encourage those under their direction to advance their knowledge and experience.
9. Members shall have a working knowledge of, and comply with, all laws and government regulations pertaining to the location and activity in which they are practicing.

INTERPRETATIONS

Rule 1:

The responsibility of Members for the welfare of the community shall at all time come before their responsibility to the profession, to The Institute or private interests, or to other Members.

• a. Members shall avoid even the appearance of impropriety.
• b. Members who find that obligations to an employer or client conflict with professional or ethical standards shall have such objectionable conditions corrected or resign from that employment.
• c. A Member shall avoid making sensational, exaggerated, and or unwarranted statements that may mislead or deceive members of the public or any public body.
• d. A Member shall not knowingly permit his work to be used for illegitimate or unsound undertakings.

Rule 2:

Members shall act so as to uphold and enhance the honor, integrity and dignity of the profession of minerals appraisal.

• a. Members shall be guided by the highest standards of personal integrity and professional conduct.
• b. By applying for or by continuing Membership in the Institute, a Member agrees to comply with and uphold this Code of Ethics.
• c. Members shall aid in preventing the election to membership of those who are unqualified or do not meet the standards set forth in this Code of Ethics.
• d. Members having knowledge of a violation of this Code of Ethics by another Member should bring substantiated evidence of such violation to the attention of the Institute.
• e. A Member shall not involve himself with any business or professional practice which he knows to be of fraudulent or dishonest nature.
• f. A Member shall not continue in partnership with, nor act in professional matters with any person who has been removed from membership of The Institute because of unprofessional conduct.

Rule 3:

Members shall perform work only in their areas of competence.

• a. A Member shall perform professional services or issue professional opinions which are only within the scope of the education and experience of the Member and the Member’s professional associates, consultants, or employees, and shall advise the employer or client if any professional requirements are outside of the Member’s personal expertise.
• b. A Member shall not give a professional opinion nor submit a report without being as thoroughly informed as might be reasonably expected, considering the purpose for which the opinion or report is requested.
• c. A Member shall inform his employer or client, and make appropriate recommendations on obtaining further advice, if an assignment requires qualifications and experience outside his field of competence.

Rule 4:

Members shall build their professional reputation on merit and shall not compete unfairly.

• a. A Member shall neither falsify nor misrepresent his or his associate’s qualifications, experience and prior responsibility.
• b. A Member shall neither maliciously nor carelessly do anything to injure, directly or indirectly, the reputation, prospects or business of others.
• c. A Member shall not use the advantages of a privileged position to compete unfairly with others.
• d. Members should respect the rights, interests, and contributions of their professional colleagues, and shall refrain from unfair criticism of the work of another.
• e. Members shall respect and acknowledge the professional status and contributions of their colleagues.
• f. A Member shall give due credit for work done by others in the course of a professional assignment, and shall not knowingly accept credit due another.
• g. A Member shall not plagiarize another in oral and written communications, or use materials prepared by others without appropriate attribution.

Rule 5:

Members shall apply their skill and knowledge to develop objective mineral valuations unbiased by the desires, wishes, or needs of their client, employer or a third party..

• a. While realizing that Members are contracted to perform appraisals with many differing purposes or characteristics, Members shall perform their appraisal work with independence from influence or bias from their client’s, employer’s, or any other party’s desires, needs or wishes as to the outcome of their valuation.

Rule 6:

Members shall work in the interests of their client or employer for whom they shall act in professional matters as faithful contractors or employees.

• a. Members shall disclose any actual or potential conflicts of interest which may affect their ability to serve an employer or client faithfully, including disclosure of any existing or contemplated financial interests related to the project.
• b. A Member shall not accept referral fees from any person to whom an employer or client is referred; however, nothing herein shall prohibit a Member from being compensated by the employer or client for consultation, or for other services actually performed.
• c. A Member shall not offer or pay referral fees to any person who refers an employer or client to the Member; however, nothing herein shall prohibit a Member from compensating the person giving the referral for consultation, or for other services actually performed.
• d. A Member shall not use, directly or indirectly, any confidential information obtained from or in the course of performing services for an employer or client in any way which is adverse or detrimental to the interests of the employer or client, except with the prior consent of the employer or client or when disclosure is required by law.
• e. The engagement of a Member to perform an appraisal should be kept confidential in order to protect the client’s proposed enterprise or transaction, unless the client approves disclosure or clearly has no interest in keeping the fact of the engagement confidential, or unless the Member is required by due process of law to disclose the engagement.
• f. A Member shall not provide services to more than one party on the same property, project, asset, or legal action, unless the circumstances are fully disclosed and agreed to by all interested parties.

Rule 7:

Members shall give evidence, express opinions or make statements in an objective and truthful manner and on the basis of adequate knowledge, and communicate with the available data.

• a. A Member’s professional reports, statements or testimony shall be objective and accurate. The Member shall express an opinion only on the basis of adequate knowledge and technical competence in the area, but this shall not preclude a considered speculation based intuitively on experience and wide relevant knowledge.

Rule 8:

Members shall continue their professional development, throughout their careers and shall actively assist and encourage those under their direction to advance their knowledge and experience.

• a. Members shall strive to widen their knowledge and improve their skills in order to achieve a continuing improvement of the profession.
• b. Members shall cooperate with others in the profession and encourage the dissemination of technical knowledge and understanding.
• c. Members shall encourage their professional employees and subordinates to further their education.
• d. A Member shall take a positive interest in, and actively encourage others in the profession to support The Institute and other professional organizations which further general interests of the profession.

Rule 9:

Members shall have a working knowledge of, and comply with, all laws and government regulations pertaining to the location and activity in which they are practicing.

• a. A Member shall observe and comply with the requirements and intent of all applicable laws, codes, and regulations where he is engaged.
• b. A Member shall not knowingly participate in any illegal activities, or knowingly permit the publication of his or her reports, maps, or other documents for illegal activities.
• c. A Member shall neither offer nor make any illegal payment, gift, or other valuable consideration to a public official for the purpose of influencing a decision by such official; nor shall a Member accept any payment, gift, or other valuable consideration which would appear to influence a decision made on behalf of the public by the Member acting in a position of public trust.
• d. If a Member becomes aware of a decision or action by an employer, client, or colleague which violates any law or regulation, the Member shall advise against such action, and when such violation appears to materially affect the public health, safety, or welfare, shall advise the appropriate public officials responsible for the enforcement of such law or regulation.