Center for the Study of Ethics in the Professions at IIT

Preamble
BOMI, and its designees, are committed to promoting the highest level of professionalism, integrity, and ability available in the commercial property and asset management industry.

This code of professional ethics and conduct is designed to foster trust and mutual respect among those working in the industry, as well as the public at large. It is not intended to discourage fair and healthy competition within the industry, but to increase the esteem of the designations and the individuals who have earned them. We consider industry relationships critical to the industry's success.

Minimum standards of conduct in these areas are contained herein:

Articles

I Professionalism
Each designee of the Institute shall conduct business in a manner displaying the highest degree of professional behavior, bringing credit to the profession, the industry, and the Institute. Designees shall speak truthfully and act in accordance with accepted principles of honesty and integrity. A designee shall endeavor to understand and fairly represent his or her own scope of knowledge and ability to perform services.

II Responsibility to Clients
Each designee shall diligently and honestly pursue the client's legitimate objectives. Whenever possible, objectives should be put in writing to avoid misunderstanding. No designee shall place his or her own needs and desires above those of the client in the performance of work for that client. Each designee shall advise the client regularly or as agreed on matters concerning the creation of value. National, State and Provincial, and Local (Municipal) laws as well as regulations, codes, and ordinances shall be strictly adhered to in the operation of property or equipment.

III Responsibility to Employers
Each designee shall behave in a manner consistent with the stated goals of his or her firm and/or employer. No designee shall act out of a motive of personal gain apart from the knowledge and consent of the employer and/or firm.

IV Responsibilities to Real Property and Equipment
Each designee shall be diligent in the operation of property to maximize its long-term value within the client's objectives. Designees shall not permit or cause damage to the property or properties under their control. In the operation of the property, designee shall take those actions reasonably necessary to maximize the security and life safety of the occupants consistent with accepted standards of the industry.

V Conflict of Interest
Each designee shall fully disclose to the client any known conflict of interest between (a) the client; client's employees; suppliers; and other related parties, and (b) the owner; manager; or their employees arising prior to the engagement of management services. Each designee shall use every reasonable means to resolve such conflicts. No designee shall permit a conflict of interest to remain undisclosed, nor shall he or she create any appearance of impropriety.

VI Confidentiality
Each designee shall maintain as confidential any legitimate business information provided in confidence until and unless given permission to disclose it by the source, or for the length of time that confidentiality is legally required.

VII Fair Dealing
Each designee shall endeavor to deal fairly with his or her clients, tenants, competitors, vendors, employer, and employees. No designee shall take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair dealing practice.

VIII Records Management
Each designee shall maintain complete and accurate records compiled in accordance with generally accepted procedures and provide them to the client or employer with comment on a regular basis. In addition, each designee shall control the funds and property entrusted to the designee in such a way as to protect the client and client's assets from any reasonably foreseeable losses.

IX Continuing Education
Each designee shall endeavor to remain knowledgeable in the subject material of his or her designation by taking courses and seminars offered by the Institute and others, reading industry periodicals, and consulting and sharing information within the industry network in the designee's area.

X Compliance with Laws
Each designee shall comply with all National, State and Provincial and Local (Municipal) laws and regulations, as well as any human rights statutes concerning the properties managed, apprising property owners as appropriate.