Global BV News: Report from the TEGoVA conference

BVWireIssue #201-1
June 5, 2019
global business valuation
international valuation standards, business valuation profession, global business valuation education, international business valuation

Dubrovnik was the backdrop for an eventful TEGoVA European Valuation Conference and General Assembly in May 2019, hosted by the Croatian Association of Court Expert Witnesses and Valuers (HDSVIP). TEGoVA is a very strong and significant player on the world valuation stage. Ninety delegates representing 45 valuer associations from 24 of the 37 member countries attended the General Assembly. Additional attendees included 12 board members of the International Institute of Business Valuation (iiBV), including the current and incoming chairs of the iiBV board of directors, Edwina Tam and Anton Lezhja, respectively. Also speaking and participating was the secretary general of the International Association of Certified Valuation Specialists (IACVS), Bob Brackett, from the USA.

After numerous board meetings of the many attending associations, TEGoVA hosted a full day of valuation training (titled “The Role of the Expert Witness in the Valuation of Real Estate and Businesses”) taught by individuals from the many attending associations. The General Assembly met and deliberated on a number of current valuation issues including an easier-to-translate definition of “market value,” a new definition of highest and best use/hope value, insurable value, and the use of automated valuation models and data protection (GDPR).

Brackett tells BVWire that one of the most notable presentations was the topic of implementing the current EU requirements on data security (GDPR) that has had unanticipated impacts on the valuation (business and tangible asset) community. Some of these impacts include:

  • Websites and informational pieces can no longer have a person’s face without specific release for the specific use for which it is put;
  • Contact information for members cannot be shared with other members (without specific release); thus, people cannot login to the organization’s web page and get linked to anything but a firm’s webpage; no personal information on professionals or emails can be provided;
  • Reports cannot contain pictures that have a person’s face, recognizable or not; and
  • Reports cannot contain any personal information, such as name, name and address (even in the address of the report), or name and ownership.

The Chamber of Independent Appraisers in Bulgaria (CIAB) will host the autumn meeting of TEGoVA in Sofia October 10-12.

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