The SSC maintains a complaints procedure for complaints received regarding Competent Persons, Competent Valuators and Qualified Reserve Evaluators as defined in the various Codes. The purpose of the complaints procedure is to conduct an initial investigation into a complaint and thence to correctly direct the complainant to the appropriate professional body for further deliberation and consideration in terms of that body’s Code of Ethics.
Such complaints are not limited to documents submitted to the JSE, but also include any public report purported to have been compiled in accordance with a SAMCODES.
Non-compliance with SAMVAL
During 2016, only one complaint was received at the SSC (in November, 2016). A fit-for-purpose Complaints Sub-Committee (“CSC”) was convened to determine the merits of the complaint, which was directed toward non-compliance with SAMVAL. The CSC reviewed and deliberated the merits of the complaint and concluded that the grievance was warranted and that further action should be taken against the Competent Valuer.
Based on the recommendations of the CSC, the complainant was directed to lodge a formal complaint with the professional body where the Competent Valuer is registered. The complaint was also copied to the board of directors of the relevant company and forwarded to the JSE for further investigation.