More than a year after the International Organisation for Standardization (ISO) launched the ISO 10668 standard on monetary brand valuation, serious concerns remain that brand valuations continue to lack transparency, consistency and objectivity.
One of the key requirements of ISO 10668 is that brand valuers must be independent. However brand valuation units of large marketing services companies continue to value the very brands that their parent companies create and build.
To address this issue the Brand Finance Institute launched the ‘Campaign for Independent Brand Valuation’ at our Eighth Annual Forum on the 26th October 2011; a call to action for all independent brand valuers to lobby for a higher standard of independence and transparency.
The Brand Finance Institute has created a manifesto for independent brand valuation to drive the debate forward. The campaign aims to ensure that all future brand valuations are conducted independently.
David Haigh, CEO, Brand Finance and Chairman, Brand Finance Institute comments: “For conflict of interest reasons auditors are now barred from providing consultancy and valuation services to their audit clients. In our view large marketing services firms should also be banned from valuing the brands which they earn the bulk of their revenues creating and building.”