Appraisal Euroval´s Ethical Code

In the spirit of establishing a deontological framework to ensure the independence, guarantees and quality of our services to the general public and to our clients in particular, Euroval has established the present Code of Ethics appraisal based on the recommendations of the Spanish Association of Value Analysis (AEV) and on Royal Decree 775/1997, of 30 May, on the legal regime for the approval of services and companies of appraisal .

This code includes several ethical principles, applicable to Euroval’s professionals, managers or directors and to all employees and/or collaborators of its organization, which will also serve as the basis for the Internal Code of Conduct established by this company of appraisal .

In the event of any doubt or situation that may affect the general principles established in the present Code of Ethics, the Compliance Officer of Euroval should be consulted ( in order to establish the safeguards or actions deemed appropriate.


General principles of the Ethical Code Society of appraisal



Principle based on the fact that professional and business relationships must be framed within a direct and honest environment.

Integrity means fair and truthful treatment, so that the professional, employee, manager or director should never act in a deceitful or fraudulent manner. Likewise, you should not prepare or make known one appraisal or any other communication about it if you believe that:

  1. It contains statements or information that are materially false or misleading, or that have been made in a reckless or unreasonable manner.
  2. Omits or hides relevant information to be included in the appraisal .

If the professional, employee, manager or administrator becomes aware that he or she has been associated with such information, he or she should take immediate action to disassociate himself or herself from that information, for example, by issuing a modification of that assessment or report.

Neither should false or misleading statements be used, nor should they claim to have qualifications or capabilities that they lack, in order to obtain one appraisal or another type of assignment.

The professional must act in accordance with the law of the country in which he operates and, in particular, include in the reports appraisal all the points required by that regulation or by the most transparent professional practice; in particular, and when it is a question of assessments aimed at the purposes provided for in Order ECO 805/2003, he will include in his reports all the points required by that regulation.




Principle based on non-permissibility in the face of possible conflicts of interest, undue influence or partiality that nullifies or seriously impairs professional judgement.

Professionals, managers or directors may be exposed to situations that may impair their objectivity and independence of judgement. Where such situations imply that the professional, manager or director is not reasonably able to maintain a position of independence and the objectivity of the appraisal , the assignment shall be rejected or abandoned.

In this respect, special attention must be paid to the incompatibilities provided for in Articles 6 and 13 of Royal Decree 775/1997, of 30 May, on the legal regime for the approval of services and companies of appraisal , for which Euroval has tools for the control and management of incompatibilities.

It also points out the impossibility of defining or prescribing all the cases to which a professional, manager or administrator may be exposed in such a way as to threaten his or her objectivity. Therefore, in order to identify whether a situation creates a threat to objectivity, the professional, manager or director must consider whether the situation may lead to the perception by third parties of impartial or biased behaviour in which case the assignment should be rejected or abandoned.

Similarly, the practitioner should not rely on any unconfirmed party information unless he establishes and discloses that such party information constitutes a restriction on the report. The same rule applies to the acceptance of hypotheses, although in this case, moreover, the professional should not accept hypotheses that are difficult to fulfil in a reasonable time.


Professional competence

Principle oriented towards the development of the knowledge and skills that the professional must possess to ensure that the assessment is based on the most advanced practice, applicable legislation and the most appropriate techniques and methodologies in each case.

Acting with professional competence implies the following obligations:

  1. Maintain professional knowledge and skills to the extent necessary to ensure that clients receive competent professional service.
  2. To act with diligence, and with respect for technical and professional standards, when providing professional services.

A competent professional service requires the exercise of the technical autonomy of every practitioner in the application of knowledge and professional skills to that service.

To this end, maintaining professional competence will require awareness and understanding, on a continuous basis, of the relevance of technical, professional and business developments. Continuous professional development will enable the professional to develop and maintain his or her abilities to act competently in a professional environment.

Diligence includes the responsibility to act according to the requirements of an assignment, with prudence, in depth and in a timely manner.

Professionals who do not have adequate knowledge and experience to competently carry out the assigned assessments should be tutored by another competent professional or the report should be rejected.




Principle established with the objective of respecting and preserving the confidentiality of the information obtained as a result of professional and business relationships as well as not disclosing such information to third parties without the express authorization of the client (unless there is a legal or professional obligation that requires it).

No professional, employee, manager or director may use the information received for his personal benefit, either for himself, the company he serves, or a third party.

In particular, attention will be paid to compliance with the rules on professional secrecy set out in Article 11 of Royal Decree 775/1997 and, in general, any professional, manager or administrator will refrain from doing so:

  1. Disclose outside the company confidential information obtained as a result of professional and business relationships, unless you have specific authorization, or there is a legal or professional right or duty to disclose it.
  2. Use confidential information obtained as a result of professional and business relationships for your own benefit or that of a third party.

Likewise, at a general level, professionals, employees, managers or directors must maintain confidentiality even in their social environment, and be alert so as not to inadvertently breach that obligation with collaborators, friends or family.

Similarly, professionals, employees, managers or directors must maintain within the company the confidentiality of information disclosed by potential customers.

Finally, it should be noted that confidentiality must be maintained even after the business relationship between the parties has ended, and that no confidential information acquired or received as a result of a previous professional or business relationship may be used or disclosed.


Professional behaviour


This principle establishes the basis for acting with due diligence in each case, always acting in the general interest and avoiding the discredit of the profession.

In general, before accepting an assignment, the professional, employee, manager or administrator will ensure that he or she receives the appropriate instructions from the client regarding the scope and nature of the work and, before delivering it, will verify that it has been carried out in accordance with the agreement or legal requirements and under the standards of the profession.

Professional conduct is considered to include the acceptance of responsibility to act in the public interest, without prejudice to the nature of the assignment received. There is also a need to consider the effects on interested third parties of professional decisions taken, avoiding assignments or services that could be detrimental to the interests of the general public and that could discredit their own reputation and that of the profession in general.

In order to avoid discrediting the profession, the professional, employee, manager or administrator shall act with honesty and truthfulness without making exaggerated statements about the services that can be offered, the experience acquired or denigrating or unfounded references about the work of others.

Proper professional behaviour will also involve acting responsibly and courteously in all dealings with customers and the general public and responding quickly and effectively to all requests and assignments or complaints.

Similarly, the professional, employee, manager or director must avoid any action that could discredit the profession, avoiding those that a reasonable and informed third party could consider as such.


Specific legality and supervision


Principle established in order to guarantee and supervise compliance with the rules of conduct on professional secrecy and incompatibilities established in the legal regulations in force.

In general, professionals, employees, managers or directors must comply with the incompatibilities and provisions on professional secrecy established for companies of appraisal and their professionals in Royal Decree 775/1997, of 30 May, on the legal system for the approval of services and companies of appraisal , and provide their collaboration in supervising compliance with these rules and the others that affect the profession.