History of the IVMA

In the 1970’s awareness of Value Engineering saw a number of Australian’s, who recognised the success of its applications in the USA, decided to apply the process locally. They formed the Institute of Value Engineering Australia Inc, registered as an Association in the ACT in November 1977.

After a number of very active years where Value Engineering and Value Analysis achieved many successes in the manufacturing, armed forces and heavy engineering fields, the activity of the Institute of Value Engineers Australia Inc declined and the association became an entity in name only – it was not active.

In the late 1980s these processes began being applied in the Australian civil, building and construction industry. The quest for better value for money from decision-making and capital investments was heard. So, on 19th July 1990 a group consisting of architects, engineers, government agencies, academics and some members of the original dormant Value Engineering group met, rekindled and renamed the association as The Institute of Value Management, Australia Incorporated.

In the years that followed:

  • A joint New Zealand and Australian Standard for VM was drafted - AS/NZS4183:1994;
  • Criteria was established for grades of membership, courses and professional registration as a VM Facilitator;
  • NSW Government wrote it’s Total Asset Management Policy and VM was a major plank in the process for developing a project funding strategy;
  • IVMA convened a number of National conferences;
  • IVMA assisted in the establishment of the Hong Kong Institute of Value Management and the UK Institute of Value Management;
  • In IVMA took a lead role in the re-writing of the Australian Standard for Value management which in early 2007 was released: AS4183:2007;
  • In 2013 IVMA Board of Management set about reinvigorating the Institute and developing a new positioning, business plan, governance arrangement, slight name adjustment and roll out plan to put to its members; and

 

November 2013
The Board of Management met and were unanimous in recommending a new draft Business Plan and future positioning for the Institute which involves a plan to re-launch in 2014 subject to member support. Additionally the Board engaged Jonathan Dutton as the virtual CEO for that immediate period of change.

December 2013
The Institute’s Annual General Meeting noted the Board’s work to date and acknowledged the amount of preparatory work to be completed, so endorsed the scheduling of a Special General Meeting in April 2014. This SGM would be planned to consider the detailed new Business Plan, positioning strategy, roll out and relaunch timeline and other key governance changes including a new Constitution, that will support the Institute’s new direction and changes.

April 2014
Special General Meeting of members was well supported both in attendance and by proxies and voted to accept the following: 

  • A New Business plan as the basis for a re-launch of the Institute. 
  • The Transfer of registration from the Associations Incorporation Act 1991 to registration of the Institute as a not-for-profit public company limited by guarantee and registered under the Corporations Act 2001 part 5B.1. 
  • Change of name for the company to the Institute of Value Management Australia Limited registered with the Australian Securities and Investments Commission. 
  • Repeal existing Rules in favour of a new constitution for the company. 
  • Adopt a constitution for the company tabled at the general meeting be adopted as the constitution of the company Institute of Value Management Australia Limited. 

 

2015
The Executive continued to work with a range of suppliers, outsources and contractors, led by virtual CEO, Jonathan Dutton through to May 2015, to affect these directives for change to the Institute. Some of the steps put in train included: 

  • ORS and ASIC documentation for lodgement - now completed;
  • Detailed position and wording on: Membership criteria and Membership benefits schedule - now completed;
  • The new logo, branding, presentation format templates and style guide - now completed
  • Insurance coverage for the Institute Officer Bearers - now in place;
  • An agreement for the services of The Association Specialists - completed and in operation; 
  • Revisions and updates to the Institute’s website to reflect these changes - completed and under regular updating; 
  • Pursuit of Corporate support for the $35.00 Associate Membership for members of other professional bodies is ongoing; 
  • An Institute annual conference, planned for 2014 was postponed and is now being planned with Quest Events and scheduled for 11 to 13 August 2015 in Sydney;