The Institute of Chartered Shipbrokers
Shipping was a thriving industry in Europe in the early 18th century. Maritime nations in Europe, especially the United Kingdom used shipping not only as a mean of trading with other nations but also as a tool for expanding the British Empire. With the steady growth of the shipping industry the need to form an association to discuss matters pertaining to the industry and to train people became very essential.
With this broad objective in mind, The Institute of Shipbrokers, which was mainly a London concern, was established in 1911. In 1920 the London Associations and other District Associations joined together and being incorporated by Royal Charter on 21st January 1920, became the Institute of Chartered Shipbrokers. The grant of a Coat of Arms was made in 1931
- To test the suitability of the candidates for admission to membership of the Institute, by examination in theory and in practice, or by any other actual and practical tests and to grant certificates of qualification to the successful candidates.
- To hold conferences and meetings for the discussion of professional affairs, interests and duties, the reading of papers and the delivery of lectures, to comply and revise lists and registers of members, to issues copies of papers, lectures and professional records from time to time to the members of the Institute and generally to collect, collate and publish information of service or interest to members of the Institute and the public at large
- To ascertain and disseminate knowledge of the law and practice relating to all aspects of the profession or business of ship broking
- To exercise supervision over the members of the Institute and secure for them such professional standing as may assist them in the discharge of their duties
- To purchase, lease, rent, hold and dispose of any building or hall to be used as a place of meeting for the members of the Institute or as a college lecture or reading rooms or library for the advancement of the above objects or any of them
- To form a library for the use of members of the Institute
- Where appropriate to form branches and zones of the Institute
- To establish, undertake, superintend or administer any charitable or benevolent fund from whence may be made donations or advances to assist persons or may be or may have been connected with the profession or business of ship broking in all its branches and the widows and the children or other dependents of such persons and to make any contributions out of the surplus assets or income of the Institute from time to time to any such benevolent fund or funds
- To do all such other lawful things as are incidental or conducive to the attainment of the above objects or any of them
The memberships of the Institute comprise of Fellows, Members and Company Members and are elected after passing the requisite examinations. Members and Fellows are entitled to use the initials “MICS” and “FICS” respectively after their names.
The Institute of Chartered Shipbrokers has it’s Head Office in London and is managed by a Controlling Council consists of representatives from the branches