The Value Framework Initiative was launched in September 2004 by the Chartered Institute of Purchasing & Supply (
CIPS), the IPA and the Incorporated Society of British Advertisers (
ISBA). It had an ambitious purpose: to improve professionalism in ways of working between all three memberships, through the development of an industry framework for relationship management and contract negotiation.
The Value Framework Steering Group was formed in October 2004 and held its first inaugural meeting in January 2005. It has met quarterly since, rotating both meeting venues and chairmanship to fairly represent the interests of all three parties. Membership of the Steering Group is by invitation of the whole group.