Governance is about the way that an organisation works
It is all about effective decision-making and accountability but with the right checks and balances in place. It is not about introducing unnecessary or excessive bureaucracy or formality for the sake of it. When governance failures occur, they can result in reputational and financial loss and it is important that appropriate structures and principles are in place to ensure that this does not happen to the IFoA. Therefore, we operate within the following hierarchy:
Our Royal Charter dating back to the 1800s still provides the constitutional basis for all that we do and for much of our corporate governance.
Our Bye-laws, Rules and Regulations define, at a high level, how we operate.
Our governance manual sets out the structures, processes and principles that underpin the way in which the IFoA operates, makes its decisions and achieves its objectives. It also helps provide a solid framework for establishing our responsibility to our stakeholders, recognising not only the interests of our members but also those of many other parties, including our employees, independent regulators, the government, the users of actuarial advice and the general public affected by that advice.
If you have any queries related to the IFoA’s corporate governance, including the governance manual, please contact our Corporate Secretary at corpsec@actuaries.org.uk.
Download the combined Charter, Bye-laws, Rules and Regulations (PDF, 870 KB).