We are pleased to provide you with some key updates on our progress in rolling out our new governance structure.
Following a full recruitment process the new IFoA Board has been formed and ratified by Council. The IFoA Board comprises five member non-executive directors (mNEDs) of which one is the President, and three independent non-executive directors (iNEDs) of which one is the Chair, and the CEO. The first full IFoA Board is:
The full IFoA Board will meet for the first time in the forthcoming weeks ahead of our AGM on 24 July. Further information on the IFoA Board and its directors can be found on the IFoA website.
To help guide the IFoA Board in setting the strategy for the organisation, Council has devised a new vision statement.
Our vision is:
"To be the leading global professional body qualifying, supporting, and championing actuaries, serving the public interest, and advancing actuarial science."
This aspirational statement is supported by a detailed description of what Council means by each element and the full articulation is available for all members to view on our website.
We are also pleased to report Council has made significant progress on determining its own future structure and how it will continue to act as the voice of the membership. Following an extensive member consultation between February and May, the Council Working Group made a number of recommendations to Council on its future, which Council has adopted in full.
Council has agreed that it is the elected representative forum for, and accountable to, the IFoA membership as guardian of the IFoA. Council’s purpose is to engage with and understand the views and opinions of its members, to reflect these views and to exercise its judgment in framing a vision for the IFoA. Council is to provide direction to, and hold accountable, the IFoA Board to ensure their strategy is consistent with this vision.
Council has agreed that it will continue to be a 30 person elected body but that it will begin conversations with the Scottish Board on the path to all Council members being elected through one single constituency. This will help to provide a fairer representation of members across the world and avoid the current situation where seats in the Scottish Constituency often go uncontested, while seats in the General Constituency are keenly contested.
It is planned that Council members will be able to serve two four-year terms with a five year break before any future terms of service. The lengthening of Council members’ terms from three to four years will help with organisational continuity, while an extension to the gap between periods of service will ensure a wider range of members can serve on Council. These changes will be subject to a member vote and approval by the Privy Council.
Council will also look to introduce one or two student member observers to Council to share their views and feedback with Council members. Student observers will not have voting rights.
Council will focus much of its regular attention on matters of policy, public interest, and advancing actuarial science and its practical applications. Council will therefore assume responsibility for oversight of the IFoA’s Practice Boards and the critical work they do in developing policy and thought leadership. Council will work with Practice Boards, the Practice Board Committee and the executive in the months ahead to establish ways of working and reporting.
We believe we are making strong progress in delivering our governance reforms and ensuring that the IFoA is structured effectively to serve both its members and the wider public interest. We will continue to operationalise our plans and believe we are still on course to put the changes to a members' vote in 2026.
Yours sincerely
Kalpana Shah
President
Lord David Currie
Chair of IFoA Board
Ben Kemp
CEO (Interim)