Council reached an agreement on a revised package of governance reform measures in late 2023. It has since made significant progress in 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 2024, 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 will begin to consult with the relevant governance bodies on a system that would see all Council members being elected through one constituency. This potential change would provide fairer representation of members across the world and avoid situations where some seats go uncontested while others 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.