Remuneration and People Committee – member (paid role)

The Remuneration and People Committee of the Institute and Faculty of Actuaries (IFoA) is looking for a new Independent member to support the delivery of its new Terms of Reference.

Task specification

The IFoA is an international body with a worldwide membership of over 32,000 members of which around half are student members. Increasingly, actuarial practice is international with 48% of its members overall and 67% of its student members based outside the UK.

In support of the delivery of its functions, the IFoA Board has a Remuneration and People Committee (the Committee). The Terms of Reference of the Committee have recently been enhanced and broadened to encompass a range of strategic remuneration and people issues, please see the Committee’s Terms of Reference.

The Committee will meet at least twice per year (usually in March/April and September/October), and as it establishes its new work programme will meet more frequently in the first year. The meetings will be a blend of virtual and face to face over the course of the year.

The appointment of an additional member to the Committee will assist the IFoA in maintaining public and member trust in its senior remuneration policy in line with good governance and critically the Committee is looking for a candidate with demonstrable experience of strategic decision making in the remuneration and people space, particularly in a membership organisation.

Key responsibilities

Members of the Committee would be expected to:

• attend Committee meetings which will be set on reasonable notice
• be suitably prepared for meetings having read all papers prior to attendance
• offer constructive comment and input at meetings and on papers circulated between Committee meetings
• bring prior experience to bear in providing input and steering to the discussions and decision making of the Committee

Tenure

Appointments would be for a three-year term with the possibility of extension of one further term.

Time commitment

The commitment is unlikely to be more than 4 to 5 days per year in steady state, including two to three meetings at key points in the year e.g. review of annual performance and pay and/or bonuses and at the mid-year point.

Remuneration

Committee members shall be paid through the IFoA’s payroll. An honorarium of £600 (gross) is payable per day plus travel expenses.

Person specification

Applications are welcomed from both IFoA members and non-members.
Interested members should be a Fellow or Associate of the IFoA who are not a member of Council and do not carry out any other role within the IFoA.

All candidates should ideally have:

• prior experience of acting in an advisory capacity to remuneration committees
• experience in the field of Reward and Remuneration
• experience of being a member of a remuneration committee (ideally in the membership or regulation sector)
• an understanding of principles and practice of good corporate governance and the role of a remuneration committee
• experience working on, or with, boards and committees
• the ability to exercise independent judgement and think objectively.

How to apply

To apply, please send a CV and cover letter to HRsupport@actuaries.org.uk by the closing date of Friday 3 January 2025.

Alternative format and adjustments

Please email the HR Team if you require:

• any information regarding our vacancies in an alternative format
• any adjustments to support you to fully participate in any part of the application and recruitment process

Any information shared will be used only to enable us to make reasonable adjustments to support candidates to participate in the recruitment process. It will not inform selection decisions.

You can reach us at HRsupport@actuaries.org.uk.

Diversity, equity, and inclusion

The IFoA encourages applicants from a variety of backgrounds and experience and welcomes diversity with regard not only to protected characteristics but also diversity of thought. Diversity, equity and inclusion are more than just words for us. That’s why we are committed to creating a culture where everyone feels included and respected, and where no one is unfairly discriminated against. Consequently, we promote diversity, equity and inclusion in all our policies, practices and procedures, and actively encourage applications from a diverse range of potential candidates. All applications for our roles are considered on merit alone, and if you don’t meet all the criteria but believe you have something to offer, we want to hear from you. For more information on our commitments, please see our DEI strategy page.