7 December 2023
I wanted to share with you a few key updates from last week’s Council meeting and ahead of our additional meeting in December to review the governance reforms.
I would like to begin by expressing my thanks to our Council members for their time and commitment to the IFoA. Last week’s sessions involved two full days in person preceded by virtual engagement sessions the week before and extensive pre-reading. We sometimes lose sight that Council is made up of unpaid member volunteers who are passionate about the future of the profession and are balancing their commitment to the IFoA with their other business commitments.
The first day was Council’s annual vision and strategy day, where we spent some time together thinking about where we want to be as a profession and an organisation in the years ahead and what it would take to get there. In many ways, the session was a taster for what Council might look like in the future under our planned governance changes. The day finished with a discussion with three former IFoA Presidents – Ronnie Bowie, Fiona Morrison, and Nick Salter – who shared their experiences and reflections on being President and serving on Council. It is invaluable to hear first-hand from those that have gone before us and to have the opportunity to learn from past experiences to help us shape the future. Overall, I found the day both energising and inspiring.
The second day saw Council discussing a number of key issues including DEI and Governance, both of which are causing debate among the wider membership. I want to provide a few key updates on both of these topics:
The Actuaries Code is overseen by our Regulatory Board which operates independently of Council and our other governance bodies. However, Council, as elected representatives of the membership, is aware of the questions and feedback from members about the DEI updates to the Actuaries Code and wanted to understand more about the changes and how they are being enacted. We were joined by Neil Buckley, the Chair of Regulatory Board, who walked Council through the governance process followed and the changes made, and answered questions from Council members. While we must respect the independence of Regulatory Board and enable it to discharge its responsibilities, Council also wants to exercise its power of oversight effectively and has formed a group to consolidate all of the questions it has and to share them with the Regulatory Board.
In February, Regulatory Board will begin a further engagement exercise, focusing on guidance to assist with understanding of the application of the new Code provisions and to help members consider and adjust to these changes. This will include a series of webinars, publication of resources and other opportunities to learn more and ask questions. The DEI changes to the Code will not be implemented until this further engagement exercise and a subsequent formal consultation planned for later next year has concluded.
Council also spent time reviewing the feedback that has been received through the member engagement we have conducted on the governance reforms and discussing the changes it may wish to make at December’s meeting.
We are very grateful for everyone’s participation in our various engagement activities which have included three webinars, sessions at our Life and GIRO conferences, presentations to various groups, Council members speaking to members, and individual conversations with those members who have previously objected to the reforms. All of the feedback has been incredibly helpful and while there is a diverse range of views, a number of themes shine through. You have told us that you are concerned that the new board currently only has minority actuary representation; that you think board appointments should be made in a way that safeguards a board from perpetuating its own interests; and that you want ongoing communication and engagement as the reforms are being implemented ahead of a final member vote.
As a Council, we will be taking all of this feedback into consideration when we formally discuss and vote on our governance reforms at December’s Council meeting. A procedural issue relating to the resolutions voted for by Council in June means that we will be asking Council to vote afresh to pass new governance resolutions. As such, Council has much more latitude to adopt the feedback it has received from the membership and we expect this will result in a revised reform package.
I hope you found this update useful. It is our intention to provide a high level overview of key issues discussed by Council after each meeting to foster a culture of increased transparency and knowledge sharing.
Kalpana Shah
IFoA President