2008 NEWS ARCHIVE
Discussion board
1 December 2008
An online discussion board for the whole membership. This board is now closed, but the comments posted are still available to read. To contribute further to the discussion please visit www.actuarialforums.com
Resolutions passed at the Joint Councils meeting on 19 September 2008
19 September 2008
Analysis of Faculty consultation survey and Institute in-principle vote
2 September 2008
eAlert sent to members, 2 September 2008
Outcome of Faculty survey and Institute vote
13 August 2008
eAlert sent to members, 13 August 2008.
Outcome of Faculty survey and Institute in-principle vote announced
13 August 2008
Press notice, issued 13 August 2008.
Discussion meeting, 24 June 2008 at Staple Inn
mp3 sound file
Presentation
24 June 2008
Proposed merger: consultation survey
23 June 2008
Merger update for Institute members
12 June 2008
eAlert sent to members, 12 June 2008.
Merger update for Faculty members
11 June 2008
eAlert sent to members, 11 June 2008.
Letter from the Institute President to the Faculty President on merger options. 2 June 2008
2 June 2008
Merger proposal update
21 May 2008
eAlert sent to members, 21 May 2008, following the joint Councils meeting on 19 May.
Update on consultation process on the proposed merger between the Faculty and the Institute
22 April 2008
eAlert sent to members, 22 April 2008.
Call for more debate on merger proposals
18 April 2008
Press release, issued 18 April 2008.
Faculty Special General Meeting update
18 April 2008
eAlert sent to members, 18 April 2008.
Outcome of Faculty survey and Institute
18 April 2008
Attendees at a Special General Meeting of the Faculty of Actuaries in Scotland at the Royal College of Physicians in Edinburgh on 16 April 2008 voted to support three of four resolutions relating to the proposed merger between the Faculty and the Institute.
Under the Faculty's Rules(1), only Fellows, Honorary Fellows and Associates of the Faculty are eligible to attend and vote at a Special General Meeting - a total of 1476 people. 137 people attended the meeting.
Four resolutions were proposed. One resolution was withdrawn during the meeting by the group who requested the Special General Meeting.
Stewart Ritchie, Faculty President, said: "Many of those who spoke in support of the resolutions made it clear they were not opposed to a merger with the Institute. A number of people said they wanted more time to consider the merger proposals and discuss the options.
"We are a membership organisation and we listen to our members' concerns. We will continue with the meetings, taking into account the views and comments expressed at the Special General meeting, to discuss the merger options. These meetings are planned to take place in Scotland, England and beyond. If possible we will add to the number of these meetings.
"I hope that many of those who attended the Special General Meeting will take a full and active part in these meetings, and I hope that other members of the Faculty and the Institute will take the opportunity to take part in the debate over the future shape of both organisations."
Resolution 1
This meeting supports Faculty Council in exploring with the Council of the Institute of Actuaries ways in which the two bodies can further improve the effectiveness of their cooperation in the joint governance and leadership of the Actuarial Profession in the UK, and encourages Council to consider annually-renewable delegation of some functions of Council to a Joint Committee(s) or overarching body.
Carried: 61% for, 38%(2) against, 1% abstention (rounded)
Resolution 3
This meeting directs Council to arrange detailed consultation with members on the future development of the Faculty, not merely via "informal meetings", and which should include consideration of the whole range of options set out in the Report of the Faculty Task Force, plus any viable alternative options put forward by members.
Carried: 58% for, 42% against, 1% abstention (rounded)
Resolution 4
This meeting directs Council to cancel the proposed in-principle vote and if, and only if, the above detailed consultation leads Faculty Council to wish to introduce changes that materially alter the current joint arrangements with the Institute, this meeting directs Council to put to members such proposed changes, together with any viable alternative options that have arisen during the consultation process, for voting on a single transferable vote system to select the preferred option for taking forward.
Carried: 53% for, 47% against, no abstention
For more information please contact:
Andrew Black on 020 7632 1453
Special General Meeting, 16 April 2008
16 April 2008
mp3 sound file of the discussion at the meeting
Draft minutes of Faculty SGM(member login required)
Open consultation meeting, 16 April 2008
16 April 2008
mp3 sound file of the discussion at the meeting held prior to the SGM.
Revised Resolutions
16 April 2008
for the Faculty Special General Meeting on 16 April(member login required)
Notice of Faculty Special General Meeting
16 April 2008
To be held in Edinburgh on 16 April 2008.
Statement issued by the Faculty President and the Chairman of the Faculty Task Force
16 April 2008
In respect of the Special General Meeting on 16 April 2008.(member login required)
Faculty consultation survey comments
Analysis of whole survey, by membership grade and location
Analysis of preferences transferred from Option 3
Analysis of preferences of all respondents and those respondents eligible to participate in the formal vote
Institute vote comments
Analysis of whole vote by membership grade and location
Faculty consultation survey on proposed merger
Covering note and options for Faculty members.
Institute in-principle vote on proposed merger
Covering note and options for Institute members.
Proposed merger: in-principle vote
Alternative models for the structure of the UK Actuarial Profession
A paper prepared by the Faculty Task Force Chairman and the Chief Executive.
Dates for informal discussion meetings
Meetings are for all members to share views and comment on the merger proposal and to discuss any alternatives they want to talk about. Against the meetings that have already taken place you will find a copy of any presentation that was used.
Requisition of Special General Meeting
Request to the Faculty Council to hold a Special General Meeting, including the resolutions for discussion by Faculty Fellows, Honorary Fellows and Associates only. The resolutions seek to get Faculty Council to change the nature of the vote planned to take place in June 2008.(member login required)
Summary of legal advice to Faculty Council regarding SGM
A summary of the legal advice from Shepherd+ Wedderburn which had been given to the Faculty President before the SGM(member login required)
Joint statement from the Presidents
Statement from the President of the Faculty of Actuaries and the President of the Institute of Actuaries.
Letter from the President of the Faculty of Actuaries
Individual letters from the Presidents.
Letter from the President of the Institute of Actuaries
Individual letters from the Presidents.
Proposed outline merger arrangements
Proposals for how a merger would be implemented.
Key questions and answers
Statement issued by the 10 signatories to the requisition of a Special General Meeting
17 March 2008
Served on the Faculty Council on 17 March 2008.(member login required)
Profession merger: the way forward
1 March 2008
As the Councils of the Faculty and the Institute agree to put a merger proposal to the membership, two groups of members present differing views. The Actuary, March 2008.
Faculty and Institute propose merger
25 February 2008
Press release, issued 25 February 2008.