IFoA Modernises Its Governance

The Institute and Faculty of Actuaries (IFoA) Council has approved a series of measures to strengthen and modernise its governance. The changes reflect leading governance practice and support the IFoA’s ambition to be a globally leading professional body, promoting accountability and diversity. The improvements are expected to go live in the first half of 2024 and are designed to serve and support members, both now and for future generations.

The existing Management Board will be reconstituted as a new Unitary Board, with an independent Chair, a role which the IFoA will advertise in due course. The Unitary Board will be composed of 9 members in total: 4 independent non-executive directors (including the Chair), 4 IFoA member non-executive directors (one of whom will be the President), and the CEO. All existing Council and Management Board sub-committees will report to the Unitary Board.

Council will remain the IFoA’s ultimate decision making body and will retain appropriate reserved powers, but will delegate to the Unitary Board its oversight, strategy, planning & reporting responsibilities. Council’s future role will focus on the IFoA’s membership and the broader actuarial profession, acting as an advocate for all IFoA members, amplifying the voice of members in all areas, optimising the membership experience, and developing a long-term vision for the actuarial profession.

In addition, the term served by the President has been changed from the current one year to a two-year term; the first President elected with this term is expected to serve from June 2025-2027.

In the initial phase of setting up the Unitary Board, non-executive members will be appointed through a skills and competency based selection process by an independently chaired appointment panel. Once this is complete, a Nominations Committee will be established to oversee further appointments and will be responsible for filling all non-executive vacancies other than the President, who will be an ex-officio member of the Board elected by Council. Council has reserved the right, in exceptional circumstances, to remove either the Unitary Board Chair or the entire Board.