Governance Manual
The chapters of the Governance Manual were reviewed and updated, and approved by the Management Board to operate from 1 August 2010 on formation of the new body. The chapters are subject to further revision and, if applicable, approval of Council once Council decides its new practices.
The Institute and Faculty of Actuaries adopts a stakeholder approach to corporate governance. This approach recognises not only the primary interest of members but also those of many other parties, including our employees, employers of actuaries, regulators, government, the users of actuarial advice and the people affected by that advice.
Consistent with our stakeholder approach, we adhere to the following concepts:
- Openness, honesty and transparency. We encourage people to understand how it works by publishing comprehensive information on our website.
- Independence. We adopt structures and procedures (detailed in chapters of the manual) which maximise the freedom of decision-makers from the influence of others and minimise potential conflicts of interests. Where appropriate, we involve people who are not actuaries.
- Authority, responsibility and accountability. We take responsibility for our performance and are prepared to explain to our stakeholders the factors affecting our performance. In delegating authority internally, we require those in positions of responsibility to justify, explain or account to the Management Board or Council for the exercise of authority and for actions taken.
- Fairness, ethics and social responsibility. In the public interest, we act impartially, reasonably, ethically and with a sense of justice towards our stakeholders.
Governance manual
Chapter Title
Chapter 1 Governance framework (updated June 2012)
Chapter 2 Responsibilities of Council, Office Holders, Chief Executive (updated June 2012)
Chapter 3 Arrangements related to the Management Board (updated June 2012)
Chapter 4 Rules for functional executive committees reporting to the Management Board
Chapter 5 Rules for specialist committees reporting to the Management Board
Chapter 6 Rules for individuals engaged in the Profession’s activities
Chapter 7 The professional community
Chapter 10 Rules for financial management
Chapter 11 The Profession’s planning and budget process
Chapter 14 Guidance on meeting management
Chapter 15 Style guide: Agendas, supporting papers, and minutes
Chapter 16 Policy and guidelines on volunteers’ expenses (updated October 2011)
Chapter 17 Appointment of lay members to boards and committees
Chapter 18 Arrangements related to the Scottish Board (updated November 2012)
Chapter 19 Arrangements related to the Audit and Risk Committee