21 May 2008

To: All members

Merger proposal update

On 22 April we told you that the Faculty and Institute Councils would be considering the implications of the Faculty SGM on our plans for merger.

At the meeting of the Councils of the Faculty and the Institute on 19 May, this was discussed fully and both Councils concluded that the needs of the members of the two bodies were different.

We have therefore decided to cancel the joint in-principle vote that was planned to take place in June. However, two separate but concurrent exercises to gauge the opinion of the members of the two bodies will take place. In addition, both Councils believe that they should create more opportunities for members to hear about the merger proposal, the alternative of closer co-operative working and any other viable options. Institute Council has already indicated to Faculty Council which of the member-proposed alternatives it regards as being unacceptable from its members’ perspective.

You can read more about the merger proposal and share your views on the Profession's discussion board at http://kan.actuaries.org.uk/Wiki%20Pages/Home.aspx. Additional workplace consultation meetings will be added to the planned consultation meetings at the Profession's joint conventions and regional events; most of these meetings will take place during June.

Both Councils are currently developing the detail of the separate mechanisms to replace the joint in-principle vote. The Faculty will hold a consultation survey of its members to help its Council refine the options in the light of the SGM resolutions. The Institute will hold an indicative vote of its members to clarify whether or not they want to merge with the Faculty. Institute Council believes that holding an indicative vote of its members is in accordance with the wishes of the vast majority of members present at the consultation meetings held to date.

More details will follow in separate communications to Faculty and Institute members in June.