Members of the Faculty of Actuaries in Scotland and the Institute of Actuaries have both shown significant support for a proposed merger between the two bodies. On a very large turnout, 73.5% of the Faculty members and 71.6% of the Institute members who took part voted in favour of a merger. The Faculty achieved its required threshold of two-thirds of those voting to vote in favour. The Institute fell short of its threshold which required three-fourths of those voting to vote in favour. Of those Institute members voting it would have needed 175 of those who voted no to vote yes to achieve the threshold.

The vote of each organisation took place at separate special general meetings on 23 July 2009: the Faculty at the Royal College of Physicians in Edinburgh and the Institute at Staple Inn Hall in London.

Associates, Fellows and Honorary Fellows of the Faculty; and Associates and Fellows of the Institute were eligible to vote. Ronnie Bowie, Faculty President, said: “I am delighted that Faculty members have supported the merger and are keen for change. I am also delighted that a similar proportion of Institute members have a desire for change. We will honour this desire while continuing to improve member support and building on our increased engagement with the membership. I’d like to thank all those who have taken the time to vote, and those who’ve played a part in placing this merger proposal before the members.”

Nigel Masters, Institute President, said: “We didn’t quite make the high threshold but it’s clear that the majority of our members who voted did support change. We have to consider why our proposals didn’t command enough support and so the Institute Council will consult with members and look at which elements of the proposal need further improvement.”

The votes were as follows*:

  Faculty Institute
No. of votes cast: 981 5,115
No. of votes cast for: 721 3,662
No. of votes against: 260 1,454
Threshold (required number of votes cast): 654 3,837
Number of votes issued 1,532 8,545
Abstentions (not counted in votes cast): 13 67
Spoilt papers (not counted in votes cast): 0 1

* Notes on figures

1. The Faculty vote had 13 abstentions, and the Institute vote had 67 abstentions and one spoilt ballot. None of these were counted in the votes cast.

2. In checking the voting figures on 24 July 2009, Electoral Reform Services (ERS) and the Profession identified that two student members of the Institute had been incorrectly issued with proxy voting materials. As a consequence one proxy vote was returned although student members are ineligible to vote. On 24 and 27 July 2009 ERS re-checked all votes to ensure this was an isolated incident and to remove the relevant proxy. The certified voting figures as declared at the Institute SGM on 23 July 2009 have therefore had to be adjusted by one.

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Enquiries: Tel. Michael Scanlan on 020 7632 1453 / 07798 804 871 or email michael.scanlan@actuaries.org.uk

 

Notes to Editors

1. Actuaries provide commercial, financial and prudential advice on the management of a business’s assets and liabilities, especially where long term management and planning are critical to the success of any business venture. They also advise individuals, and advise on social and public interest issues.

2. Members of the Profession have a statutory role in the supervision of pension funds and life insurance companies. They also have a statutory role to provide actuarial opinions for managing agents at Lloyds.

3. The Profession is governed jointly by the Faculty of Actuaries in Edinburgh and the Institute of Actuaries in London. A rigorous examination system is supported by a programme of continuing professional development and a professional code of conduct supports high standards reflecting the significant role of the Profession in society.

4. The Profession is available to provide expert comment to the media on a range of actuarial-related issues, including enterprise risk management, finance and investment, general insurance, health and care, life assurance, mortality, and pensions.