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Constitution

Delivery of the objects of the Institute and Faculty of Actuaries (IFoA) - in the public interest, to advance all matters relevant to actuarial science and its application and to regulate and promote the actuarial profession - can only be achieved through good governance

Governance is about the way that an organisation works

It is all about effective decision-making and accountability but with the right checks and balances in place.  It is not about introducing unnecessary or excessive bureaucracy or formality for the sake of it.  When governance failures occur, they can result in reputational and financial loss and it is important that appropriate structures and principles are in place to ensure that this does not happen to the IFoA.  Therefore, we operate within the following hierarchy:

Hierarchy-diagram

Our Royal Charter dating back to the 1800s still provides the constitutional basis for all that we do and for much of our corporate governance. 

Our Bye-laws, Rules and Regulations define, at a high level, how we operate.

Our Governance Manual sets out the structures, processes and principles which underpin the way in which the IFoA operates, makes its decisions and achieves its objectives.  It also helps provide a solid framework for establishing our responsibility to our stakeholders, recognising not only the interests of our members but also those of many other parties, including our employees, independent regulators, the government, the users of actuarial advice and the general public affected by that advice.

Please contact James Harrigan if you have any queries related to the IFoA's corporate governance, including the Governance Manual.

Download the combined Charter, Bye-laws, Rules and Regulations.

 

 

Related documents

Contact Details

James Harrigan, IFoA Corporate Secretary

James.Harrigan@actuaries.org.uk

I will try to respond to email queries within five working days.