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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, Corporate Secretary

James.Harrigan@actuaries.org.uk

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

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Events calendar

  • Finance in the Public Interest Series

    16 March 2021 - 23 March 2021

    Spaces available

    There is widening debate that many of our social, financial and regulatory institutions need to be rethought so that we can create more sustainable futures, particularly in light of the Covid-19 pandemic, the policy/macro-economic response to the pandemic and how it affects consumers, as well as the impending climate crisis. This multi-day series of three keynote webinars, individually presented by leading economist John Kay, Sir Paul Collier, Professor of Economics and Public Policy at the Blavatnik School of Government, Ashok Gupta, Chair at Mercer Ltd, and Nico Aspinall, Chief Investment Officer at B&CE, will open up discussion on these essential topics. The series will culminate in a panel session with Chief Economist of the Bank of England, Andy Haldane.

  • The price is righter

    16 March 2021

    Spaces available

    This webinar provides an overview of the state of the UK protection market, and how different insurers are using different levels of sophistication to price (such as using customer demand models). It considers how insurers have implemented these sophisticated pricing techniques, and the practical challenges they have faced.

  • Spaces available

    This discussion will revolve around the latest industry developments including and introduction to Part VII transfers and Schemes of Arrangement (process, parties involved and recent events), insights and lessons from recent with-profits transactions and restructurings (including Equitable Life and Pru-Rothesay), how firms can apply these learnings to future arrangements, and the outlook for future with-profits transactions and restructurings (including the impacts of Covid-19 and Brexit)

     

  • Spaces available

    What is stewardship and how has the landscape changed under the 2020 UK Stewardship Code? How does effective stewardship create long term value for beneficiaries and what roles do asset owners and asset managers play in active stewardship. This webinar will offer answers to these questions in a practical approach to stewardship reporting.

  • Spaces available

    Mis-estimation risk is a key element of demographic risk, and past work has focused on mis-estimation risk on a run-off basis.  However, this does not meet the requirements of regulatory regimes like Solvency II, which demands that capital requirements are set through the prism of a finite horizon like one year.  This paper presents a value-at-risk approach to mis-estimation risk suitable for Solvency II work.