Full results from Faculty Special General Meeting of 29 June 2009

The Faculty Council had recommended members to vote against the resolutions. Of the 1553 members of the Faculty eligible to vote, 213 participated in the vote with 53 of them attending the SGM.

The results of the voting are below, as are the full texts of the resolutions.

Resolution 1

For: 65 of which 46 were proxy votes and 19 were votes in person.

Against: 143 of which 109 were proxy votes and 34 were votes in person.

Abstained: 5, all proxy votes.

Resolution 2

For: 58 of which 39 were proxy votes 19 were votes in person.

Against: 149 of which 115 were proxy votes and 34 were votes in person.

Abstained: 5, all proxy votes.

Resolution 3

For: 59 of which 41 were proxy votes and 18 were votes in person.

Against: 149 of which 117 were proxy votes and 32 were votes in person.

Abstained: 5, of which 2 were proxy votes and 3 were votes in person.

                                                                             -- ENDS --

Enquiries: Tel. Michael Scanlan on 020 7632 1453 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 Lloyd’s.
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 text of the resolutions was as follows:

Resolution 1; Given that the Profession’s governance objective is to act “impartially, reasonably, ethically and with a sense of justice”, and that a group representing members opposed to the proposed merger (FIDELIS) has requested and been refused access to the Faculty membership, in order that voting members can receive a balanced presentation of both sides of the merger case this meeting directs Faculty Council to make provision for any formal group representing members, including FIDELIS, to be given a reasonable platform to present its case to the whole Faculty membership throughout the merger voting process scheduled for June and July 2009.

Resolution 2; Given the importance of, and complexity involved in, developing a comprehensive and consistent new Royal Charter that adopts the best features of both existing Royal Charters and all desired improvements, this meeting directs Faculty Council to ensure that a consultation period of at least six months is allowed for consideration and amendment by members of any draft Royal Charter to be put to the Privy Council as a result of, or for the purpose of, a possible merger.

Resolution 3; Given the possibility that an inadequate (less than two-thirds) pro-merger vote from the approximately 50% of members based in Scotland, could be overturned by a higher pro-merger vote from the 50% outside Scotland, and given the weight which might be attached to this by the Privy Council before it consents to the dissolution of the Faculty, this meeting directs the Faculty Council to release to the membership at the same time as the release of the overall results of the Faculty’s merger vote, a breakdown of such results in respect of members based in each of the following four geographic areas: 

• Scotland;
• England;
• South Africa; and
• elsewhere.