Of those Faculty members who took part in the vote, 82.9% voted in favour of the resolution. Of those Institute members who took part in the vote, 82.5% voted in favour of the resolution.
Ronnie Bowie, President of the Faculty, said: ‘We can now build a unified, modern and outward looking professional body that reflects the goals and aspirations of our members. The diversity of our membership is a source of great strength.’
Nigel Masters, President of the Institute, said: ‘We are pleased with the result. Our members have given us a mandate to continue creating a dynamic, professional and relevant member services organisation. A merged profession will, in our opinion, be more democratic, open, efficient, and will have clearer leadership.’
Representing more than 21,000 members around the globe, the formation of the Institute and Faculty of Actuaries is subject to the approval of a new Royal Charter by the Privy Council.
Ronnie Bowie, Fellow of the Faculty of Actuaries, will be the first President of the Institute and Faculty of Actuaries and Jane Curtis, Fellow of the Institute of Actuaries, will be the first President elect of the Institute and Faculty of Actuaries.
The votes took place at separate special general meetings, in Edinburgh and London, on 25 May 2010. The outcome of the votes to form the Institute and Faculty of Actuaries was:
|No. of votes issued:||1,591||8,925|
|No. of votes cast:||966||4,653|
|No. of votes cast for||801||3,838|
|No. of votes cast against||165||815|
|Threshold (required number of votes cast)||644||3,490|
There were 53 Institute abstentions and 10 Faculty absentions, which do not constitute valid votes and have not been included. There were 2 Institute spoilt papers and no Faculty spoilt papers.
The Faculty requires a two-thirds majority of those who voted to carry the resolution. Two-thirds of the Faculty votes cast is 644 and, because the Faculty vote is 801 for and 165 against, the resolution to form the Institute and Faculty of Actuaries has been carried.
The Institute requires a three-fourths majority of those who voted to carry the resolution. Three-fourths of the Institute votes cast is 3,490 and, because the Institute vote is 3,838 for and 815 against, the resolution to form the Institute and Faculty of Actuaries has been carried.
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Notes to editors
- Actuaries provide commercial, financial and prudential advice on the management of a business 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.
- 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.
- 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.
- 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.
- In 2009, eligible members of the Faculty and Institute voted on a merger. The Faculty reached its voting threshold, the Institute did not.