Faculty Special General Meeting update
Attendees at a Special General Meeting (SGM) of the Faculty of Actuaries at the Royal College of Physicians in Edinburgh on 16 April voted to support three of four resolutions relating to the proposed merger between the Faculty and the Institute. One resolution was withdrawn by the group who requested the SGM.
Under the Faculty’s bye-laws, only fellows, honorary fellows and associates of the Faculty are eligible to attend and vote at an SGM — a total of 1476 people, of whom 137 attended.
Many of those who spoke in support of the resolutions made it clear they were not opposed to a merger with the Institute. A number of people said they wanted more time to consider the proposals and discuss the options.
The forthcoming meetings to discuss the merger options (see table) will take on board the views expressed at the SGM. It is likely that more meetings will be added to this schedule.
For more details relating to the merger proposals, please visit www.actuaries.org.uk/members/merger_discussion
Resolution 1: This meeting supports Faculty Council in exploring with the Council of the Institute of Actuaries ways in which the two bodies can further improve the effectiveness of their co-operation in the joint governance and leadership of the Actuarial Profession in the UK, and encourages Council to consider annually renewable delegation of some functions of Council to a Joint Committee(s) or overarching body.
Carried: 61% for, 39% against, 1% abstention.
Resolution 2: Withdrawn during the meeting.
Resolution 3: This meeting directs Council to arrange detailed consultation with members on the future development of the Faculty, not merely via ‘informal meetings’, and which should include consideration of the whole range of options set out in the Report of the Faculty Task Force, plus any viable alternative options put forward by members.
Carried: 58% for, 42% against, 1% abstention.
Resolution 4: This meeting directs Council to cancel the proposed in-principle vote and if, and only if, the above detailed consultation leads Faculty Council to wish to introduce changes that materially alter the current joint arrangements with the Institute, this meeting directs Council to put to members such proposed changes, together with any viable alternative options that have arisen during the consultation process, for voting on a single transferable vote system to select the preferred option for taking forward.
Carried: 53% for, 47% against, no abstention.
