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The Actuary The magazine of the Institute & Faculty of Actuaries
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Merger vote carried at second time of asking

Voting members of the Faculty of Actuaries in Scotland and the Institute of Actuaries have voted in favour of resolutions to merge the two organisations to form the Institute and Faculty of Actuaries.

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.

The successful outcome, based on a revised merger proposal, follows the narrowly rejected July 2009 merger vote where the Faculty reached its voting threshold but the Institute did not.

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, is set to 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 new body.

The votes took place at separate special general meetings, in Edinburgh and London, on 25 May. The outcome of the votes to form the Institute and Faculty of Actuaries was:

Faculty Institute

Number of votes issued 1,591 8,925

Number of votes cast 966 4,653

Number of votes cast for 801 3,838

Number of votes cast against 165 815

Threshold (required number of votes cast) 644 3,490

There were 53 Institute abstentions and 10 Faculty abstentions, which do not constitute valid votes and were not included. There were two 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 by two-thirds of Faculty members who voted.

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 by three-fourths of Institute members who voted.