Council met for its first meeting of the 2021/2022 sessional year on 15 September.
We were pleased to welcome new Council members, who were elected at our AGM in June. Once again it was an online meeting, though we are hoping to hold an in-person meeting before the end of the session.
We agreed that, in this session, Council would focus on those areas where activity is already underway to deliver the IFoA’s strategic objectives and which have significant implications for our members. These include:
- Continuing to explore our future regulatory strategy, including engaging with the UK government on the ongoing review of actuarial regulation in the UK (and preparing for its potential outcomes)
- Developing a Diversity, Equity and Inclusion (DEI) strategy for the IFoA – designed for our members, colleagues and other stakeholders
- Progressing the review of the Practice Boards and communities
- Exploring what a long-term sustainable membership model for the IFoA might look like.
These priorities were reflected in the meeting’s agenda.
- We received an update from CEO Stephen Mann on the projects underway and initiatives in place to improve our levels of engagement with members. They include the ‘New World, New Thinking’ campaign – some elements of which you may have already seen, including the IFoA’s inaugural Impact Report (bit.ly/IFoA_ImpactReport) – and exciting upcoming changes to our digital presence. This is all part of our transformation to make the IFoA a truly member-centric, digital-first organisation. We will continue to update you on all we’re doing in this area
- We considered the latest draft of the IFoA’s DEI strategy. We strongly supported the work carried out to date, and encouraged the development of an ambitious stance that allows us to champion and embody the benefits of a globally diverse and inclusive profession
- We received an update on the progress of the IFoA’s engagement with the UK government in relation to the ongoing review of actuarial regulation in the UK, and explored what the next steps might be
- We discussed the lessons learned from CAA Global’s recent closure to new entrants, so that we can move forward with a better understanding of what needs to be taken into consideration as we develop new initiatives
- We welcomed Stephen Redmond, chair of the IFoA’s Disciplinary Committee (formerly the Disciplinary Board), who presented the Board’s Annual Report and fielded questions on the operation of the IFoA’s disciplinary process under the modernised regulatory arrangements that Council approved in late 2020.
Finally, we looked at the key strategic decisions that Council has made over the past two years, and reviewed how they had been implemented or progressed since.
As well as ensuring that we are on track to deliver our Strategy 2020-2024 (bit.ly/IFoA_Strategy20-24), all discussions considered the impacts of the initiatives on our members – something that is crucial for a membership organisation.
Council’s next meeting will take place on 24 November 2021.
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