The second Council meeting of the sessional year took place on Wednesday 30 November 2022 at Staple Inn, London – our first in-person meeting since March 2020.
Members also met the day before for our annual strategy meeting, at which we reflected on the progress made to date against our 2020-24 strategy and discussed its key elements – both as we continue in our efforts to deliver it in the next couple of years, and as we turn our attention to 2024 and beyond. It was good to finally be able to meet so many Council members in person for the first time.
At our meeting, Council discussed the IFoA’s response to recent issues around liability-driven investments and the monitoring needed going forward. The IFoA has taken several steps in relation to responding to some of these issues, including a brief press release, consideration of the need for a Regulatory Board risk alert, discussions as part of the Joint Forum on Actuarial Regulation, and submitting responses to UK parliamentary inquiries.
Council also received its regular updates from the chief executive and the chair of the Management Board, and noted the work undertaken to organise the Life and GIRO conferences of the week before.
We were updated on the Management Board’s appointment of an external partner to review the IFoA’s governance; this review will be brought back to Council for consideration once complete.
We also heard from the team that is looking at our long-term strategy for attracting and retaining members. We provided feedback on their work so far and will engage with them as they identify how the IFoA can continue to provide value for its members.
Following feedback at our September meeting, we received a revised iteration of the strategic risk register, which enabled us to have a structured discussion around the strategic risks facing the IFoA and the mitigations in place. The register will evolve as we continue to identify potential risks and apply mitigations.
We also discussed the implementation of the DEI strategy approved a year ago. Volunteers, members and colleagues have a strong appetite and commitment to progress the DEI agenda – in line with growing expectations from regulators and industry bodies – to increase diverse thinking within all professional and financial services.
We received an annual report from the Chair of the Regulatory Board, Neil Buckley, and from the IFoA Foundation. It was good to hear from both groups about their work to further the IFoA’s strategic aims.
Council also approved the appointment of Yiannis Parizas as editor of The Actuary magazine. Congratulations, Yiannis!
The next Council meeting will take place virtually on 15 March 2023. Minutes from meetings are available at bit.ly/IFoA_council and you can contact us at [email protected]