The sessional year’s third Council meeting took place on 15 March by videoconference.
One item on the agenda was Council’s annual review of the Corporate Plan. This year’s plan is ambitious but within our risk appetite and will allow us to continue making progress against our 2020-24 strategy.
We were also presented with the initial findings and recommendations of the IFoA’s governance review, and its recommendations will be put to a vote at Council’s June meeting.
We received updates from Management Board chair Grahame Stott and CEO Stephen Mann. Both highlighted the importance of focusing on key parts of the IFoA’s change agenda that will be implemented in the next three months.
We also received the first iteration of the Strategic Risk Report from the head of risk Serrina Galleymore, enabling us to identify which risks are outside our risk appetite and see that effective mitigations are in place.
The events team presented a review of the events strategy that has been in place since face-to-face events returned in June 2022. We were pleased to hear of high attendee numbers and the strategy to continue providing in-person and virtual events.
Council also discussed the results of the 2022 Member Engagement Survey and Net Engagement Score (NES). It was supportive of the way forward presented, including monitoring other metrics alongside the NES to make sure members continue to see value.
We heard from the team that is looking at our long-term strategy for attracting and retaining members, provided feedback on its work and look forward to voting on formal recommendations at our next meeting.
We also discussed the Chartered Actuary vote. We are awaiting Privy Council approval but hope to take this step forward soon.
We approved the process for electing new members to Council; nominations opened on 5 April 2023. If you would like to contribute to our strategic direction and the profession, please nominate yourself to stand before 9 May 2023.
Our next meeting will take place at Staple Inn on 14 June. Minutes are available at bit.ly/2u1gmx9 and you can contact us at [email protected]