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The Actuary The magazine of the Institute & Faculty of Actuaries

Members vote on merger proposal

The Faculty of Actuaries and the Institute of Actuaries held simultaneous special general meetings (SGM) on 23 July 2009 to discuss and vote on the proposal to merge the two bodies and form the Chartered Actuarial Profession.

The outcome of both votes was announced at the two SGMs and confirmed to all members by e-mail later that evening. While 73.5% of Faculty members voted for the resolution, only 71.6% of Institute members voted in favour. The Faculty has a voting threshold of two-thirds, which means the vote was carried by the Faculty, and the Institute has a voting threshold of three-quarters, which means the vote was not carried by the Institute. More than 60% of Faculty and Institute members eligible to vote did so.

In Edinburgh, Katie Low spoke for the resolution and said that a merged body would have a strong Scottish voice. She urged members to grasp the opportunity. Ronnie Sloan, speaking against the resolution, said that members had not had sufficient time to consider the new charter but he said the status quo was not viable.

At Staple Inn, Jane Curtis spoke for the resolution and said that a merged body would be far more successful as a policy influencer and opinion former. Speaking against the resolution, David Wilkie suggested that the Institute could allow Faculty members to join the Institute if they so chose, while maintaining a separate Scottish body.

Institute president Nigel Masters said he was disappointed to have lost this tremendous opportunity, particularly as Faculty members had given their support to the proposal. Nigel Masters and Faculty president Ronnie Bowie thanked members for taking part in the merger debate, and said they hoped the same energy could now be channelled into reshaping the Profession to best serve its members as they meet future challenges. Both councils were due to reflect on the outcome separately and, in discussion with each other, then consider the best way to move forward.

To listen to the recordings of the SGMs and to view a breakdown of the outcome, visit www.actuaries.org.uk/news/sgm20090723 or www.actuarialmerger.com/MergerResults.html

To share your views, e-mail merger@actuaries.org.uk, facultypresident@actuaries.org.uk or institutepresident@actuaries.org.uk. You can also visit the discussion board at www.actuarialforums.com