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The Actuary The magazine of the Institute & Faculty of Actuaries

Numbers don’t add up in merger vote

The results of last night’s landmark vote on the proposed merger of the Faculty of Actuaries in Scotland and the Institute of Actuaries have been announced by the UK Actuarial Profession.

Despite a large majority of all members in favour, and Faculty members achieving their required two-thirds threshold, Institute votes fell 175 votes short of the three-fourths required to carry the motion.

On a very large turnout, 73.5% of Faculty members and 71.6% of Institute members voted in favour of a merger. The vote of each organisation took place at separate special general meetings on 23 July 2009: the Faculty at the Royal College of Physicians in Edinburgh and the Institute at Staple Inn Hall in London. Associates, Fellows and Honorary Fellows of the Faculty; and Associates and Fellows of the Institute were eligible to vote.

The Actuarial Profession announced the results (see below) in a statement issued last night. A full analysis of the votes cast is due to be released later today.