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The Actuary The magazine of the Institute & Faculty of Actuaries

Key dates agreed for merger project

Good progress is being made by the eight work strands involved with the merger project. The work strands are looking at a range of issues, including the development of an identity and name, the legal and tax structure of a merged body, and consideration of how best to build on our history. The purpose of the work strands is to design the best possible structure for the future professional body, as well as addressing the concerns that have been raised.

At the Joint Councils meeting on 4 February, key dates for the project were agreed:
>> 31 March Joint Councils receive reports from work strands and provide any final ‘steers’
>> 29 April Joint Councils decide, based on reports from work strands, whether or not to proceed to a formal vote.

If the decision is to proceed with a formal vote:
>> 21 May Joint Councils approve complete merger prospectus for distribution to members
>> 10 June Launch of formal vote
>> 17 July Close of formal vote.

Under the Charter and Bye-laws of the Faculty and the Institute, the formal vote would take place at meetings of the Faculty and the Institute, with the votes of those present and the proxies of those unable to attend counted. More information about the voting process and confirmation of the dates for these separate meetings will follow.

If the decision is not to proceed with a formal vote (or the vote fails):
>> 21 May (and onwards) The Faculty and the Institute Councils would discuss how each body sees the future of the professional body and may take steps to develop a robust and fair way for the two bodies to operate going forward. Council members have already given some consideration to how the professional body in the UK could operate in the event of a merger not taking place, as both Councils agree that the current position is unsustainable. Some possible scenarios will be shared with members before a formal vote.