IFoA Council met virtually for its third meeting of the sessional year on 10 March 2022. Our focus at this meeting was on the IFoA’s Corporate Plan for 2022/2023, improving member experience, and ensuring the good governance of the IFoA.
Before discussing the Corporate Plan, Council received updates on the IFoA’s performance during the past fiscal year from our CEO Stephen Mann and our Management Board chair Grahame Stott. We were pleased to note that progress had been made across the year against our 2020-24 strategy, and that we had achieved this with a year-end budget surplus. More details of our accomplishments during 2021/22 will be available in our forthcoming annual report, which will be published on the IFoA website in early June.
Council then gave its feedback on the IFoA’s Corporate Plan for 2022/23. We took this opportunity to challenge the Executive and the Management Board on whether the plan struck the right balance between being stretching and achievable, on the robustness of the financial projections and the assumptions that underpin it, and to ensure that the priorities identified within it (and the investment required to deliver them) will deliver value for money and – most importantly – will be of benefit to our members. We look forward to sharing more about the plan with you in the coming weeks and months.
On the topic of improving our members’ experience of the IFoA, Council received a presentation on the results of (and key lessons from) the IFoA’s Member Engagement Survey, which took place in November 2021. We were pleased to see an increase in the overall Net Engagement Score for members, but it remains clear that much more must be done before we can be truly satisfied with how our members feel about the IFoA and the value we provide to them. This will remain a key area of Council’s focus during the coming year, and we will continue to keep you updated on this front.
Various aspects of the IFoA’s governance arrangements are currently under internal review, and Council received updates at this meeting from three review groups on different aspects. Council approved a proposal to implement a revised risk management framework and supporting operating model, which aims to improve the effectiveness of risk management across the IFoA.
We also gave our support to the continued work of a Council-led working group that is looking at how we can improve the effectiveness, clarity and transparency of our current governance arrangements, and to a separate proposal for enhancing the arrangements for providing support and oversight to our practice boards. There will be further updates on these governance reviews at our next meeting.
Council met again on 23 March 2022 to elect the president-elect for the 2022/23 sessional year; congratulations to Kalpana Shah on winning that election. Kalpana will be formally appointed president-elect at our Annual General Meeting on 15 June.