Constitution

The Faculty of Actuaries in Scotland and the Institute of Actuaries work together as the Actuarial Profession.

The Faculty's powers and duties derive from its Royal Charter, awarded in 1868. The Charter establishes the Council as the Faculty's supreme governing body. The Council's members are elected by its Fellows, Honorary Fellows and Associates.

The Institute's powers and duties derive from its Royal Charter, originally awarded in 1884 and supplemented in 1959. The Charter establishes the Council as the Institute's supreme governing body. The Council's members are elected by its Fellows and Associates.

In accordance with Bye-law 80, the Institute, the Institute gives its members at least 28 days' notice for the Annual General Meeting and 21 days' notice for a Special General Meeting. Rules 18 and 19 of the Faculty require a seven-day notice period for Ordinary and Special General Meetings.

Corporate Governance

The Councils have adopted the provisions of Section 1 of the Combined Code prepared by the Committee on Corporate Governance, to the extent appropriate.