The Faculty and Institute Councils
The Councils are responsible for the management of the affairs and business of the Faculty and the Institute in accordance with their Charters. To run the Profession in a unified way, the Councils meet jointly on a regular basis. As Joint Councils they consider strategy and policy, and develop key areas of thought leadership. In the last financial year, Joint Councils met four times - 19 May, 19 September and 12 December 2008 and 4 February 2009. Joint Councils also met in March, April and May 2009. The main issue covered at these meetings was the proposed merger of the Faculty and Institute. In addition to the annual accounts and budget and corporate plan, other topics discussed during the past twelve months were changes to the disciplinary schemes, developments in the qualification system, global financial crisis, and the Actuaries' Code.
New Structure
On 1 March 2008, the Profession introduced a new structure with redefined responsibilities. In the future, responsibility for following good
governance and sound financial management will lie with the Audit and Governance Committee, chaired by a lay person, which reports to Joint Councils.
Responsibility for overseeing governance and financial management lies with the Audit and Governance Committee, which is chaired by a
Fellow of the Institute of Chartered Accountants in England and Wales, and reports to Joint Councils.
As at 28 February 2009 the Councils comprised 54 members as follows:
- 30 members elected to Institute Council by the membership
- 22 members elected to Faculty Council by the membership, and
- 2 members co-opted to Faculty Council by Council.
