President’s Report to Members: June 2018 Council Meeting

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Barry Rafe presents his report to members from the Actuaries Institute Council meeting held on 13 June 2018, including key issues discussed and decisions made.

The Institute has a significant number of projects running currently on top of BAU. These initiatives include:

  • The Education Strategy Review;
  • Part 3 education improvements;
  • Continuing Professional Development enhancements;
  • Constitutional changes including Disciplinary Scheme Review;
  • Code of Conduct Review;
  • International Congress of Actuaries (ICA) 2022;
  • See what we see campaign; and
  • Internal Customer Relationship Management system upgrades.
At the end of April 2018, Institute membership was 4,676, up 0.6% on the corresponding period last year. Fellows numbered 2,250; Associates 658 and Students 1,621.

ICA 2022

A debrief on the learnings from Berlin’s ICA 2018 was provided to Council. ICA 2018 was an impressive event with over 2700 delegates. The event is a large undertaking that requires significant volunteer resources to ensure it is a successful event. Council have requested detailed ICA 2022 project, organisation and finance information to review at their September Council meeting.

Education Strategy Review and CPD update

The Education Strategy Review financial model, accreditation and exemption policy were all reviewed and approved in principle. A communication to members outlining the proposed changes will be sent shortly.

The proposed 2018 CPD projects have been scaled back to allow for the resources available. The key deliverable includes restructuring the website to provide practice based hubs of CPD offerings so CPD is easier to find.

Brand marketing campaign

The revamped 2018 See what we see campaign will feature leading actuaries in the profession and is aligned with Goal 3 from the proposed 2018-2020 Strategic Plan to ‘build brand and community’ by promoting the profession’s value proposition internally and externally.  There will be two initial campaign executions in 2018 featuring:

  • actuaries shaping industries; and
  • leading actuaries in data analytics.

Practice committee reports

General Insurance: Convenor Tim Clark briefed Council on the activities of the committee and the importance of Actuaries being able to articulate the clear value differentiator of Actuaries, particularly in the world of data analytics. Tim Clark has resigned as GIPC Convenor and Jeremy Waite has been confirmed as his replacement. Council thanked Tim for his great contribution to the profession and the general insurance community.

Superannuation: Paul Shallue gave an update of the Superannuation Practice Committee (SPC) activities. Convenor Ben Facer has tendered his resignation as convenor and a search is underway for a replacement. Council thanked Ben for his great professional contribution and thanked the committee for the large amount of work undertaken.

Calling of EGM and constitutional changes

The revised resolutions and changes to the Constitutions were reviewed. Following a later meeting between Council and our legal advisors, the resolutions and Constitutional changes were passed. A notice for an EGM to be held on 9 August 2018 will be sent out.

Key appointments

Annette King has been appointed to the Audit and Risk Council Committee (ARCC). Council will advertise for one or more non-Councillor positions to ARCC.

Membership fees

It was agreed that membership subscriptions should be increased from 1 October 2018 by 3%, in line with previous year increases.

Professional standards

The following decisions were made regarding professional standards:

Practice Guidelines: PG 199.02 (Relationship with the Auditor when Actuarial Work is Used in an Audit), together with the accompanying Explanatory Memorandum was approved and released to members with effect 30 June 2018.

Professional Standards: PS 406 (Unsegregated Superannuation Liabilities), together with the accompanying Explanatory Memorandum was approved and released to members for application to actuarial certificates in respect of financial years commencing on or after 1 July 2017 that are issued on or after 1 July 2018.

GN 451 be withdrawn at the time that PS 406 is issued.

Governance project

A revised “Primary Committees Policy and Practice Committee Terms of Reference” was approved. This completes the policy governance review project.

HQ success stories

HQ has been busy and CEO Elayne Grace gave an overview of some of the achievements since the last Council meeting including Actuarial Hackathon, 4000+ listens on the Institute’s Podcast Channel, vibrant 2018 Financial Services Forum, Federal Budget coverage, release of a new “Future of Life Insurance” Dialogue paper and the Volunteer Awards.

Next meeting

The next Council meeting is on 3 September 2018.

Feedback please!

If you would like to provide some feedback or comments, please contact one of your councillors below.

Barry Rafe (President)
Nicolette Rubinsztein (Senior Vice President)
Hoa Bui  (Vice President)
Andrew Brown
Ann-Maree Cook
Andrew Doughman
Jefferson Gibbs
Annette King
Bill Konstantinidis
Michael O’Neill
Chao Qiao

CPD Actuaries Institute Members can claim two CPD points for every hour of reading articles on Actuaries Digital.

About the author

Barry Rafe

Barry has held senior consulting positions as a strategy partner at Accenture; head of financial services at Trowbridge Consulting; senior manager with AMP; and CEO of Mellon Bank’s Australian operations. He presents governance courses for the Australian Institute of Company Directors and recently achieved first class honours in Philosophy at Sydney University. Barry served as Institute President in 2011. He is also a past director and treasurer of the Responsible Investment Association of Australasia and of ASFA.

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