PART 1

1-    IAA President Tonya Manning presented the Executive Committee report with the recent progress on the key IAA strategic objectives.
(Full recording of the Council meeting is on the IAA YouTube Channel)

2-    Council approved to dissolve these Practice Committees and Working Groups effective December 31, 2020.

3-    As the Advance Committee continues its work on the Forums, Council approved to create 3 initial Forums that will start working in January 2021. It was also approved to transform other entities into seven time-limited Task Forces for a 6-month period until the next Council meeting in May 2021. Finally, the leadership for these 10 entities was ratified.

4-    Masaaki Yoshimura, Chair of the Nominations Committee, presented the Nominations Committee report including some revisions to the Nominations Committee Protocol and the related changes in the Internal Regulations. The 2021 appointments and reappointments, as presented in the deployment chart, were approved.

5-    Gabor Hanak, Chair of the Strategic Planning Committee presented a report on its first year of operations, outlining the substantial progress on important topics such as Education and finances. This important Committee was initially envisioned to work mostly via in-person day-long meetings, thus the virtual format imposed by the pandemic and the related travel restrictions has created some delays to some files are still ongoing.

Watch our virtual coffee break with colleagues from around the globe

PART 2

6-          Jane Curtis presented the Audit and Finance Committee report, outlining the committee’s work on monitoring financial reporting and continued progress towards cost reduction initiatives, updating to the Risk Register and the Investment Policy. The Investment Policy and the appointment of the auditors for the current fiscal year were approved.

7-          Mathieu Langelier, Executive Director, presented the 2021 budget which was also approved.

8-          Reports were received from the chairs of the Actuarial Standards Committee and the Membership Committee.

9-          David Martin, Chair of the Professionalism Committee introduced the revised IAA Professional Guideline 2 – Principles in relation to the governance of International Actuarial Work, which was equally approved by Council.

10-        Council approved motions to discontinue the Actuaries Without Borders Section and in addition:

a.          Transfer AWB’s remaining assets at year-end once due diligence had been completed on the establishment of the new entity.

b.          Mandated EC to finalize a collaboration agreement with the new entity; amend, as necessary the terms of refences for committees; and, create a business plan to launch a new fund to finance future diversity and inclusion initiatives of the IAA.

11-        Council ratified the request from the Actuarial Institute of Australia to postpone the International Congress of Actuaries to May 28-June 1, 2023. Bozenna Hinton gave a lively overview of what delegates can expect in Sydney in 2023.

12-        The 2021 Officer elections took place with Jan Kars being elected as President and Roseanne Harris as President-Elect.
Watch the virtual presidential medal exchange!

13-        Finally, there were several presentations to provide updates on upcoming section events planned for Hong Kong, Singapore and Orlando.