The Institute and Faculty of Actuaries (IFoA) has announced the appointment of six new non-executive directors to its newly formed IFoA board.
The appointments, ratified by the IFoA council, are effective immediately. The recruitment process was led by Lord Currie of Marylebone (pictured above), who assumed the role of IFoA board chair in April.
The complete IFoA board now includes five member non-executive directors (mNEDs), one of whom is the president, three independent non-executive directors (iNEDs), one of whom is the chair, and the CEO. The new appointees to the IFoA board are:
IFoA explained that the confirmation of the full board is key in implementing the association’s governance reforms. The new structure aims to align the IFoA with best practices in modern corporate governance, with the board leading the organisation’s strategy. It will oversee the executive, which manages day-to-day operations.
The council will also continue to provide guidance to the board, focusing primarily on developing its long-term vision. The changes are intended to modernise the organisation and ensure it meets the needs of its members and the public interest.
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Lord Currie, chair of the IFoA Board, commented on the recruitment process, noting the excellent calibre of applications.
“In assembling this board, our focus has been on appointing a team with complementary skills and experiences. I believe we have found the right mix, putting us in the best possible position to meet the needs of the IFoA and our members,” Currie said.
IFoA president Kalpana Shah also expressed satisfaction with the progress made under Lord Currie’s leadership.
“The formation of the new board, along with council agreeing the new vision for the IFoA and making significant headway on shaping its own future, means that, as an organisation, we are making strong progress with our governance reform programme,” Shah said.
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