Role: 1063 - THIS POSITION IS NOW CLOSED
The Institute and Faculty of Actuaries (IFoA) has retained First Flight Non-Executive Directors Ltd to search for the Chair of its Management Board. The IFoA is an international body based in London but with a worldwide membership of some 32,000 of which around half are based the UK. The Management Board is responsible for overseeing, in general terms, the management and operation of the IFoA and holding the Executive accountable for its activities. The Chair of the Management Board is therefore pivotal to the smooth running of the Institute and Faculty of Actuaries.
Candidate Requirements
Candidates can be actuaries (Fellow or Associate) or non-actuaries but must meet the following criteria:
- Successful track record in executive role at board level, ideally in an enterprise wide role.
- Non-Executive Director experience.
- Experience of chairing boards and committees.
- Experience of working with diverse stakeholders
- Knowledge of governance and risk management frameworks.
- Understanding of the role of public interest professional bodies.
- Awareness of the range of actuarial work and the role of actuaries.
- High ethical standards with good interpersonal skills (including tact and diplomacy) and an ability to take a pragmatic approach without compromising on quality.
- Experience of international markets.
In addition, it would be desirable for candidates to have:
- Experience of professional bodies and/or not for profit organisations with a public interest.
- Experience of organisations with complex governance regimes and/or membership involvement in their governance.
Key Responsibilities
1. Board Leadership
- Leading a high performance board including continuous board member development.
- Plans the work of the board in conjunction with its members, to ensure delivery of the IFoA’s strategy as set by Council, by identifying the strategic and operational priorities.
- Ensures that the board performs effectively and in accordance with its Terms of Reference, the IFoA’s Governance Manual and IFoA’s principles of equality, diversity and inclusion.
- Builds and gets the best from all board members and understands how to deliver conformance and performance.
- Sets the cultural tone, incorporating values, performance and a common purpose and enables open and rigorous debate.
- Chairs board meetings, which take place quarterly (full-day face to face) and monthly (by call) between full meetings.
- Upholds the values of the Institute and Faculty of Actuaries.
- Participates in other relevant, sometimes more informal, meetings or events.
- Balances challenge and holding accountable the Executive with support and mentoring.
- Contributes an external perspective on the IFoA’s activities.
2. Governance
- Leads the board in exercising its governance role and measuring success in delivering the strategy set by Council.
- Reports regularly to Council on progress against the strategy, progress against the business plan and performance of responsibilities under the scheme of delegation.
- Defines appropriate (stretching, quantifiable and transparent) success measures for strategic and operational delivery and regularly monitors progress.
- Works with Council and Executive to ensure that the strategy and business plans are aligned and to ensure that members’ interests are duly considered.
- Ensures that the Institute and Faculty has an appropriate risk framework in place.
- Ensures papers are of an adequate quality and fit for purpose.
- Agrees the agenda for board meetings and reviews draft minutes.
- Acts, on behalf of the board, as the Chief Executive’s line manager and as a member of the board’s remuneration sub-committee (which sets the Chief Executive’s remuneration).
- Guides strategy implementation, while being on the lookout for threats and opportunities and serving the IFoA’s members.
- Keeps a watchful eye on succession planning for the Chief Executive.
- Identifies the important decisions and combines long term thinking with operational effectiveness.
3. Stakeholder Relationships
- Manages diverse relationships, builds trust and takes responsibility for effective communication.
- Uses a clear understanding of the organisation, its values and stakeholder expectations and to provide focus and clarity to the board’s deliberations.
- Works effectively with the Presidential Team (President, President Elect and Immediate Past President) and Chief Executive, establishing a relationship of mutual respect.
- Promotes and builds a relationship of trust with Council and the Presidential team.
- Promotes two way communication and feedback with stakeholders and creates honest and open relationships.
- Works with Council, the Presidential team, fellow board members and the executive to build a sense of mutual trust among the different stakeholders.
- Guides the Board in its duty to staff, to treating them with respect and ensuring their personal development is prioritised.
Time Commitment Required
The time commitment is expected to be between 40 and 60 days per year, including meeting attendance and preparation. The Chair must be available to attend in person 4 management board and 4 council meetings (at least 4 of these will be in London). There are also approximately 8 further interim management board meetings which the Chair is expected to attend either virtually or in person.
Remuneration
c. £60,000 (under review)
Tenure
The appointment would be for three years, subject to annual performance review. There is the possibility of reappointment for a second term.
Deadline
The closing date for application is 9am on 17th October 2018. Applicants are encouraged to apply early.
