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SOA Member Announcement–Board of Directors Meeting (February 2008)
For Immediate Release: March 12, 2008
Society of Actuaries Approves VP Vote Tally Release, Proposes Amendment to SOA Bylaws
At its February 25–26 meeting, the Society of Actuaries' Board of Directors discussed and made decisions on a number of strategic issues and initiatives.
The Board of Directors approved the Nominating Committee's recommendation to release vote tallies for the annual election of Vice Presidents beginning this year. "The Board's approval highlights its commitment to transparency and corresponds with the release of the Presidential candidate vote tallies which began with the 2007 elections," said President Bruce Schobel. "Looking forward, members can expect to see the results of these elections in future years and enjoy the benefits that come from greater transparency."
The Board proposed an amendment to the SOA bylaws that would allow Associates, who have been members of the SOA for five years or more, to vote in elections for President–Elect, Vice Presidents and members of the Board of Directors. This amendment will be put to a vote of the Fellows in the 2008 election. "Recognizing the commitment to the profession and the knowledge that many members holding the ASA designation for five years or more bring, we are bringing this important matter to a vote," said Schobel.
The Board also commissioned the SOA's Knowledge Management Strategic Action Team (KMSAT) with the development of potential programs to strengthen the role of academia in the profession. The Board will consider these potential programs at the June 2008 Board meeting. Schobel acknowledged, "This is a long–term perspective that will evolve over time and is a matter of critical importance to the profession." In addition, the Board approved the appointment of three Board members to a joint task force to review the CIA Future Education Model Task Force report and provide comments to the Board at the June 2008 meeting.
The Board endorsed transferring the Joint CAS/SOA Committee on Diversity's scholarship program to The Actuarial Foundation. The Board supports funding of the committee's remaining programs in concert with the CAS. The CAS Board will address transfer of the scholarship program at their meeting the week of March 10. "The time has come to grow this important initiative, and the Foundation has the specific expertise in fundraising and managing scholarship grants to advance this work," added Schobel.
Further, the Board approved the addition of two new members to the Chartered Enterprise Risk Analyst (CERA) Review Team representing the health and retirement disciplines, demonstrating the Board's view that the emerging field of enterprise risk management is practiced in all actuarial disciplines.
Finally, in support of efforts to enhance actuarial organizational cooperation, special guests participating at this meeting included Frederick J. Sievert, Chair of The Actuarial Foundation, Christopher S. Carlson, President of the Casualty Actuarial Society and Kenneth F. Hohman, President of the Conference of Consulting Actuaries.
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