2018 Board Member Candidate
Peter C. Hayes, FSA 1989, FCIA
Principal, Halifax NS
To my fellow actuaries: It is an honour to have been endorsed for this year’s ballot. I have had the privilege of holding a leadership position in a company that believes we need to nourish the profession(s) that feed us, and I firmly share this belief. I have volunteered continuously with the SOA since I achieved my Fellowship in 1989, and as I transition away from “paid employment” I believe I can bring to the Board a combination of leadership, depth of knowledge and extensive volunteer experience. In short, I want to make a difference as the Profession – in the words of the Strategic Plan – identifies, analyzes and responds to the rapidly changing environment in which we work.
Some of the reasons to vote for me include:
- Collaborative style: Dealing with the diversity of members, volunteers, paid staff, other actuarial organizations worldwide, and a host of others takes skill. Collaborative working relationships have been an essential component of success throughout my career, both professionally and as a volunteer. They take commitment, reliability, the ability to communicate, accepting of responsibility, responding positively to adversity, and understanding everybody’s role … these are traits I will bring to the Board.
- Open communication: Honesty, ethicality, open communication and fostering a culture of mutual respect are part of the foundation upon which I have operated and conducted business for more than 35 years. They are the backbone that will shape my input, opinions and decisions on the various matters coming before the Board.
- Education (SOA style): I have been privileged, through my volunteer work, to have gained exposure to many of the issues that have faced both the SOA and the profession over the past few decades. Many of these are Education related, and considering the SOA’s promise to deliver a globally recognized credential, we must continue to reflect the very best in educational methods and testing, and to consider “best-in-class” ideas. My recent work on the Independent Review Panel showed that we’re doing a lot of things right – we are leaders with a gold standard when it comes to our credential – but we are not perfect. We need to continue to raise the bar, and the intellectual engagement of our leadership will be a necessary component.
- Relevant experience: Most of my career as a retirement actuary has been spent communicating the results of comprehensive data analytics, and the recommendations that are developed therefrom, to Boards of Directors, senior management, Union leadership and, in many cases, to the members that will ultimately benefit from our work. So … how does this prepare for an SOA Board role? The biggest thing is the experience of “being in the room” and being a big part of the decision-making process – a boardroom is not foreign to me. Furthermore, in evolving from a technical to a strategic role, I have embraced and promoted innovation: as actuaries, we need to innovate if we are to remain relevant – a notion that mirrors the practical application of the SOA’s Strategic Plan, whereby knowledge, perspective, insight and influence are all used in real-world applications. My professional life has provided a multitude of experiences that serve as a wonderful foundation for the Elected Board Member role.
I believe my personal characteristics, and my professional and volunteer experience, will allow me to make a valuable contribution to the SOA Board. I respectfully ask for your support.
Brief description of current work
Prior to my recent retirement, I spent over 30 years as a consulting actuary, specializing in the areas of pension and investment consulting, stochastic modelling (including asset/liability modelling), governance, and the development and implementation of strategic and financial plans to a wide spectrum of client organizations. I was a Shareholder of Eckler for nearly 20 years, and had the privilege of assembling and leading a team of remarkable colleagues. Together we built an outstanding record, achieving personal and business objectives through the collaborative delivery of sound strategic and operational advice to each distinct client.
Primary Area of Practice
Retirement and Investment
Until my retirement at the end of June, I was a Principal and Shareholder at Eckler Ltd., accountable for all aspects of Halifax office management including business development, financial management, office administration, client relations, and human resources. In this capacity, I lead a team of 20 consulting professionals, actuaries, CFA Charterholders, and support staff in the delivery of services to a broad client base from every industry sector.
I have provided investment and actuarial consulting services, including financial projections and modeling, financial reporting and valuation, asset/liability management, strategic and tactical planning, risk management, investment policy and implementation, market studies, and research to a varied client base. These have included pension funds, investment funds (e.g, workers’ compensation and endowment funds) and benefit plans with assets of up to several billion dollars.
Memberships and Committee Activity:
Society of Actuaries, Schaumburg, Illinois
- Two Project Oversight Groups (POGs) 2017 - Current
- Centres of Actuarial Excellence Evaluation Committee (CEC) 2017 - Current
- Appointments Committee (Current Chairperson) 2013 - Current
- Professional Development Committee (PDC) 2011 - 2015
- Nominating Committee 2010 - 2012
- Education Steering and Coordinating Committee 1990 - 2009
- Executive Committee (2004-2009)
- General Chairperson, 2007 - 2008.
- Past General Chair, 2008-09; Vice-General Chair, 2006-07; Committee Member, 2004-06
- Fellowship-level Pension and Retirement Specialty Examinations
- Exam General Officer (2002-04), Committee Chair (1999-2002), Vice-Chair (1996-99), Committee Member (1990-96)
International Foundation of Employee Benefit Plans, Brookfield, Wisconsin
- Board of Directors (Member, Canadian Board)
- Canadian Investment and Corporate Committee
- Foundations of Trust Management Standards (Instructor)
- Masters of Trust Management Standards (Development Team)
Canadian Institute of Actuaries, Ottawa, ON
- Awarded CIA’s Bronze Certificate of Merit (2004) in recognition of service on Committees and Task Forces
Canadian Pension and Benefits Institute, Montreal, QC
- Member, National Board of Directors (1998-2000)
- Chairperson, Atlantic Regional Council (1999-2000); Vice-Chair, Atlantic Regional Council (1998-99); Member, Atlantic Regional Council (1995-98)
- Bachelor of Science (Major in Mathematics), Dalhousie University, Halifax, Nova Scotia (1981)
- Society of Actuaries, Fellow (1989)
- Canadian Institute of Actuaries, Fellow (1990)
Speaking Engagements (A sample over the past several years):
- Asset Allocation … By NOT Focusing on Asset Risk, August 2016, Vancouver, BC
- Modeling for Success! Decisions … with a Greater Degree of Certainty, November 2015, Las Vegas, NV and November 2014, Phoenix, AZ
- Town Hall: Retirement Income Security in Canada and the Roles of Employers, Individuals and the State, September 2012, Fredericton, NB
- Pension trends: Debunking myths and Charting a Course, June 2012, Montreal, QC and June 2011, Calgary, AB
- Risky Business - The trustees guide to identifying and managing risk, November 2010, San Diego, CA
- Liability Driven Investments vs. the Traditional Approach to Setting Asset Mix, August 2007, Chicago, IL
- Member, Editorial Board for The Actuary, 2010 - 2012.
- What’s Your Why?, Guest Editorial written for the October, 2011 issue.
- Co-author of several other articles:
- Accreditation Provides Focus for Myriad of Activities (April 2010)
- Whaddaya Mean, Three Fellowship Modules? (October 2009)
- Confessions of an Education Volunteer (August 2009)
- Education: What is e-Learning? (June 2009)
- Education: Serving With Distinction (April 2009)
- Reviewer, Pension Mathematics for Actuaries by Arthur W. Anderson, published by Actex, 2006.
- Reviewer, A Manager’s Guide to Strategic Retirement Plan Management by Daniel Cassidy, published by Wiley, 2006.
Personal Interests & Activities:
- Family (our children, grandchildren and extended family are almost all in Nova Scotia)
- Member, Oakfield Golf & Country Club (1995-present)
- Member and supporter, Bedford’s 100 Men Who Care
- Gentlemen’s hockey (last 20+ years)
- Travel (extensively throughout Canada and the US; UK, Italy, parts of the EU, Ireland, the Caribbean, Hong Kong, and the Peoples Republic of China)
- Volunteered extensively in minor sports. Twice selected “Coach of the Year” for Bedford & District Minor Hockey Association.