Board Member Description and Criteria
Learn more about the role of the SOA Board of Directors.
Job Description
Responsible, in partnership with other Board members and staff, to lead the organization and the actuarial profession through implementation of the SOA strategic plan and by performing fiduciary, strategic and policy responsibilities.
Term
3 years[1]
Internal Relationships
- Develop collegial and professional relationships with other Board members and key staff.
- Work well with staff and optimize their expertise.
- Communicate questions and concerns to the appropriate volunteer, Board member or staff leaders.
- Inspire other actuaries to get involved in volunteering at the SOA.
External Relationships
- Champion the SOA and the actuarial profession to all constituents and the public.
- Encourage cooperation among all actuarial organizations.
Responsibilities
Prepare & Participate
- Understand and apply the provisions of the SOA Bylaws and other policies.
- Prepare for, attend, and actively participate in all Board of Directors meetings and calls. Constructive participation includes consensus building, not dominating conversations, etc.
- Utilize the strategic governance model: SOA Strategic Plan.
- Implement Board decisions in an effective and timely manner.
- Create and support an environment that is inclusive, where differing perspectives, thoughts and backgrounds are encouraged and valued, and is reflective of the diversity of the members, employers, other constituents and public served by the SOA.
Set Direction
- Provide oversight to the mission and vision statement and strategies of the SOA.
- Establish, review and modify governance policies of the SOA.
- Monitor performance of the Society of Actuaries relative to established plans, goals and budgets, both as a professional organization and as a business.
- Articulate, safeguard, model, and promote organizational values, including the Code of Conduct.
Ensure Resources
- Consider issues of capacity (financial and human resources), core capability and strategic position when making decisions. Provide oversight.
- Ensure that all Fiduciary and Governance Duties are appropriately handled.
- Establish financial policies and ensure accountability.
- Ensure compliance with applicable laws and ethical standards.
- Monitor organizational performance using balanced scorecard management system.
- Authorize appointment of committees as necessary for the conduct of the affairs of the SOA, including the appointment of joint committees with one or more other organizations.
- Prescribe examinations and other requirements for admission as provided in Article III, Section 2, of the Bylaws, and facilitate study for such examinations.
- Review the annual audit of the SOA by an independent auditor and act on recommendations.
- Approve an annual budget and operating plan for the SOA, including a schedule of member dues and fees.
- Through the Finance Committee, invest and administer the funds and establish appropriate financial controls for the investment and administration of such funds.
- Amend the By-Laws as needed.
- Review, approve, amend, or rescind the actions of any committee except the Discipline Committees.
Personal Management
- Avoid any decisions, actions or associations that are or could appear to be conflicts of interest.
- Maintain awareness of emerging issues that could impact the profession.
- Extra responsibilities due to periodic or unexpected organizational items, i.e., strategic planning.
- Adhere to the Policy on Responsibilities and Conduct of Members of the Board of Directors.
SOA Meeting Requirements
- Three Board meetings per year (generally on weekends) or as needed (meetings are 1½ days in length, plus approximately a half-day to read meeting material):
- March
- June (held in conjunction with the SOA Health Meeting)
- October (held in conjunction with the SOA ImpACT Conference)
- Participate in virtual meetings between Board meetings that are 60-90 minutes long or as needed.
- Participate in incoming Board Member Orientation Meeting in October late afternoon on Friday and .5 days Saturday morning prior to the SOA Board Meeting (optional for those returning).
- Attend Leadership Summit.
Board Assignments
- Serve on committees or task forces as assigned, which could average 2-4 hours a month and include a monthly virtual meeting plus reading meeting material. Members of the Executive Committee would have a larger time commitment.
- Maintain at least two assignments outside of the Board meetings.
- Attend in-person meetings and virtual meetings as required for board assignments.
- Participate in two to three speaking commitments.
- You can find additional time commitment information.
Financial Support
- See the Board Policy 330, Reimbursement policy
Qualifications
- Fellow of the SOA
- CPD Compliant
- Exhibits appropriate professional behavior as a representative of the SOA
Preference
- Active member of the SOA
- Demonstrated commitment to the SOA via leadership participation on the Board, section councils, committees or task forces.
Criteria
Intellectual Engagement
- Demonstrates curiosity related to topics which impact the profession and SOA.
- Ability to assess opportunities and threats and anticipate needs of the SOA.
- Ability to be creative and find innovative ideas to help execute SOA strategy.
- Comprehension of financial policies, budgeting, and financial controls, including the ability to oversee the annual budget and operating plan.
Stewardship
- Ability to learn and put into practice the fiduciary responsibilities required of a Board member and understands the role of governance.
Strategic Execution
- Focus on facilitating the direction of the profession and SOA as a business.
- Works with the SOA to continually support, maintain, and execute the SOA Strategic Plan.
- Strategic thinker with demonstrated ability to champion new and innovative ideas and programs.
- Demonstrates financial acumen.
Ethics and Transparency
- Demonstrates objectivity and transparency in the decision-making process and doesn’t focus on individual agendas.
- Maintains the highest level of ethical standards and integrity.
Collaboration
- Demonstrates ability to collaborate with other members of the Board, volunteers and staff to achieve the goals of the SOA.
- Culturally sensitive and demonstrates awareness of others.
- Ability to both lead a team and be a team player.
- Ability to achieve consensus
Commitment
- Demonstrates commitment to and involvement with the profession and the SOA.
- Willing to commit the time necessary to fulfill the expectations and duties of a Board member.