Board Member Description and Criteria
This position carries a three-year term. Board Members can run for up to two terms.
- 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.
- Champion the SOA and the actuarial profession to all constituents and the public.
- Encourage cooperation among all actuarial organizations.
Preparation and Participation
- Understand and apply the provisions of the SOA Bylaws and other policies.
- Prepare, attend and actively participate in all Board of Directors meetings and calls. Constructive participation includes consensus building, not dominating conversations.
- Utilize the strategic governance model—The 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.
- 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 SOA relative to established plans, goals and budgets.
- Delegate authority for organizational management.
- Articulate, safeguard, model, and promote organizational values, including the Code of Conduct.
Consider issues of capacity (financial and human resources), core capability and strategic position when making decisions.
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
- 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.
- Prepare for 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
- Participate in three Board meetings per year or as needed (meetings are 1.5 days in length, plus approximately .5 days to read meeting material):
- June (held in conjunction with the SOA Health Meeting)
- October (held in conjunction with the SOA ImpACT Annual Meeting)
- 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 Orientation Meeting in November in the Chicago area, including a reception with staff.
- Serve on committees or task forces as assigned, which could average 1-2 hours per week.
- Maintain at least two assignments outside of the Board meetings.
- Attend in person and virtual meetings as required for board assignments.
- Participate in two to three speaking commitments
- You can find additional time commitment information here.
See the Board Policy 330, Reimbursement policy.
- Fellow of the SOA
- CPD Compliant
- Exhibits appropriate professional behavior as a representative of the SOA.
- Active member of the SOA (preferred)
- Demonstrated commitment to the SOA via leadership participation on the Board, section councils, committees or task forces. (preferred)
- Leadership, including ability to respect the historical perspective, credibly assess the current environment and set and communicate an inspirational future direction that engages and motivates positive changes in the organization.
- Performance management, including goal setting, feedback, evaluating and rewarding; an ability to get things done through others, hold people accountable, and focus the organization on projects that support the strategic plan
- Build a culture that fosters creativity, open dialogue, and thoughtful risk taking
- Recruiting/team building, including the capability to identify and recruit talent, and organize teams with the correct balance of talents
- Training and development, including the talent to identify and correct skill gaps
- Ability to work with volunteers
- Structure effective organizations and processes
- Change management, including the aptitude to recognize paradigm shifts
- Strategic planning/thinking
- Experience serving on a board or leading profit or non-profit organizations
- Project management
- Participate in senior level strategic and/or Board meetings
- Value differing perspectives and being open to considering those in decision-making.
- Network/organizational savvy, including the capacity to build/leverage a network of relationships and resources
- Time management
- Respectful of others
- Intellectual curiosity
- Conflict resolution, including facilitating diplomatic solutions
- Ability to work with others and respect different opinions
- Demonstrate 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.
- Ability to learn and put into practice the fiduciary responsibilities required of a Board member and understands the role of governance.
- Future focused to facilitate the direction of the profession and SOA.
- Work with the SOA to develop and continually support a shared vision.
- Strategic thinker with demonstrated ability to support and champion new and innovative ideas and programs.
- Exhibit an entrepreneurial spirit.
Ethics and Transparency
- Demonstrate objectivity and transparency in the decision-making process and doesn’t focus on individual agendas.
- Maintain the highest level of ethical standards and integrity.
- Willing to work collaboratively 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