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IAI Actuarial Core Principles · Business Management · Actuaries Act, 2006 and IAI governance

The Council of the IAI wishes to deal with detailed examination-setting matters without the full Council debating each item. Under the governance structure of the Act, what is the most appropriate way to do this?

The Council should constitute a committee, such as an Examination Committee, to carry out delegated functions and report back. This preserves the Council's accountability while sharing the workload. Statutory powers cannot be transferred to staff, and the Disciplinary Committee deals only with misconduct.

  1. AConstitute a committee, such as an Examination Committee, to perform delegated functions and report to the CouncilCorrect
  2. BTransfer the Council's statutory powers permanently to the Institute's staff
  3. CAsk the Central Government to set each paper directly
  4. DPass the work to the Disciplinary Committee, which handles all matters
  5. Abolish the Council until the examinations are completed

Explanation

The Council may constitute committees to carry out specific functions, which remain accountable to it. Staff cannot take over statutory powers, and the Disciplinary Committee has a separate purpose of handling misconduct matters.

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