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

The IAI Council members include persons elected by the membership and others nominated by the Central Government. What is the main governance rationale for including nominated members?

Nominated members bring public-interest and regulatory perspectives to balance the profession's own views on the Council. They do not replace elected members, control exam marks, force unanimity or exempt the Institute from its statutory duties, so the rationale is balanced, accountable governance.

  1. ATo bring public-interest and regulatory perspectives alongside the profession's own viewsCorrect
  2. BTo allow the Government to set examination marks directly
  3. CTo remove the need for any elected members
  4. DTo ensure all Council decisions are unanimous
  5. To exempt the Institute from its statutory duties

Explanation

A statutory professional body serves the public interest as well as its members. Nominated members add outside perspective and balance the profession's self-interest. They do not replace elected members, set marks or exempt the Institute from its duties.

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