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

The IAI Council plans to publish its reasons when it adopts a new professional guidance standard for members. Which governance principle does this most directly support?

Publishing reasons for adopting guidance supports transparency and accountability, letting members and the public see how decisions serve the public interest. It is not about revenue, shielding Council members, controlling pass rates or avoiding stakeholder consultation, which would run against good governance.

  1. ATransparency and accountability to members and the public interestCorrect
  2. BMaximising the commercial revenue of the Institute
  3. CRestricting information to protect Council members from criticism
  4. DEnsuring examination pass rates stay constant
  5. Avoiding any consultation with stakeholders

Explanation

Publishing reasons lets members and the public see how and why decisions were made, which is transparency and accountability, central to the governance of a profession serving the public interest. The other options either contradict openness or concern unrelated aims like revenue or pass rates.

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