Elected annually by Voting Members, the 11-person Board is the Actuaries Institute's peak executive body. As outlined in the Constitution, the Board is primarily responsible for:
- Leadership – setting and implementing strategic plans and operational policies.
- Governance – ensuring compliance with legislation and regulations and that the Institute meets high standards of probity and transparency, is well managed and has an effective risk management policy.
- Stewardship – protecting the reputation of the Institute and the actuarial profession by maintaining and enforcing strict professional and ethical standards.
The Presidential Committee comprises the President, Senior Vice President and Vice President. The Presidential Committee exercises the powers of the Board between Board meetings and is directly accountable to the Board.
The President is the leader and spokesperson for the Actuaries Institute and the actuarial profession in Australia. The President receives administrative support from Institute HQ.
The Senior Vice President and Vice President share the President’s workload and may substitute for the President when required. The Senior Vice President and Vice President take active roles on Board Committees and sub-committees/taskforces.
Each position is held for one year on a rotational basis. At the final Board meeting of each year, the Board elects a new Vice President. The new Vice President takes office from 1 January the following year, moves into the position of Senior Vice President the year after and then becomes President in their third year. This succession plan ensures the Senior Vice President and Vice President are fully prepared for their Presidential year. Members of the Presidential Committee are also expected to attend and complete the Company Directors Course conducted by the Australian Institute of Company Directors.