SINGAPORE ACTUARIAL SOCIETY ANNUAL GENERAL MEETING … · ANNUAL GENERAL MEETING FRIDAY 27 MARCH 2009 AGM 2009 Minutes (v3).doc Page 1 of 28 ... report prepared can be found in Appendix

SINGAPORE ACTUARIAL SOCIETY ANNUAL GENERAL MEETING FRIDAY 27 MARCH 2009

AGM 2009 Minutes (v3).doc Page 1 of 28

SAS 33rd Annual General Meeting DATE: March 27, 2009 AGM scheduled meeting time: 5:00 pm AGM meeting opening: 5:30pm 2008/2009 COUNCIL AT TIME OF AGM:

President: Frank McInerney (FM) Vice President: Honorary Treasurer: Tim Beardsall (TB) Honorary Secretary: Jill Hoffman (JH) Council Members: Chi Cheng Hock (CCH)

Angela Koechli (AK) Rani Rajasingham (RR) Sharon Tan (SMT) Ken Ng (KN) Colin Pakshong (CP)

ex-officio Andrew Linfoot (AL) SAS Secretariat: Patsy Lau (PL)

QUORUM a. 20 Fellows and 1 Associate present plus 5 proxy votes submitted to voting members.

Quorum met according to Article 8 of the Constitution, by starting meeting 30 minutes from the appointed time.

WELCOME BY THE PRESIDENT a. FM welcomed SAS members to the 33rd AGM.

MINUTES OF THE 32ND AGM, MARCH 7, 2008 a. Confirmation of Minutes from 32nd AGM – CCH proposed and AK seconded the motion

to adopt the minutes as recorded. The minutes were adopted with no objections raised. b. Matters Arising: None.

HONORARY SECRETARY’S REPORT (Report by JH) a. JH presented the Honorary Secretary’s Report for the Council year 2008/2009. A copy of

report prepared can be found in Appendix A and the presentation made in Appendix B.

HONORARY TREASURER’S REPORT (Report by TB) a. TB presented the audited financial statements (Appendix C). b. Key aspects of the income and expense presented were:

i) Revenue generators were:

Advertisements – the revenue generated from this source is expected to decrease for 2009

CA2 course – was a large revenue generator for 2008

Subscriptions – did not cover the cost of running the SAS

Joint Professionalism Course and the Induction Course provide a small profit. c. Costs were:



The 2008 AGM and dinner

International Actuarial Association fees and donations

Redevelopment of the SAS website (www.actuaries.org.sg)

New office equipment for SAS Secretariat d. Subscription fees were increased in 2009 to help cover administrative costs, but revenue

will be needed from other sources. e. TB stated that he would like to step down as Honorary Treasurer. f. Accounts audited by Walter de Oude and Ong Soon Chooi. g. RR proposed and SMT seconded the motion to adopt the Accounts as presented. The

motion was passed without any objections raised.

PRESIDENT’S REPORT (REPORT BY FM) a. A copy of the President’s Report can be found in Appendix D. b. Actuarial Forums / Seminars

i) In 2008/2009 Council year, 8 forums were held, slightly short of the target of 10 forums.

ii) FM stated that he would like the life insurance Appointed Actuaries Symposium to be an annual event, as well as a symposium for the general insurance Appointed Actuaries.

c. The SAS website (www.actuaries.org.sg) was relaunched in 2008. d. The challenge for Council was to get more involvement from members. e. Secretariat

i) Many improvements were made in 2008/2009, including the creation of a clear job description for the Secretariat and the rental of an official SAS office. The Secretariat worked efficiently and effectively.

f. Guidance Notes i) FM would like to draft a guidance note on Stress Testing, but he would like

membership to be more involved in the process. g. Constitution

i) There would be changes in 2009/2010 to align the Constitution with IAA standards. This would also give the opportunity to amend or change Constitution rules that are not relevant now.

h. Student Affairs i) The Institute of Actuaries of Australia examinations were run by the Secretariat. ii) FM stated his desire for a local professionalism course that could be recognized

globally. i. Annual Report

i) FM stated that he would like to upgrade the Honorary Secretary’s Report to be in the style of an Annual Report.

j. Newsletter i) FM thanked AL for his efforts in producing the regular newsletter.

k. Other issues: i) SAS has been forced by other actuarial associations to play a greater role in the

supervision of the conduct of members who belong to both associations. Specifically, members of the “Actuarial Profession” (UK) who are also members of the SAS can opt to be regulated by the SAS as opposed to the AP.

ii) FM encouraged Fellows to use the FSAS designation, particularly when in a role that requires the actuary to be a Fellow of the SAS.



l. 2009/2010 proposed plans i) More seminars and at least 10 forums per year. ii) The East Asian Actuarial Conference will be held in October in Seoul, Republic of

Korea. FM encouraged members to be active participants and to present papers. iii) Meeting with the Monetary Authority of Singapore & local universities with actuarial

programs should be held. iv) To continue the publication of a regular newsletter v) Review of the Constitution vi) A Singapore Professional Course should be organized.

m. The President thanked: i) Andrew Linfoot who completed a lot of work during his tenure on Council ii) Eric Seah, Luke Seberry and Ken Ng for their contributions. iii) Mark Birch for his service on Council as Honorary Secretary.



ELECTION OF COUNCIL & AUDITORS FOR 2009/2009 The following Fellows were nominated to the positions below:

Position Nominee Proposer Seconder

President Frank McInerney Tim Beardsall Jill Hoffman

Vice President Rani Rajasingham Frank McInerney Jill Hoffman

Hon. Treasurer Tim Beardsall Frank McInerney Jill Hoffman

Hon. Secretary Jill Hoffman Frank McInerney Tim Beardsall

Council Members Angela Koechli Frank McInerney Jill Hoffman

Chi Cheng Hock Frank McInerney Jill Hoffman

Colin Pakshong Frank McInerney Jill Hoffman

Sharon Tan Frank McInerney Jill Hoffman

Walter de Oude Frank McInerney Jill Hoffman

Annette King Jill Hoffman Walter de Oude

Ex officio

Auditors Gavin Maistry Jill Hoffman Walter de Oude

Wang Jia Yu Jill Hoffman Walter de Oude

As there were no other nominations and there were no objections to these nominations, these members were duly elected to the respective positions. Meeting closed at 6:10PM. Recorded by JILL HOFFMAN Honorary Secretary 2008/2009



Appendix A: HONORARY SECRETARY’S REPORT

A. Membership

A.1. Current Membership As at 27 March 2009, the membership of the Society numbered 394, a 12% increase over the year and 31% increase over the past two years.

27 March 2009* 5 March 2008 8 March 2007

Fellows 163 131 116

Associates 48 53 43

Ordinary 173 162 141

Student 10 7 1

Total 394 353 301 * Includes a number of members who have not yet paid their 2009 subscriptions and whose membership will be terminated on 1 April if not then paid. We received 90 new application in 2008/2009 compared to 86 new applications in 2007/08 .

2008 2007 2006

Fellows 34 21 18

Associates 14 17 9

Ordinary 38 42 42

Student 4 6 1

Total 90 86 70

A.2. Newly Qualified Fellows (since 5 March 2008)

The following members have all completed their examinations and gained Fellowship during the year. Khoo Kay Hwee Yeo Keng Leong Huynh Ly Duyen Yap Ling Seang Jonathan Yen Vui Hiung Harry Lee Chun Foong

The Society offers its congratulations to all of the above.

A.3. Continuing Professional Development

As at 24 March 2009 there are 38 outstanding Continuing Professional Development forms for 2008.

This represents 26% of those required to complete CPD. They have until 31 March 2010 to complete

the requirement.



B. Council Meetings and Attendance B.1. Meeting Dates

The Council met on a monthly basis with thirteen meetings being held during the session, the dates of these being:

Tuesday, 11 March 2008 Thursday, 10 April 2008 Thursday, 8 May 2008 Thursday, 12 June 2008 Thursday, 10 July 2008 Thursday, 14 August 2008 Thursday, 11 September 2008 Thursday, 9 October 2008 Thursday, 20 November 2008 Thursday, 11 December 2008 Thursday, 8 January 2009 Thursday, 19 February 2009 Tuesday, 3 March 2009

B.2. Attendance at Council Meetings Below shows the attendance to Council meetings for 2008/2009. Please note there were a number of changes in Council membership made during the year, which is described below.

Person RoleTotal

Attended

Total

PossibleNote

Frank McInerney President 13 13

Eric Seah Vice-President 2 8 Resigned in November

Tim Beardsall Hon. Treasurer 9 13

Mark Birch Hon. Secretary 2 2 Resigned as Secretary in May

Jill Hoffman Hon. Secretary 10 11 Co-opted as Secretary in May

Chi Cheng Hock Council Member 12 13

Angela Koechli Council Member 13 13

Andrew Linfoot ex officio 9 13

Colin Pakshong Council Member 10 13

Sharon Tan Council Member 8 13

Luke Seberry Council Member 4 6 Resigned in September

Mark Birch Council Member 2 3 Resigned in September

Ken Ng Council Member 4 6 Co-opted in Council in October

Rani Rajasingham Council Member 5 6 Co-opted in Council in October

B.3. Changes to Council There were a number of changes in the Office Bearers and Council members during the year. Eric Seah resigned as Vice-President in November. The Council would like to thank him for his participation. No one was elected by Council to take over the Vice-President position for the remainder of the year. Mark Birch resigned as Honorary Secretary in May 2008 and Jill Hoffman was co-opted by Council, under its powers under the Constitution, to assume this position. Mark then served on Council as a Council member until September, when he then resigned from Council. The Council would like to thank Mark Birch for his years of service.

Luke Seberry resigned from Council as he left Singapore. Council would like to thank him and wishes him the best with his new opportunities.



Due to the vacancies created by the resignations, Council co-opted Ken Ng and Rani Rajasingham to the Council in October. This brought the total number to ten, as the Vice-President position remained vacant which is the maximum permitted on Council at any one time(excluding the ex-officio member).

B.4. Council Members : Authority to Sign Cheques

It had previously been agreed that the authorised signatories of the Society’s cheques shall be office bearers only. Frank McInerney and Jill Hoffman were appointed authorized signatories of the Society’s cheques replacing Andrew Linfoot and Mark Birch. C. SAS Standing Committees

C.1. Life Insurance Committee

Current members are: Walter de Oude (Chair) Alistair Chamberlain (new) Colin Startup (new) Khoo Kah Siang (retired Chair) Mark Birch (new) Martin Knight (new) Tang Loo Chuan Woon Dar Vei (new) Marcus Ho Keng Guan (resigned) Lee Wai Yi (resigned) Colin Pakshong (Council Representative)

There is also a Mortality Study Sub-committee which is headed by Frank McInerney. Activities of the Life Insurance Committee were:

Arranging the Appointed Actuaries Symposium. The Council would like to thank the organizing committee: Khoo Kah Siang (Chair) Judee Lee Ken Hung Dominic Ong Kimmy Yean Woon Dar Vei Colin Pakshong

The Appointed Actuaries met on 20 November 2008 to discuss if L01 and L02 were still appropriate. It was decided to thoroughly review the Guidance Notes for Appointed Actuaries and determine what, if any changes are needed.

C.2. General Insurance Committee

Current member are:

Jim Attwood, Chair Jeremy Lian Alvin Fu Dr. Jacky Li Pierre Balthazard Anne-Marie Cooke (resigned) Sebastian Tan (retired Chair) Luke Seberry (resigned)

Angela Koechli (Council Representative) In the summer of 2008, the General Insurance Committee conducted a survey of the SAS membership on their involvement in the general insurance work. In addition, the Committee has



focused its energy entirely on the organisation of the first general insurance conference which is to be held 6-7 May 2009.

C.3. Health Insurance Committee

Current members are: Chi Cheng Hock (Chair) Chen Wei Hin Khoo Poh Huat Lim Choon Kwang Moi Seng Yew Neo Pay Peng Samuel Tan Sebastian Tan Teng Yuen Ning Bryan Wong Colin Chan (resigned in 2008/2009 year)

Activities of the Health Insurance Committee include the following:

Best Practice Subcommittee (CCH / NPP / ST) The BP Subcommittee has identified the initial set of material to be uploaded onto the Health Insurance Resource Centre page which it plans to build on the SAS website, which will include regulations specific to health insurance, actuarial guidance notes on health insurance related practice, actuarial papers on health insurance, links to the International Actuarial Association website (IAA Colloquium papers relating to health insurance), and notes on activities of health insurance working groups set up by various bodies. Once the material has been uploaded, the Committee will send out a circular to all SAS members to inform them of the HI Resource Centre and request for contributions to enhance the Centre.

Statistical Analysis Subcommittee (MSY / CWH / LCK / ST / BW) The SA Subcommittee is formatting the Ministry of Health data, which it downloaded for the years 2006 - 2008 for ease of reference and comparison from year to year and will upload to the HI Resource Centre.

Annual Healthcare and Financing Report 2007/08 (KPH) The Report will be circulated to all members via the SAS website in April 2009.

Liaison with the Institute of Actuaries of Australia Health Practice Committee (TYN) The HI Committee is in contact with representatives of the IAAust HPC.

Updates on International Actuarial Association Health Section Activities (CCH) Chair is a member of the IAAHS Comparative Health Systems Topic Team. One Topic Team project is to conduct a survey of actuarial associations globally on the role of the public and private sectors in their respective countries in healthcare provision and financing.

Health Insurance Conference 2009 The SAS Council approved in-principle for a HI conference to be held in mid Oct or late Nov 2009 with the theme "Public - Private Partnership". The conference will run over 3 days. Samuel Tan is the Chair of the Organising Committee and he looks forward to the active participation of members.



C.4. Public Relations Committee

Current members on this committee are: Sharon Tan May Kim (Chair) Mak Kwok Fai Wong Kooi Fong Samuel Seah Khor Kah Hoa Wang Jian Joey Zhou Anil Mancham

Activities of the Public Relations Committee included:

Launch of the redesigned www.actuaries.org.sg website in July 2008.

Drink Night at Oosters in October, which was well attended with a turnout of 32 members and non-members.

Bowling Night in December, which was a lot of fun with 52 members and non-members participating.

Website : www.actuaries.org.sg The Public Relations Committee commissioned a redesign of the website in order to make it more user- friendly for the members and easier for the SAS Secretariat to maintain. Joseph Chin, of Phase 2 Systems, was commissioned to complete this work. The website was re-launched in July, 2008. New functionality includes the ability of members to access their own information to update addresses, email other members and easier management of the calendar of events, posting of information and adding new members for the Secretariat. The website was also given a new look

C.5. Members Education Committee

Current members on this committee are: Mark Birch (Chair) Sumit Narayan (Forum Coordinator) Andrew Linfoot (Council Liaison) Activities of the Members Education Committee include the organization of the following 8 forums:

27 March 2009 Alan Yip

Morgan Stanley tbc

16 March 2009

Attended by 41 persons

Trevor Thompson

President of the Institute of

Actuaries of Australia

The IAA Paper

5 November 2008

Attended by 20 persons

Steve Nuttall

Corporate risk management -

examples from the UK pensions

buyout market

29 September 2008

attended by 29 persons

Gavin Maistry

ERM & the New SOA CERA

Credential

03 July 2008

Attended by 38 persons Lawrence Tsui Cancer Insurance Products

26 June 2008

attended by 49 persons Wolfgang Droste Dread Disease Survey

28 April 2008

attended by 30 persons Gary Venter ERM for Strategic Management

31 March 2008

attended by 18 persons

Greg Martin

Developing role of actuaries in

Australia

The Society’s thanks are extended to all the above speakers as well as their employers.

http://www.actuaries.org.sg/

http://www.actuaries.org.sg/



As well, the Members Education Committee organized the CA2 workshop and the Joint Professionalism Course detailed later in this report. Thanks goes to all those who gave their time to make those events a success.

C.6. Administration Committee Committee members are the Executive Council members, namely,

Timothy Beardsall Chair Mark Birch (resigned) Frank McInerney Jill Hoffman

Effective January 1, 2008 Patsy Lau became a full time staff member of the SAS. Originally, she was to work from home. This arrangement did not work well in practice and during the year, the SAS office was moved twice, once to a temporary home on Cecil Street and then at the end of 2008 to a more permanent base at 81 Clemenceau Avenue, #04-15/16 UE Square, Suite 40, Singapore 239917.

C.7. Professional Affairs Committee Committee members are:

Frank McInerney Chair Andrew Linfoot Timothy Beardsall

Activities of the Professional Affairs Committee include:

Proposal of changes to PS1: Professional Standard for SAS Fellows – Continuous

Professional Development at the Extraordinary General Meeting held on 27 March 2009.

Commissioning of a Salary Survey of and for its members.

D. Meetings and Activities

D.1. Society Representatives at Events The President and Council Members represented the Society at a number of events during the year:

President met with representative of the Australian National University (ANU)

President met with NTU on their Student’s Day

President and Hon. Secretary met with the President of the Society of Actuaries

Hon. Treasurer and Hon. Secretary met with the President of the Institute of Actuaries of Australia

D.2. International Actuarial Association

Tim Beardsall is the Correspondent with the IAA. The IAA has asked the SAS to review the Constitution and Code of Conduct, which will be done in the 2009/2010 session.

D.3. Guidance Notes/Professional Standards

Issued prior to the 2008/09 session:

L01 : For Appointed Actuaries of Singapore Life Insurance Funds

L02 : Valuation of Policy Liabilities for Life Insurance Business

G01 : For Actuaries Investigating the Policy Liabilities Relating to General Insurance Business

PS1 : Professional Standard for SAS Fellows – Continuous Professional Development

Issued during the 2008/09 session:

None.

D.4. Exposure Drafts and Extraordinary General Meetings



EGMs were held as follows:

27 March 2009 - An Exposure Draft was circulated to members on 6 March 2009 concerning Guidance Note PS1 – Professional Standard for SAS Fellows – Continuous Professional Development. The changes included increase in number of hours, different treatment for retirees and different reporting for overseas members.

D.5. Constitutional Changes No changes were made to the Society’s Constitution during the 2008/09 session.

D.6. Appointed Actuary Induction Course

During the year two newly-appointed Appointed Actuaries undertook the Society’s Induction Course. The Council is grateful to Khoo Kai Siang and Ken Ng, who conducted the course on the Society’s behalf.

D.7. Appointed Actuaries Symposium The Life Committee organised the second SAS Appointed Actuary Symposium on 2 December 2008. The Symposium attracted 41 participants (including speakers) and covered topics ranging from AA role in risk taking, regulator's view on par funds and management of assets in today’s environment.

D.8. Modeling Module CA2 Workshop On behalf of the Society, Mark Birch organised a Faculty and Institute of Actuaries Modelling Module CA2 Workshop on 22/23 April 2008 in Singapore. The Workshop was led by Mark Birch and supported by Professor John Shepherd. It was attended by 26 candidates and 13 of those were successful in passing CA2.

D.9. Joint Professionalism Course The Joint Professionalism Course was held 4-7 August 2008 in Singapore and was organized on behalf of the Casualty Actuarial Society, Institute of Actuaries of Australia and The Actuary Profession. This series of professionalism courses offered candidates the following options:

CAS Associate Professionalism Course

UKAP Associate Professionalism Course

UKAP Fellow Professionalism Course

UKAP FPC Upgrade Course

IAAust Fellowship Professionalism Course

UKAP Refresher Professionalism Course The courses were facilitated by Chris Daykin, John Gleba and Jenny Lai. The Council thanks Andrew Linfoot, Tim Beardsall, Mark Birch, Frank McInerney and Khoo Kah Siang for their support with this event. 23 attended the event.

D.10. SAS Gold Medal Award 2008 The Gold Medal is awarded to the best final year student in the Nanyang Technological University “Bachelor of Business in Actuarial Science” degree course:

Awarded to: Mr Eric Goh Hong Leong

NTU has changed the award funding method and now require an endowment to fund the award in perpetuity. The SAS does not have the funds for this and as a consequence will no longer be sponsoring this award.



E. Secretariat Ms. Patsy Lau has continued to provide an excellent service to the Honorary Secretary and to other Officers of the Society. During the session, Ms Lau has had to move offices twice, learn how to maintain the new website as well as work with a new boss. She has taken all of these changes in stride and continues to keep the Society operating smoothly. I wish to record my appreciation at this meeting for her dedication over the past year. Report presented by Jill Hoffman Honorary Secretary Singapore Actuarial Society 27 March 2009



Appendix B: Honorary Secretary’s Presentation

Singapore Actuarial Society33rd Annual General Meeting

March 27, 2009 133rd Annual General Meeting

Agenda

President’s Welcome

Affirmation of Minutes of 32nd AGM

Matters Arising

Hon. Secretary Report

Hon. Treasurer’s Report

2009 / 2010 Activities

Election of Council & Auditors

Any other mattersMarch 27, 2009 233rd Annual General Meeting



Hon. Secretary Report:Current Membership

March 27, 2009 33rd Annual General Meeting 3

• Increase of 12% from 2008 and 31% from 2007

Hon. Secretary Report:New Applications


• Membership continues to grow



Hon. Secretary Report:2009 Membership distribution


• We encourage members to join at the correct level & upgrade when appropriate.

Hon. Secretary Report:Life Insurance Committee

Walter de Oude – Chair

Appointed Actuary's Symposium

Appointed Actuary Induction Course

Working on changes to L01

– Met in December with all AA to discuss

Mortality sub-committee




Hon. Secretary Report:General Insurance Committee

Jim Attwood – Chair

Survey of general insurance actuaries

First General Insurance Conference

– 6-7 May 2009


Hon. Secretary Report:Health Insurance Committee

Chi Cheng Hock – Chair

Best Practices sub-committee

– Creating a Health Insurance Resource Centre

Statistical Analysis sub-committee

– Working on MOH data

Annual Healthcare & Financing Report

– To be circulated this month

Health Insurance conference planned for 2009




Hon. Secretary Report:Public Relations Committee

Sharon Tan – Chair

Relaunch of www.actuaries.org.sg

Drink night at Oosters

Bowling night


Hon. Secretary Report:Education Committee

Mark Birch – Chair

CA2 Induction Course

Joint Professionalism Course

8 Forums

Great for CPD credit!




Hon. Secretary Report:Administration Committee

Frank McInerney – Chair

Moved SAS offices – twice

– Settled in at UE Square at end of 2008


Hon. Secretary Report:Professional Affairs Committee

Frank McInerney – Chair

Salary Survey

CPD changes

– Discussed at EGM

– 26% have not yet report CPD!!!




Appendix C: Honorary Treasurer’s Report and Financial Statements

SAS Accounts 2008

Income & Expenditure Account for the year ended 31/12/2008

2008 2007

S$ S$

Income

Subscription & Entrance Fees 38,149.22 23,241.88

Fees for Seminar\Forum 8,095.00 1,159.00

Conference (Retirement/Health) 121,790.07

AA Symposium 13,400.00 12,050.00

Social 1,147.95 210.00

JRS Product/JPC 29,400.00 27,480.00

CA2 Module 32,400.00 30,600.00

Bank Interest 666.65 1,470.06

AGM & Dinner 2,920.00 2,060.00

Induction Course 1,000.00 3,500.00

Conference Rebates 180.00

Job Advertisement 44,000.00 36,500.00

TOTAL INCOME 171,358.82 260,061.01

Expenditure

AGM & Dinner 14,629.50 7,968.65

PO Box - -

Website 7,049.37 288.32

Costs of Admin Support 39,941.40 15,895.40

Seminar\Forum 11,911.31 4,600.68

Conference 121,471.55

CA2 Module 14,614.23 8,483.19

JRS Product/JPS 26,797.35 21,191.89

Postage & Stationery+Misc Office Costs 961.13

Office Equipment 4,063.49 1,700.00

NTU Gold Medal 300.00 300.00

Internatianal Actuarial Association membership fees 2,427.29 2,112.55

Social Events 4,800.37 373.23

Council Refreshments 676.26 400.85

Bank charges 59.00 5.80

Tax 5,400.56 4,019.72

AA Symposium 6,708.02 10,960.01

Liability Insurance 7,704.00 -

Office Rent 9,016.50 -

Donation to IAA Fund 1,000.00 1,000.00

TOTAL EXPENDITURE 158,059.78 200,771.84

NET SURPLUS/ (DEFICIT) 13,299.04 59,289.17



Balance Sheet as at 31/12/2008

2008 2007

S$ S$

Current Asset

Cash in hand -

Fixed deposit 93,781.49 93,114.84

Bank balance 150,123.79 140,202.75

Amount Owed 188.42

Rental Deposit 1900

Total Asset 245,993.70 233,317.59

Current Liabilities

Provision for cheques not cleared 2,582.04 322.25

Provision for Tax 0 4,019.72

Total Liabilities 2,582.04 4,341.97

Net Asset 243,411.66 228,975.62

Represented by:

Accumulated Fund at the beginning of the year 228,975.62 174,756.45

Advance Subscription & Entrance Fees for next year 1,505.00 368.00

Advance Subscription & Entrance Fees from last year (368.00) (5,438.00)

Surplus / (Deficit) arising during the year 13,299.04 59,289.17

Balance at the end of the year 243,411.66 228,975.62

22%

5%

0%8%

1%

17%19%

0%

2%

0%

0%

26%

Income

Subscription & Entrance Fees

Fees for Seminar\Forum

Conference (Retirement/Health)

AA Symposium

Social

JRS Product/JPC

CA2 Module

Bank Interest

AGM & Dinner

Induction Course

Conference Rebates

Job Advertisement



9%0%

4%

25%

8%

0%

9%

17%

1%

3%0%

2%

3%0%

0%

3%4%

5%6%

1%

Expenditure

AGM & Dinner

PO Box

Website

Costs of Admin Support

Seminar\Forum

Conference

CA2 Module

JRS Product/JPS

Postage & Stationery+Misc Office Costs

Office Equipment

NTU Gold Medal

Internatianal Actuarial Association membership fees

Social Events

Council Refreshments

Bank charges

Tax

AA Symposium

Liability Insurance

Office Rent

Donation to IAA Fund

Advert

ism

ents

CA

2

Subs less a

dm

in

Join

t R

egio

nal S

em

inar

Induction c

ours

e

AA

Confe

rence

Socia

l/O

ther

Capcosts

IAA

Sem

inars

Tax

AG

M L

oss

(30,000)

(20,000)

(10,000)

-

10,000

20,000

30,000

40,000

50,000

Souce and Use of Funds



Appendix D: President’s Report

Presidents report 2008Frank McInerney

Singapore, AGM 27 March 2009

Plans for 2008 - 2009

CPD Items

• Forums hold 10 √

• Life AA Symposium √

• General AA Symposium

• 2 day Seminar (Life)

Website

• Create an effective WebSite for storing information and communicating with members. √



Plans for 2008 - 2009

Secretariat

• Ensure that we have an effective secretariat: √

• Clear Job Description √

• SAS Office √

Guidance Notes

• Produce Life Guidance Note on Scenario Testing

Plans for 2008 - 2009

Constitution and Procedures

• Review the Constitution and Procedures of the SAS to ensure they allow Council to :

• Speak on behalf of the SAS

• Comply with IAA requirements

Education

• Explore how Council can help students in Singapore.

• Run the local professionalism course √



Plans for 2008 - 2009

Annual Report

• Upgrade Secretaries Report to an Annual Report

Media Liaison

• Set up position of Media Liaison Officer and build relationships with the media. √

Social Activities

• Maintain a programme of Social Activities √

Other issues

SAS is being forced to be a more professional

body.

Fellows should start using the initials FSAS.

As far as the International Actuarial Association is

concerned we are a ‘Derivative’ organisation. Is

that what we want to be ?



2009 – 2010 (if re-elected)

More Forums

More seminars – (Life Insurance AA Symposium and General Insurance Actuaries seminar to be regular annual features.)

EAAC – encourage Singapore participation

Cape Town International Congress – encourage Singapore participation.


Meet MAS and Universities

Regular Newsletter

Review Constitution – IAA recommendations and other issues.

A Singapore Professionalism Course ?




Look forward to an interesting year.

Election of CouncilThank you to....

Left Council in 2008/2009 year:

– Eric Seah, Vice-President

– Mark Birch, Hon. Secretary, Council Member

– Luke Seberry, Council Member

Joined Council mid-year

– Jill Hoffman, Hon. Secretary

– Ken Ng, Council Member

– Rani Rajasingham, Council Member

Leaving Council at end of term

– Andrew Linfoot, ex-officio

– Ken Ng




Election of Council & Auditors2009/2010 Session


President Frank McInerney

Vice President Rani Rajasingham

Hon. Treasurer Tim Beardsall

Hon. Secretary Jill Hoffman

Council Members Angela Koechli

Chi Cheng Hock

Colin Pakshong

Sharon Tan

Walter de Oude

Ex officio

Auditors ???

Nominations received before AGM:

Thank You!

Frank McInerney, FSASTim Beardsall, FSASJill Hoffman, FSAS

Executive Council of SAS2008/2009




Documents

SINGAPORE ACTUARIAL SOCIETY ANNUAL GENERAL MEETING … · ANNUAL GENERAL MEETING FRIDAY 27 MARCH 2009 AGM 2009 Minutes (v3).doc Page 1 of 28 ... report prepared can be found in Appendix