• Skills and experience requirements clearly communicated
• Candidates identified and evaluated based on needed skills and experience
Announcement: SOA releases May 2025 SRM Exam passing candidate numbers.
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Transparency
Challenge
Recommendation
Action
Lack of transparency in the candidate selection process
An objective, transparent candidate evaluation process
Challenge
Members perceive a lack of transparency in the skills and experience requirements for the Board and how candidates are evaluated and selected. This can create confusion or discourage qualified members from participating in the election process.
Recommendation
Create an objective, transparent candidate recruitment and evaluation process with clearly defined skills and experience requirements. This approach will better align the needs of the Board with candidate skills and experience.
Action
To increase transparency, the Board will identify and publish each year the skills and experience needed for the Board. An external recruiting firm that specializes in governance will be used to help proactively recruit candidates with the desired skills. The newly formed SOA Board Recruiting and Selection Committee and the external recruiting firm will work together to select candidates whose qualifications best match the Board’s needs.
Sample Skills Matrix
The Board Recruiting and Selection Committee and the external recruiting firm will identify and evaluate all candidates (both recruited and self-nominated), using a skills matrix.
Yes, members will still be able to self-nominate for a role on the Board, including President-Elect. Those who self-nominate will go through the same evaluation process as those who are proactively recruited.
The new Board Recruiting and Selection Committee, in conjunction with an external recruiting firm, will proactively identify and recruit actuaries and non-actuary candidates that have the skills and expertise needed by the Board for that year.
They will interview and evaluate potential candidates against the specific set of skills and experiences needed by the Board for that year. This may include expertise in AI, technology, higher education, or other emerging areas. The candidates that have the most relevant skills and experience needed by the Board for that year will be nominated for open seats on the Board.
ASAs and FSAs who are eligible to vote in SOA elections can volunteer for the Board Recruiting and Selection Committee. Those interested in serving on the committee will be assessed on their governance experience, knowledge of the SOA, understanding of the SOA’s strategic direction, and experience in recruiting and hiring high-level executives. Consistent with current practice, those interested in serving on the committee will be interviewed and selected based on the needs of the committee for that year.
The external recruiting firm will assist the Board Recruiting and Selection Committee and provide the resources and expertise needed to proactively identify, recruit, and evaluate candidates who have the skills and experiences needed for the Board. They will help identify and recruit non-SOA members, as well as candidates from within the SOA membership.
The Board Recruiting and Selection Committee. The external recruiting firm is there to aid the role of SOA volunteers. Under the Bylaws, the Board of Directors approves the final ballot, and this will not change.
The skills and experiences needed by the Board each year will be communicated to members (e.g., in matrix format). Candidates will be evaluated on these key skills and experiences, and voting members will be provided information about the skills for each Board candidate, along with a summary of these same skills for continuing Board members. The goal is to make it clear how the candidate’s skills complement those of the continuing Board members. More information will be communicated in the future.