Society of Actuaries - 2003 Archived Yearbook

2003
Conflict of Interest Policy for SOA Volunteers
Effective Date: May 12, 1999
The Society of Actuaries Board of Governors is elected by the membership
and entrusted with governance responsibilities that affect the integrity and
reputation of the profession. Members of any other group organized for SoA
purposes (for example, committees, section councils, task forces or project
oversight groups) may lend support to the Board in its governance role. In
undertaking their SoA responsibilities, Board members and members of
these other groups (both denoted "Member" for purposes of this policy
statement) have the duty to place the interest of the SoA above any interest
of profit or advantage to the Member or the Member’s employer or client.
To this end, a Member shall not act in a manner that violates, or has the
appearance of violating, the Code of Professional Conduct as it would apply
to the Member with the SoA being considered to be the Member’s Principal.
If a Member of a SoA group considering a transaction involving the SoA, or
anyone in the immediate family or household of the Member, has a real or
perceived financial interest in the transaction, or holds a position as a
trustee, director, officer, or employee in any organization involved in the
transaction, the Member must disclose that interest or position to the SoA
Immediate Past President or Executive Director before any discussion or
negotiation of such transaction occurs. Further, such Member may not
participate in any vote related to the transaction or management of the
transaction. Any SoA member who knows or suspects any violations by any
other person, or who is uncertain as to whether a contemplated action would
violate compliance, should discuss the matter in confidence with the
Immediate Past President or the Executive Director. If the Immediate Past
President or Executive Director has any existing or potential conflict of
interest, he or she shall disclose that conflict to the current President.
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