PROCEEDINGS May 15, 16, 17, 18, 2005 - Casualty Actuarial Society

REPORT OF THE VICE PRESIDENT—ADMINISTRATION 787GOVERNANCEWith the aim of expanding governance to include an emergingfield of actuarial science, the board approved a new executivecouncil position of vice president—risk integration. The functionof the new position is to coordinate all CAS activities relating torisk integration, with specific attention to integrating hazard riskwith financial, strategic, and operational risk. John J. Kollar wasappointed the first Vice President—Risk Integration in fall 2005.Thomas G. Myers was elected president-elect for 2005—2006.CAS Fellows also elected Irene K. Bass, Glenn Meyers, DonaldF. Mango, and Roosevelt C. Mosley Jr. to the CAS Board ofDirectors. Paul Braithwaite assumed the presidency.The CAS Board of Directors elected the following vicepresidents for the coming year: Deborah M. Rosenberg, VicePresident—Administration; James K. Christie, Vice President—Admissions; Amy S. Bouska, Vice President—International;Joanne Spalla, Vice President—Marketing and Communications;Beth E. Fitzgerald, Vice President—Professional Education; RogerM. Hayne, Vice President—Research and Development; and JohnJ. Kollar, Vice President—Risk Integration. The CAS ExecutiveCouncil met either by telephone or in person at least once amonth during the year (except September) to discuss day-to-dayand long-range operations.FINANCIAL STATUSThe CPA firm Langan Associates PC examined the CASbooks for fiscal year 2005 and the CAS Audit Committee reportedthe firm’s findings to the CAS Board of Directors inMarch 2006. The fiscal year ended with an audited net gain of$413,509 compared to a budgeted net loss of $114,363.The CAS Surplus now stands at $3,725,552. This representsan increase in surplus of $413,509 over the amount reported last