Venue: Hotel Resort World Sentosa, Pisces 1 (Level 1) function room, Singapore

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Kellie Cummings
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1 APACA 9 th Executive Committee meeting Venue: Hotel Resort World Sentosa, Pisces 1 (Level 1) function room, Singapore Date/Time: 16 th October, :45 pm to 3:00 pm. Minutes of the meeting; In the Chair: Halim Gunawan Present: EC Members; Halim Gunawan, Liyaquat Khan, Suchin P, Young Han, Risza Bambang, Mark Saunders, IACA Margaret Sherwood, Vice - Chair Invitees; Simon Herbert Mathias, K Subrahmanyam, Pramod Mohanty, Jatin Arora, Muhammad Ismail, Puneet Nayyar. EC members not present; Yoshida Hideyuki Patrick Gin Guan Cheah Ken Hohman Nick Salter Grace Jiang Zainal Kassim Ken Sugita Ka-Man Wang Chan Young Han Gavin Maistry Yin Lawn 1 P age

2 Liyaquat Khan Executive Director welcomes Halim Gunawan to chair the meeting.. Deliberations: 1) Record of Absence: Members not present was taken on record 2) Minutes of the 8 th APACA EC meeting held on May 6, th APACA Executive Committee; Proposed for approval Liyaquat Khan Seconded for approval Suchin, P No objections received. Chair declared the minutes as adopted.. 3) Condolence and two minutes silence observed by all attendees on unfortunate demise of Haris Santoso on 24 th April, 2013, the then Vice Chair. Chair, Halim Gunawan proposed the following resolution to be adopted with two minutes silent prayer for (Late) Pak Haris Santoso; Haris Santoso, the then Vice-Chair of APACA left this world for heavenly abode on 24 th April, 2013 in Jakarta, Indonesia. Haris, a Consulting Actuary from Indonesia was elected Vice Chair of APACA in May 2012 during APACA EC meeting in Hong Kong. During this brief but very active life Haris devoted himself fully to APACA, particularly putting in place the member certificate and number of ideas for development and growth of APACA. This meeting of APACA Executive Committee and other members assembled in Singapore on 16 th October, 2013 expresses deep sorrow on unfortunate demise of Haris and prays for his life in Heavenly abode. The resolution was adopted with two minutes silence and Executive Director, Liyaquat Khan was authorised to communicate the same to family of (Late) Pak Haris Santoso through his son Yunan P Haris. 4) Confirmation of election of Halim Gunawan as Vice Chair elected by circulation on 30th May, 2013 Executive Director to propose Liyaquat Khan proposes ratification of election of Halim Gunawan as Vice Chair elected by circulation on 30th May, Suchin P, seconded. 2 P age

3 Election of Halim Gunawan as Vice Chair, APACA was thus ratified. 5) Distribution of Member Certificates to APACA members present in the meeting. Chairperson of the meeting Halim Gunawan presented the member certificates along with Liyaquat Khan, Executive Director and Such, P Secretary to the following members present in the meeting; 1. Liyaquat Khan 2. Risza Bambang 3. Young Han 4. Suchin P 5. Halim Gunawan (presented by Suchin, P) 6. Mark Saunders 6) Discussion and Decision: Past, present and future of APACA the way forward (includes Action Taken Report). PowerPoint presentation (as already circulated to APACA EC members) was made BY Liyaquat Khan. Considerable and involved discussions took place. Key points arising during the discussions (taken on record in sequence as happened as for as possible); i) Liyaquat Khan raises the point that APACA would possibly need to delineate from IACA for Membership only. Margaret Sherwood agreed that IACA would help APACA take a decision on that. ii) iii) iv) Margaret Sherwood also mentioned that IACA membership was also reducing in recent past. The biggest reason mentioned was the lack of value proposition being offered by IACA to members. She suggested some ideas on how IACA was looking to reach out the members for Peer Review services and getting corporate hotel discounts for members. Liyaquat Khan emphasised the need to add more members to APACA. Liyaquat Khan suggested an operational model under which APACA is given a freedom to charge a certain fees to its members and then APACA pays a certain fees to IACA. Margaret Sherwood mentioned that it could be in potential violation with some IAA rules and promised to check that. v) Risza Bambang raised the concerns of APACA members in Indonesia. The following are the 2 major concerns 3 P age

4 a) What are the advantages the members get by being a part of APACA? Can they put the APACA name on their business cards/ signatures! b) What are APACA/ IACA doing to build competency within members? vi) vii) viii) ix) Margaret Sherwood agreed that both APACA and IACA currently don t have any Continuing Professional Education (CPE) scheme in place. Risza Bambang mentioned that since the actuarial knowledge in Indonesia is not fully developed, it would be great to get members from IACA to provide Technical knowledge share. Muhammad Ismail raised a point that many of the IACA members are local companies and wasn t sure if they were forthcoming to share knowledge with other members! Margaret Sherwood suggested an idea to hold a full day seminar inviting all members and prospective members. The difference in fees for members and non-members may be kept in a way to encourage people to become members. x) Halim Gunawan mentioned that it would be important for APACA members of different countries to engage with local Actuarial bodies in respective countries and inform them about the value proposition of being a part of APACA. This may be a good way to garner membership and visibility. xi) xii) xiii) xiv) xv) xvi) Liyaquat Khan mentioned that he had made presentations to the IACA members in the past to become members of APACA and they had showed some initial interest. Margaret Sherwood mentioned that APACA can look at advertising in some way in the upcoming IACA newsletters. Liyaquat Khan mentioned that he would like to take on primary task of adding more members with renewed focus. The secondary task (but equally important) would be to engage members in more programmes as a part of value proposition. Muhammad Ismail again raised the point that members in some way should be allowed to use the APACA name as a part of identity. Pramod Mohanty asked the group how IACA can create a public perception of doing different work than actuarial bodies like SOA, etc.. Puneet Nayyar suggested that APACA could also collaborate with local Actuarial firms for technical knowledge share. 4 P age

5 xvii) Margaret Sherwood suggested a topic of organising a session for all members. Topic How to start your own Consultancy practice? xviii) Risza Bambang suggested the appointment of a point of contact in each country to keep a track of the potential memberships. Also, this person can help coordinate the events for members. xix) Suchin P, emphasised the need for creating value proposition and the need to work with local actuarial bodies. While having to have overall consensus to pursue various viewpoints expressed in due course, it was agreed that; a) The need for APACA to grow and fulfil the objectives contained in its Rules and all steps to be taken in this direction. b) APACA should make approach to all IACA members in line with what was done earlier, to become APACA member and contribute to its growth, c) APACA should make approach to APACA Region local actuarial associations for spreading the objectives of APACA and recruit more members. d) APACA should design and carry out programmes such as Webinars which are cost-effective and APACA members and other can look for advantage in participating in the same. e) APACA to examine the suggestions made and take those points for action in the immediate which are actionable within the existing APACA Rules. 7) APACA relationship with EAAC and approach going forward a) Liyaquat Khan briefed about unsuccessful state of expected relationship with 17 th EAAC as against earlier EAACs and explained that Chair of 17 th EAAC, Will Chong had reached out to him during the reception event previous day and had expressed regret about what had happened. It was taken on record that at the last moment though role for Margaret Sherwood was accepted by them and this was appreciated. b) Liyaquat Khan briefed that Will Chong had taken him to Ruth Chu, Chair of the 18 th EAAC in Taipei, Taiwan in y 2014 and subject of ICA/APACA Role in 18 th EAAC got discussed. Margaret Sherwood also explained that she too had discussions with Ruth Chu and it is expected that 18 th EAAC will have greater and appropriate IACA/APACA role. c) APACA to be in touch with Ruth Chu and 18 th EAAC Organising Committee right from early days. 8) Any other matter with the permission of the Chair None The meeting concluded with thanks from the Chair. 5 P age

Nomination and Remuneration Committee

Income Protection from the original provider. Terms of Reference Nomination and Remuneration Committee Terms of Reference 1. Membership a. Members of the Committee shall be appointed by the Board and shall