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  #31  
Old 02-15-2018, 03:41 PM
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Originally Posted by CuriousGeorge View Post
The concern that I was seeing is with a committee member potentially voicing an opinion that might be seen as conflicting with their employer's best interest.
If they have a conflict of interest, then the best course of action is to recuse themselves from the discussion.
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  #32  
Old 02-15-2018, 04:09 PM
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Originally Posted by CuriousGeorge View Post
The concern that I was seeing is with a committee member potentially voicing an opinion that might be seen as conflicting with their employer's best interest. If what you say is likely to get back to your employer, you may be more hesitant to raise/support important, but controversial issues.
At which point one needs to think about whether one should be involved as a Director.

This really shouldn't be difficult to understand.
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  #33  
Old 02-16-2018, 09:02 AM
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Fair point.
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  #34  
Old 02-16-2018, 09:57 AM
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By the way, the AAA already has a strict conflict-of-interest policy that covers precisely these issues. No new policy was needed, certainly not additional secrecy.

Bruce
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  #35  
Old 02-16-2018, 09:58 AM
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Quote:
Originally Posted by campbell View Post
Quote:
Originally Posted by CuriousGeorge View Post
The concern that I was seeing is with a committee member potentially voicing an opinion that might be seen as conflicting with their employer's best interest. If what you say is likely to get back to your employer, you may be more hesitant to raise/support important, but controversial issues.
At which point one needs to think about whether one should be involved as a Director.

This really shouldn't be difficult to understand.
... or, alternatively, a person in that position might want to reconsider working for an employer whose best interests are not aligned with how one believes the profession should behave.

But either way, one ought to choose one position or the other and not continue in a conflicted manner, unable to do their best in either role.
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  #36  
Old 02-16-2018, 11:58 AM
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Latest post on ASBCoQsunshine.com and Linkedin...

A group of eight actuarial competitors is sitting around a conference table. No one disputes that they are all direct competitors. They are discussing minimum requirements for actuarial services, what methods and assumptions should be used and what disclosures must be made. Last week they discussed what the minimum qualifications should be to sign actuarial opinions – what credentials and experience an actuary should have.

A competitor who is not part of this group hears about the meeting and asks “What’s up? You guys deciding standards for the entire industry makes me uncomfortable. It seems like you are interfering with the marketplace.” Which of the following responses is more likely to diffuse anti-trust concerns?

• “We are setting standards for the public good. Our meetings are open to the public. Anyone is welcome to attend at any time. Summaries of the meetings are posted online so you can read them and understand what we are doing.”

• “We are setting standards for the public good. We meet behind closed doors so that we can discuss things openly, but I might be able to get you into the meeting to watch. It is up to the chair. But, even if I can’t get you into the meeting, you know we are all smart, ethical people.”

Warning sirens are going to go off in my head if someone gives me the second answer: What are they hiding? Are they trying to make it difficult for certain competitors? Are they making decisions that hurt the public?

Competitor collaborations can have pro-competitive effects and benefit the public. But, there has to be a great deal of sensitivity and awareness at all times to make sure that competitor collaborations don’t go astray. Having meetings completely open to the public and regulators is a great show of good faith and that there are no anti-trust issues.

Actuaries: Remind the Academy of this and support transparency in actuarial standard setting. In January, the Academy of Actuaries Board of Directors voted to close all Committee on Qualifications meetings and to limit attendance at Actuarial Standards Board meetings to those approved by the ASB chair. Visit ASBCoQsunshine.com for more information.
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  #37  
Old 02-16-2018, 12:27 PM
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A link to the post:
http://asbcoqsunshine.com/antitrust-issues/
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  #38  
Old 02-16-2018, 01:39 PM
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At which point one needs to think about whether one should be involved as a Director.

This really shouldn't be difficult to understand.


May not be conflict of interest, but it's the first term that comes to mind.

(or since Bruce says it is, it probably is)
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  #39  
Old 02-16-2018, 04:23 PM
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hmm. The meetings should be open, but occasionally there are reasons for executive sessions, e.g, when lawyers are involved and they need to keep the privilege "pure" (can't think of a better word.

I just read the AAA's view on this (this week's Academy news). Looks like they closed the meetings because of you, Karen, and they shared the letter their attorney sent your attorney. Frankly, it all makes you sound a bit unhinged.

http://www.actuary.org/content/updat...tings-policy-1
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  #40  
Old 02-16-2018, 04:42 PM
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the letter:
http://actuary.org/files/imce/2018-0....%20Wachen.pdf
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