The Actuarial Society of Hong Kong

THE ACTUARIAL SOCIETY OF HONG KONG

Draft Minutes of the 2013 Extraordinary General meeting (“EGM”) and Annual General Meeting (“AGM”) Held on 12 December 2013, Thursday 12:00 noon At the Grand Ballroom, Ground Floor, Grand Hyatt Hotel, 1 Harbour Road, Hong Kong

Present : Mr. Jack Mak, President & Chairman of the AGM As per Attendance Register

EGM & AGM

There were 94 Voting Members present. The Chairman declared a quorum was formed and began the Extraordinary General Meeting.

In the light of the fact that the EGM and AGM notice and materials were sent to Members with 21 days’ notice, the Chairman received agreement from the Voting Members to do away with the formal reading and went straight into voting. The motion was proposed by Mr. Simon Walpole, seconded by Mr. Billy Wong and carried unanimously. The Resolutions were considered as follows:

1. Adopt the proposed Statutory Body model As the high-level proposal on the creation of a statutory body or bodies governing Actuaries in Hong Kong was distributed earlier to Members, Mr, Simon Walpole gave a brief overview of the proposal.

The motion to adopt the proposal was proposed by Mr. Simon Walpole and seconded by Mr. Peter Duran.

2. Approve the proposed amendments to the ASHK By-Law on Continuing Professional Development to be effective in calendar year 2014 The Council having reviewed the Society’s one year experience with the implementation of the CPD requirement, subsequently proposed minor changes to the CPD By-Law. A copy of the CPD By-Law incorporating the proposed changes was circulated to members. Mr. Peter Duran briefed members on the proposed changes.

The motion to adopt the proposed amendments was proposed by Mr. Michael Ross and seconded by Mr. Jeremy Porter.

3. Grant a discounted rate of 80% on membership subscription fee for a retired member* with immediate effect. * Definition of a retired member: Age over 65 and no longer in full-time employment.

The motion was proposed by Mr. Billy Wong and seconded by Mr. Simon Lam.

The EGM concluded at 12:20 pm and moved straight onto the AGM.

4. Confirmation of 2012 Extraordinary and Annual General Meetings Minutes The minutes for 2012 EGM and AGM were confirmed. The motion was proposed by Mr. Stuart Leckie, seconded by Ms. Queenie Hui and carried unanimously.

2202 Tower Two, Lippo Centre, 89 Queensway, Hong Kong Tel: 2147 9419 Fax: 2147 2497 1 THE ACTUARIAL SOCIETY OF HONG KONG

3. Presentation of President’s Report The President addressed the meeting stressing that he would like to see the ASHK continue in its effort to help enhance the wider skillsets of members, to become more active in public issues and to raise actuaries’ profile in the public and to become more involved in the international actuarial arena.

4. Received the Audited Accounts The President put forward the motion to adopt the audited accounts for the year ended 30 September 2013 as read. The motion was proposed by Mr. Billy Wong, seconded by Mr. Peter Duran and carried unanimously.

5. Election of 2014 President As Mr. Billy Wong Yuk Lun was appointed as President Elect by Council in 2013 and there is no other Presidential candidate, Mr. Wong was elected President for 2014 unanimously.

6. Election of Council Members There were four candidates standing for the four vacated Council Member places. Ballot voting was not required. The list of new Council members is attached to this record of minutes.

7. Appointment of Honorary Legal Adviser The motion to reappoint Christine M. Koo & Ip, Solicitors & Notaries represented by Ms. Christine Koo for the year 2014 was proposed by Ms. Queenie Hui, seconded by Mr. Billy Wong and carried unanimously.

8. Appointment of Honorary Auditor The motion to reappoint Ernst & Young, represented by Mr. Jeff Malatskey for the year of 2014 was proposed by Mr. Jeremy Porter, seconded by Mr. Billy Wong and carried unanimously.

9. Presentation of Souvenirs to Council Members, Honorary Legal Adviser and Honorary Auditor A vote of thanks to the retiring Council Members and their secretaries, Honorary Legal Adviser, and Honorary Auditor was proposed by Mr. Billy Wong and seconded by Mr. Foong Sai-Cheong. The President presented souvenirs to the Council Members, Honorary Legal Adviser and Honorary Auditor.

10. Presentation of Souvenir to the President Mr. Jack Mak, the President was presented a souvenir as a token of appreciation for his contribution to the Society by Mr. Billy Wong, the new President who then briefly addressed the meeting with his acceptance speech.

The AGM was declared closed by Mr. Jack Mak at 2.15 pm.

______Mr. Jack Mak President

2202 Tower Two, Lippo Centre, 89 Queensway, Hong Kong Tel: 2147 9419 Fax: 2147 2497 2 THE ACTUARIAL SOCIETY OF HONG KONG

LIST OF NOMINATIONS RECEIVED FOR ELECTION OF THE PRESIDENT AND COUNCIL MEMBERS FOR 20 14

President

1) Mr. Billy Wong Yuk Lun of Sun Life Trustee Proposed by Mr. Jack Mak and seconded by Mr. Peter Duran

Council Members

2) Mr. Tony Cheng of RGA Reinsurance Proposed by Mr. Wilfred Tung and seconded by Ms. Candice Yam

3) Mr. Peter Duran of AIA Proposed by Mr. Sai‐Cheong Foong and seconded by Mr. Simon Walpole

4) Mr. Nigel Ke of Manulife Proposed by Mr. Ted Kwong and seconded by Ms. Salina Chung

5) Mr. Simon Walpole of Deloitte Proposed by Mr. Peter Duran and seconded by Mr. Simon Dai

Note: Employer names mentioned above are given for reference only and are not to be regarded as endorsement for and by the respective employers.

12 December 2013

2202 Tower Two, Lippo Centre, 89 Queensway, Hong Kong Tel: 2147 9419 Fax: 2147 2497 3