The Actuarial Foundation

Preparing for tomorrow's possibilities through education

Events

Home > Get Involved > Attend an Event > 2003 Industry Leaders' Symposium & Invitational

Events

Actuarial Foundation’s Annual "Clambake" a Tremendous Success!

Clam Bake Photo Album

Once again—as has become the custom over the last 8 years—top insurance executives from all over the world converged on Lake Geneva, Wisconsin this August 10-11 for the “Industry Leaders Clambake” to meet, mingle and, most importantly, support a very worthy cause: the Advancing Student Achievement program of the Actuarial Foundation.

The Clambake has grown from a more informal weekend spent exchanging ideas into a “must attend” event for close to 150 insurance executives—some coming from as far as Europe to attend—and typically featuring a symposium on one of the latest “hot” topics, ample networking opportunities, and a chance to support the very good work of the Actuarial Foundation. Of course, there is also a golf tournament, catered receptions and plenty of fun events for attendees to enjoy.

This year’s meeting was no exception. Kicking off the festivities on Sunday evening was a reception held in the lovely Riviera Ballroom overlooking Lake Geneva. As the picturesque sunset streamed through the panorama windows showcasing the placid waters of Lake Geneva, guests began arriving as the tropical sounds of a Caribbean orchestra welcomed them. The playful motif—including Mardi Gras beads at every place setting—and the menu of island-inspired delicacies helped to put everyone in the proper mood.

The next morning the symposium took place at Bella Vista Suites. This years’ topic—Corporate Governance—couldn’t have been more timely, following the recent events surrounding companies such as Global Crossing, World Com, Haliburton, and, of course, Enron. As is traditionally the case, a top-tier panel had been recruited to present, including:

Mr. Weldon kicked off the session’s presentations with a general overview of the corporate governance topic. As subsequent presenters would also do, he cited some of the recent scandals that have been prominently featured in the media as one of the key factors in the increased interest in corporate governance among business leaders, members of the general public, and—perhaps most tellingly—the government. One of the key points that he made was how, in addition to the financial costs of improper practices, suspect actions by corporate leadership take a huge toll on trust in the organization in question. Mr. Weldon also made the observation that corporate governance must come “from the top down” to truly be effective—that is, the very highest members of the organization, from the CEOs and Board members on down—must embrace and adhere to proper governance procedures for the entire organization to be sound.

Mr. Marlow followed that presentation by providing the perspective of a working, passionate Chief Executive Officer. While agreeing with the importance and need for corporate governance in business, Mr. Marlow delivered a cautionary coda to his remarks about some of the potential ramifications of government scrutiny and intervention—especially in our litigious society. The advent of lawsuits brought by investors who have lost money in a particular company’s stock—because the company did not spell out in plain language every possible contingency where the stock price may go down—if supported by the courts and government, could have a particularly chilling effect on corporate innovation, warned Mr. Marlow. He firmly believes the solution is more individual responsibility, not additional controls on corporations and their officers.

Mr. Gleason provided a very interesting viewpoint, utilizing his experience working with National Association of Corporate Directors. His presentation, “Corporate Governance—Five Issues for Thought” focused on how corporate officers can create and foster a climate of good corporate responsibility. While many of the presentations focused on the issues facing executives of a corporation, Mr. Gleason’s zeroed in on the responsibilities facing the officers sitting on the boards. Precisely and articulately, Mr. Gleason vividly illustrated the time commitment and responsibility level of effective Board members, which laid the groundwork for his suggestions of eliminating the “old boy network” in Board appointments, and individuals sitting on multiple boards simultaneously. As well, he also pointed out the importance for Boards to schedule regular executive sessions to meet without staff present, to allow for some freer discussions about issues.

Mr. Devine closed with a presentation entitled “U.S. Life Insurance—A Look at Corporate Governance.” He cited examples from his experience in examining and working with numerous life insurance companies, and how corporate governance practices affected those organizations—both positively and negatively. Mr. Devine also made the case for the importance of having a life insurance company’s Chief Actuary sit down regularly with the Board—without the CEO or CFO present—to candidly discuss the organization’s position. Mr. Devine believes that Chief Actuaries are critically important to the process, and should certainly play a larger role in assuring adherence to corporate governance standards.

Mr. Smith then led the spirited question-and-answer session, where audience members asked penetrating questions and presented observations drawn from their own experiences. The session was such a success that the discussion finally had to be halted when time ran out, and the participants had to leave to attend the next event.

The overriding message seemed to be that corporate governance is of critical importance to today’s organizations, especially in light of recent very public transgressions by large companies. While there are always going to be some individuals who use their positions for personal gain, organizations with proper corporate governance procedures in place will be able to minimize financial losses and the even more important damage to their corporate reputation.

Following the symposium, many of the attendees headed to the Big Foot Country Club for a low-key scramble golf tournament. After a lunch on the course, the mixed teams teed off. Networking and fun was much more important than scores, and everyone had a great time.

After golf, there was a cocktail reception and an elegant sit-down dinner at the country club. After being soothed by the mellow sounds of Tom Stanfield and his band, the attendees turned their attention to probably the most important part of the event.

A short video presentation was screened that showcased the work of the Actuarial Foundation’s Advancing Student Achievement program at a school in Minnesota. This collaboration of school officials, volunteer actuaries and underprivileged students vividly illustrated the huge difference even one individual can make in helping a child. The level of applause in the room following the video presentation indicated that the audience was also quite appreciative of the Foundation’s efforts. Several generous donors had offered up auction items—including an all-expenses paid-first-class-trip for two to Ireland—to help raise funding for the continued work of the program. All of the items were auctioned off, spotlighting the generosity of the attendees and their commitment to helping the foundation carry on its programs of helping children in need.

“This year’s clambake was terrific,” said Eileen Streu, Director of the Foundation, “in every aspect: attendance, symposium, activities, sponsorships and-- most importantly—the amount of support raised for the Foundation’s work. I applaud everyone who attended and a special note of thanks to our sponsors who so generously supported this event and to our panel of speakers for their time, effort and support to make this year’s event a tremendous success.”

With this year’s event now complete, the Foundation is turning its attention to making next year’s “Clambake” even more successful. Details will follow on the dates and other information, but we hope to see even more people turn out to support the Foundation then.