IRM fellow calls for EGM to hear accusations of shortcomings

The beleaguered Institute of Risk Management (IRM) is set to face an extraordinary general meeting (EGM) this month, amid accusations that the IRM board has behaved dishonourably.

In a letter leaked to Insurance Times, IRM fellow Clive Thursby asked the institute's other fellows to support a call for an EGM. Such a meeting must have the support of at least 10% of fellows for it to be called.

More than 5% of fellows are believed to have already pledged their support.

In the letter, Thursby said the IRM board, or court, had behaved dishonourably in failing to tell members of the IRM's true condition or acknowledge their shortcomings over the past year.

"The continued existence of IRM must be in very serious doubt," the letter said.

"However, the rationale for such a body is stronger today than ever and every effort must be made to restore it to vitality.

"Given its recent record, this is not something that can be just left on trust to the court to achieve, particularly when it is being so reticent about how it intends to go about it.

"It is imperative that the membership as a whole has an opportunity to debate the issues and agree a way forward."

The IRM's annual general meeting was eventually held in February, after being postponed from the previous December due to "unforeseen administrative difficulties" .

IRM chairman Mark Butterworth said the letter was very disappointing.

"But since it has been sent, I've had many calls of support for the work we're doing on the revitalization," he said.

"I've offered Clive a meeting to talk through the issues involved but haven't heard back from him yet."

Butterworth said the IRM would issue further bulletins on the revitalization programme next week.

The call for the EGM came as the IRM announced the appointment of its new executive director Steve Fowler, who is on secondment from Royal & SunAlliance (R&SA) for 15 months.

The IRM also recently announced a £100,000 sponsorship deal with R&SA, Zurich, Aon and Marsh, the Association of Insurance and Risk Managers and the Association of Local Authority Risk Managers.