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IIRSM Council is the ultimate governing body of the Institute, responsible for its management and overall strategic direction in conjunction with the Chief Executive. All Council members are ultimately elected by the membership at large and are trustees of the charity. Day to day management of IIRSM activities is the responsibility of the Chief Executive, with the support of the Trustees.

The Institute’s Memorandum and Articles of Association set out the basic management and administrative structure of the Institute. They are public documents and cannot be changed without the approval of IIRSM's members.