Lloyd's announces decision to create single governing body
Lloyd’s is to merge its council and its franchise board (the “board”) effective from 1 June 2020, after receiving widespread support from across the market.
This announcement follows five months of consultation across the Lloyd’s market, with an overwhelming majority (over 90 percent) supporting the proposal to merge the board into the council and create a single governing body for the corporation and the Lloyd’s market.
The revised council will include 15 members, made up of six nominated members, six members elected by the market, and three executives.
Lloyd’s said that its nominations and governance committee is working with the chairman to identify the best combination of members from among the existing independent members of council and board to continue as nominated members of the council. The Lloyd’s market will be invited to participate in an election process in April/May 2020 for the market representative members of the council.
Lloyd’s Chairman, Bruce Carnegie-Brown, said that the move fits with the aims of the Future at Lloyds, the blueprint set out by Lloyds to help it become the most advanced insurance marketplace in the world.
“Through the Future at Lloyd’s we are building a new market that is innovative and responsive to the needs of its customers,” he said. “To do this effectively we need to make our governance structures as efficient as possible. By creating a single governing council, Lloyd’s will combine robust and accountable governance with the ability to make swift decisions when necessary.
“I would like to thank the Lloyd’s Market Association (LMA), the Association of Lloyd’s Members (ALM), the High Premium Group (HPG) and Lloyd’s Members Agents for their close engagement throughout this process. I look forward to continuing to work very closely with market members and the members of the newly formed council as we deliver Lloyd’s strategy to build the most advanced insurance marketplace in the world.”
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