London:Lloyd's to form single governing body

Lloyd's has announced its decision to merge the Council and the Franchise Board with effect from 1 June 2020, after receiving widespread support from across the market.

The move follows five months of consultation across the Lloyd’s market, with an overwhelming majority (over 90%) supporting the proposal to merge the Board into the Council and create a single governing body for the Corporation and the Lloyd’s market.

Lloyd's says in a statement that the revised Council will include 15 members, made up of six nominated members, six members elected by the market, and three executives.

Lloyd’s Nominations & 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: “Through the Future at Lloyd’s, we are building a new market that is innovative and responsive to the needs of its customers. 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.

Source: Asia Insurance Review