Lloyd’s to create single governing body

Lloyd’s has announced it will merge its council and franchise board into a newly created single governing body, effective from 1st June 2020.

The announcement follows five months of consultation across the Lloyd’s market, with a large majority of respondents (over 90%) supporting the proposal.

The revised council will include 15 members, made up of six nominated members, six members elected by the market, and three executives.

The firm’s nominations and governance committee and chairman will select members from among the existing independent members of the council and the franchise board to continue as nominated members of the new council.

The market representative members of the council Lloyd’s market will be elected in April/May 2020.

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,” he added. “By creating a single governing Council, Lloyd’s will combine robust and accountable governance with the ability to make swift decisions when necessary.”

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