Lloyd’s of London have announced the decision to create a single governing body by merging the Council and the Franchise board, effective 1 June 2020.
The new body will be made up of 15 members, 6 nominated members, 6 elected by the market and three executives.
Lloyd’s stated that it received an overwhelming majority of over 90% support for the proposal to merge the Board into the Council and create a single governing body.
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.
Adding: “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.”