Speciality insurance marketplace Lloyd’s of London has decided to streamline its governance by forming a single governing body.
The decision was taken after five months of consultation.
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Under the plan, which will be implemented from next June, the Lloyd’s Council will be consolidated with the Franchise Board.
The Council would now have 15 members, including six nominated members. These six members would be chosen by Lloyd’s Nominations & Governance Committee and Chairman from among existing independent Council and Board members.
A total of six members, to be selected by the market through an election in April/May 2020, as well as three executives would also be part of the Council.
The latest move received the backing of more than 90% across the Lloyd’s market.
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By GlobalDataLloyd’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.
Lloyd’s has unveiled various operational changes recently.
Earlier this year, the insurance syndicate announced plans to split into two automated exchanges as well as move the bulk of its operations online.
Lloyd’s recently also unveiled plans to launch an electronic exchange.
