The changes keep coming at Lloyd’s of London.
The world’s largest insurance market, which earlier this year was the focus of a major report into sexual harassment and daytime drinking, and which has been focusing on “modernization” with the launch of its Blueprint One a few weeks ago, is once again in line for a significant shake-up as it announces that its boards will be merged into one.
The 330-year-old market said on Friday that it was looking to simplify its governance structure – meaning its two existing boards will come together. The move has been made to further its modernization plans and accompanies its push towards electronic exchanges and making it quicker and cheaper to establish syndicates.
“We need to make our governance structures as efficient as possible,” Lloyd’s chairman Bruce Carnegie-Brown said in a statement, as reported by Reuters. He went to state that the new structure “will combine robust and accountable governance with the ability to make swift decisions when necessary.”
The switch sees the Lloyd’s franchise board – which led the day-to-day running of the market – merge into the Lloyd’s Council from June 01. The result will be a 15-member single governing body.
Carnegie-Brown is now working alongside the Lloyd’s nominations and governance committee to find six independent board members from its existing membership. An election for six market representatives, meanwhile, will take place during April-May; while the board will also boast three executive members.