Lloyd's has informed that it will merge the Council with the Franchise Board from June 2020 to create a unified governing body, after receiving widespread support from across the market.

This announcement 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.

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.