The committee welcomed 4 new members from managing agents and held a substantive discussion of Lloyd’s strategy as it relates to third party capital. Key themes included the need for clearer capital efficiency levers by capital archetype, support for reducing Lloyd’s operating and “shadow” costs, concern about avoiding a two-tier market between aligned and unaligned capital, and interest in more stable multi-year planning and capital-setting arrangements. The committee also reviewed progress on the Reporting Project, including capital provider data definitions and USD reporting requirements.