The Board was presented with a discussion paper about the various options and possible consequences of Lloyd’s moving to reporting in a managing agent’s functional currency. The Board discussed various implications, including regulatory and political points, as well as implementation approaches and costs. The Board supported the paper and the LMA Finance Committee will continue work in this area.

The Board was taken through the work of the LMA’s legal and underwriting teams in respect of the ongoing situation in the Middle East. They also heard more about the LMA’s work on the five powers clauses and the market engagement that had taken place to date. 

The Board agreed a minor amendment to the terms of reference of the Nominations and Governance Committee.

Other matters noted included updates on the computable binding authority agreement project, the female underwriting talent initiative, the LMA’s D&O and E&O policy and Q1 report.