Governance reforms
The Lloyd’s Remuneration Committee has since written to Neal to inform him that, had he retained any unvested variable remuneration, his conduct would have warranted the cancellation of a portion of those awards; Neal forfeited his unvested compensation on resigning. Roxburgh, who commissioned a review of Lloyd’s governance arrangements shortly after taking up his role, said the corporation has since adopted heightened Council oversight, revised committee structures, changes to senior appointment procedures, enhanced disclosure requirements and a duty of candour imposed on the chief executive. Lloyd’s is now updating its Code of Conduct, including guidelines on the use of social media and personal relationships at work.
