Principles for Doing Business at Lloyd's P10.1: 10.1 A board and committee structure enabling informed, timely and accountable decisions

The board and committee structure supports well informed, timely and accountable decisions. Baseline: a governance structure with clear reporting lines, including within a wider group; the board sets and monitors a well-articulated strategy that includes social, environmental and ethical impacts, with all functions aligned; composition allowing independent challenge and a chair responsible for board effectiveness; regular assessment of composition, terms of reference and effectiveness, with formal review after fundamental change and periodic external input (for example every three years); compliance, risk and audit integrated into decision making; conflicts of interest identified and reviewed; Solvency II policies in place and reviewed. Advanced adds distinct board or executive committees for all technical areas.