Our client required an independent Board Effectiveness review in accordance with its’ three-yearly cycle
The Client’s Needs
The client, the UK based trading operations of a large US-owned multinational insurer, including an EU insurer, a UK insurer and a Managing Agent required an independent Board Effectiveness review in accordance with its’ three-yearly cycle.
ICSR succeeded in being appointed to undertake the work following a number of firms being asked to pitch for the work in a competitive environment.
ICSR benchmarked the firm against cohorts from within the London Market and assessed against the Lloyd’s Minimum Standards, Solvency II requirements for Governance, PRA Supervisory Statement 5/16 on Board Responsibilities, UK Corporate Governance Code, the Wales Corporate Governance Principles for Large Private Companies and the FRC Guidance on Board Effectiveness.
A review of the firm’s Executive Committee, Board Committees and Board packs and minutes was undertaken before interviews of all directors and key executives including the Chief Risk Officer, General Counsel, Company Secretary and Internal Auditor. A report was prepared and delivered in draft to the Chairman for discussion and confirmation on factual accuracy and tone before a final report was issued to the Board. ICSR then presented the report at a Board meeting.
Subsequently, ICSR provided training to the Board of Directors on regulatory expectations for the governance of insurance firms.
ICSR deployed a team of resources including experienced company secretarial and governance expertise to complete the work.
The client met regulatory expectations for a triennial independent board effectiveness review and was able to establish where it was meeting good practice or had work to do to improve.