{"id":2535,"date":"2020-07-20T15:34:05","date_gmt":"2020-07-20T15:34:05","guid":{"rendered":"https:\/\/www.icsr.co.uk\/?post_type=project&#038;p=2535"},"modified":"2021-11-05T10:05:15","modified_gmt":"2021-11-05T10:05:15","slug":"our-client-required-an-independent-board-effectiveness-review-in-accordance-with-its-three-yearly-cycle","status":"publish","type":"project","link":"https:\/\/www.icsr.co.uk\/project\/our-client-required-an-independent-board-effectiveness-review-in-accordance-with-its-three-yearly-cycle\/","title":{"rendered":"Our client required an independent Board Effectiveness review in accordance with its\u2019 three-yearly cycle"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;3.27.3&#8243;][et_pb_row column_structure=&#8221;1_4,3_4&#8243; _builder_version=&#8221;3.27.3&#8243;][et_pb_column type=&#8221;1_4&#8243; _builder_version=&#8221;3.27.3&#8243;][et_pb_image src=&#8221;https:\/\/www.icsr.co.uk\/wp-content\/uploads\/2020\/07\/Case-study-image-22&#8211;scaled.jpg&#8221; _builder_version=&#8221;3.27.3&#8243;][\/et_pb_image][\/et_pb_column][et_pb_column type=&#8221;3_4&#8243; _builder_version=&#8221;3.27.3&#8243;][et_pb_text _builder_version=&#8221;3.27.4&#8243;]<\/p>\n<h1>Our client required an independent Board Effectiveness review in accordance with its\u2019 three-yearly cycle<\/h1>\n<p>[\/et_pb_text][et_pb_post_nav prev_text=&#8221;Previous case study&#8221; next_text=&#8221;Next case study&#8221; _builder_version=&#8221;4.5.1&#8243; _module_preset=&#8221;default&#8221;][\/et_pb_post_nav][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;3.27.3&#8243;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;3.27.3&#8243;][et_pb_text _builder_version=&#8221;3.27.4&#8243;]<\/p>\n<p><strong>The Client\u2019s Needs<\/strong><\/p>\n<p>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\u2019 three-yearly cycle.<br \/>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. <\/p>\n<p><strong>ICSR\u2019s Solution<\/strong><\/p>\n<p>ICSR benchmarked the firm against cohorts from within the London Market and assessed against the Lloyd\u2019s 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.<\/p>\n<p>A review of the firm\u2019s 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.<\/p>\n<p>Subsequently, ICSR provided training to the Board of Directors on regulatory expectations for the governance of insurance firms.<\/p>\n<p><strong>Resources Deployed<\/strong><\/p>\n<p>ICSR deployed a team of resources including experienced company secretarial and governance expertise to complete the work.<\/p>\n<p><strong>Client Outcome<\/strong><\/p>\n<p>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.<\/p>\n<p>[\/et_pb_text][et_pb_post_nav prev_text=&#8221;Previous case study&#8221; next_text=&#8221;Next case study&#8221; _builder_version=&#8221;4.5.1&#8243; _module_preset=&#8221;default&#8221;][\/et_pb_post_nav][\/et_pb_column][\/et_pb_row][et_pb_row admin_label=&#8221;Similar case studies footer link&#8221; _builder_version=&#8221;4.9.4&#8243; _module_preset=&#8221;default&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.9.4&#8243; _module_preset=&#8221;default&#8221;][et_pb_text _builder_version=&#8221;4.9.4&#8243; _module_preset=&#8221;default&#8221;]<\/p>\n<h3>Other similar work:<\/h3>\n<p>[\/et_pb_text][et_pb_portfolio fullwidth=&#8221;off&#8221; posts_number=&#8221;4&#8243; include_categories=&#8221;112,225,118,201,117,120,116&#8243; show_categories=&#8221;off&#8221; show_pagination=&#8221;off&#8221; _builder_version=&#8221;4.9.4&#8243; _module_preset=&#8221;default&#8221; hover_enabled=&#8221;0&#8243; sticky_enabled=&#8221;0&#8243;][\/et_pb_portfolio][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=&#8221;1_2,1_2&#8243; _builder_version=&#8221;3.27.3&#8243;][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;3.27.3&#8243;][et_pb_button button_url=&#8221;\/our-team\/&#8221; button_text=&#8221;Meet the team&#8221; button_alignment=&#8221;center&#8221; admin_label=&#8221;Meet the team button&#8221; _builder_version=&#8221;3.27.3&#8243;][\/et_pb_button][\/et_pb_column][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;3.27.3&#8243;][et_pb_button button_url=&#8221;\/contact-us&#8221; button_text=&#8221;Contact us&#8221; button_alignment=&#8221;center&#8221; admin_label=&#8221;Contact us button&#8221; _builder_version=&#8221;3.27.3&#8243;][\/et_pb_button][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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\u2019 three-yearly cycle. Read how ICSR helped them.<\/p>\n","protected":false},"author":6,"featured_media":2537,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":""},"project_category":[225,112,118,201,117,120,116],"project_tag":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Board Effectiveness Review | Case Study | ICSR<\/title>\n<meta name=\"description\" content=\"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\u2019 three-yearly cycle. 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