Silent hunters C elf-re g ulation began with Lloyd's new L./Council. To
the familiar Committee, elected from the market, were added others elected by the membership at large, and others again nominated by the Gov- ernor of the Bank. 'There's no doubt,' says Mr Hay Davison, 'that the Council is the governing body. That wasn't clear at the beginning.' From outside, indeed, the Council looked likely to be a large layer of ornamental icing on a little-changed cake. In fact, like the Cabinet, it has worked through specialised committees — like Edward Walker-Arnott's, whose business is discipline: 'A very powerful and silent group of men,' says Mr Hay Davison. Wrong-doing is pursued ruthlessly. Self- interest is rigorously excluded.' The Coun- cil is working down its list of reforms. Coming to the top of the list are baby syndicates — the little underwriting groups, made up of Lloyd's professionals, which could be fed specially favourable business. There will be rules to govern reinsurance with companies related to those placing the business — the formula for many scandals.
Previous page
