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Lloyd’s governance panel finds former CEO conduct fell below standards
The Council said Neal and former Corporate Affairs Director Rebekah Clement failed to disclose a perceived conflict of interest tied to their close relationship, and found no evidence Neal’s conduct materially changed after concerns were raised.
The Council of Lloyd’s has concluded that former chief executive John Neal’s conduct fell “significantly below” the standards expected of Lloyd’s senior leaders following an investigation into governance and whistleblowing processes, according to Reinsurance News.
The review found Neal’s relationship with former Corporate Affairs Director Rebekah Clement was sufficiently close during their employment that it could be viewed as creating a perceived conflict of interest, and that both Neal and Clement breached Lloyd’s global compliance policy by failing to disclose it.
The Council said senior individuals raised concerns directly with Neal during his time at Lloyd’s, that Neal acknowledged the concerns and his responsibilities, and that while he undertook to modify his conduct, the investigation found no evidence of a material change afterward.
The Council added that the compliance failure resulted in a missed opportunity for Lloyd’s to put steps in place to manage any conflict of interest, and it said Neal’s failure to address the issues after repeated discussions fell below required standards of judgement, transparency, and accountability.