The Committee reviewed actions, including a potential phase 2 of reforms to Lloyd’s Byelaws. Members agreed that simplifying and modernising the Agency Agreements should be a priority, subject to further scoping with the LMA Legal Committee and Lloyd’s. The Committee confirmed an expansion of membership to include additional managing agents with direct responsibility for third party capital. Members discussed Lloyd’s Market Charges Review, emphasising the need for appropriate resourcing and coordination with the LMA Finance Committee. Updates were provided on Third Party Capital Working Group activity, including progress on capital provider data and education on the member modeller. Future engagement with Lloyd’s strategic and governance developments was also noted.