The committee approved the minutes of its previous meeting and noted updates on key actions. Lloyd’s is continuing to challenge Citibank fees with the aim of reducing and backdating charges, and will circulate the final schedule to members. Members’ agents will prepare a 3 to 5 year analysis of charges, with Jo Caller invited to present budget movements at the next meeting. The committee discussed UK equities in trust funds, noting legal and tax complexities and upcoming meetings with HMRC. Members reviewed changes to the Lloyd’s Council and Board and discussed improving third-party capital representation.