The Committee noted the completion of the LMA response to Lloyd’s byelaws consultation. Members discussed the basis of member charges and application of the ‘user pays’ principle, welcoming greater transparency while emphasising the need for continued engagement with the Committee and the LMA Finance Committee on future reviews. Progress on phase 2 of the byelaws review was noted, with a focus on more substantive reform. The Committee considered proposals to strengthen its membership with additional capital representatives. Updates from the Third Party Capital Working Group covered byelaw restructuring, capital drivers for 2026 and proposed priorities for further work.