Every managing agent should be headed by an effective board, which is collectively responsible for the success of the managing agent.
There should be a clear division of responsibilities at the head of the managing agent between the running of the board and the executive responsibility for the running of the managing agent’s business. No one individual should have unfettered powers of decision.
The board should include a balance of executive and non-executive directors (and in particular independent non-executive directors) such that no individual or small group of individuals can dominate the board’s decision taking.
There should be a formal, rigorous and transparent procedure for the appointment of new directors to the board
The board should be supplied in a timely manner with information in a form and of a quality appropriate to enable it to discharge its duties.
The board should undertake a formal and rigorous annual evaluation of its own performance.
