Lloyds vote could scupper accounting reform
Improvements to the accounting procedures at Lloyds of London could be scuppered if members of the insurance market have voted en bloc against a raft of reforms.
The results are due to be announced today but yesterday the market’s chairman Sam Riley called on members to back the reforms.
There has been some dissent among members because of intense concern over some of the corporate governance arrangements included in the reforms.
However if members chose to vote against because of the corporate governance fears then all changes, including those affecting accounting, would be brought to a halt.