Robert Quayle, a director of IPIR, and Nigel Smith, who has accounting expertise in the insurance and shipping sectors. Nigel Smith has specific responsibility for liaison, on behalf of the Committee, with the head of internal assurance of Thomas Miller. The Committee has wide ranging responsibilities including reviewing of reserving, Report and Accounts, internal audits and the oversight of regulatory matters worldwide. Over the past year the Committee has been particularly active in the work relating to Solvency 2, Financial Services Authority and governance of the Club and its subsidiaries. The Committee reports to the full Board on all of these issues to enable the Club to take key decisions.
In the light of the increased responsibilities and influence of the Strategy and Audit & Risk committees, it was decided that the members of these Committees would be in future FSA Approved Persons.
The Nominations Committee makes recommendations to the Board regarding its composition as and when new Directors are to be appointed. It also makes recommendations on the composition of committees and subsidiary boards. The Ship and Membership Quality Committee oversees ship and membership quality and makes reports to the Board. IPIR, the Association’s wholly owned quota share reinsurance subsidiary, is responsible for managing the majority of the investment portfolio. Its board comprises shipowner directors of the Association, as well as independent investment directors and Isle of Man resident directors. The Association’s wholly owned European subsidiary’s board (UK P&I (Europe) Ltd.) is made up from shipowner directors who are also Directors of the Association.
Other committees of the Board are formed, as needed, in order to review specific issues as delegated by the Board, or take decisions on behalf of the Board, for instance regarding th e operation of the Club’s war risks cover where urgent decisions may be required.
8
The International P&I Reinsurance Company Ltd (IPIR) is a wholly owned subsidiary of the Association based in the Isle of Man. IPIR reinsures 90 per cent of the retained protection and indemnity risks of the Association. In addition to three Directors of the Association, the board is comprised of two directors resident in the Isle of Man and directors from Guernsey and Bermuda. These board members have specific knowledge of investments, insurance and reinsurance.
AUDITORS
During the year Moore Stephens and Butterfield resigned as auditors of the Association and Moore Stephens LLP (London) were appointed in their place.
DIRECTORS
The present Directors of the Association are shown below. Also shown are those who retired from the Board since February, 2010. The Board wishes to record its thanks to those Directors for the contribution they have made to the work of the Board and the affairs of the Association.
Bye-Law 14 (c)(i) provides for Directors to retire who have been in office for three years since their last election. Consequently Messrs E. André, C.I. Caroussis, A.H. Azizan, M.L. Carthew, N.G. Inglessis,
A.C.Margaronis,
M.Morooka, P. Vasilchenko and H. von Rantzau will retire at the forthcoming Annual General Meeting in Athens on 17th October, 2011. All these Directors, with the exception of Messrs Azizan and von Rantzau, have offered themselves for re-election.
In October 2010, Mr C.I. Caroussis was re-elected as Chairman of the Board of Directors and Messrs E. André, P. Decavèle and A.K. Olivier were re-elected as Deputy Chairmen. Mr Decavèle stood down as Deputy Chairman in February 2011.
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