Directors not independent enough or falling foul of Lloyd’s

Directors of Omega Insurance claim Invesco Perpetual’s propsed boardroom replacements may be in breach of corporate governance guidelines and cause trouble with Lloyd's regulators, this morning's papers report.

Three of the proposed replacements were not independent as they were all lawyers for Cox Hallett Wilkinson, the firm retained by Invesco to make its requisitions for the SGM, the FT reports.

Omega claimed Lloyd's might not be happy if Invesco tries to reinstate John Robinson, having described him as a "major obstacle to the syndicate's progress in meeting underwriting standards", the Telegraph reports.

Delaware insurance regulators have scheduled a hearing about the matter before shareholders vote on Invesco's proposals in March, the Telegraph said.