Lloyd’s Franchise Board, acting through executive directors, is franchisor, contracting with managing agents. The franchisor provides agreed service standards and the franchisee must promote and protect the Lloyd’s brand, security and licences and prepare an annual business plan. Lloyd’s assists with business plans and ways to improve results but can impose constraints on syndicates and ultimately remove a franchisee from Lloyd’s. The franchisee contributes to the Lloyd’s central fund. See LLOYD’S FRANCHISE BOARD.