Corporate bodies responsible for running Lloyd’s syndicates. They appoint the active underwriter and the staff. The mana ing agent’s agreement sets out the duties, powers and remuneration of the agent and obligations of the member. Since 2003 managing agents have been granted franchises to operate within Lloyd’s. Some even provide capital to the syndicates they manage in which case they become corporate members. Lloyd’s has published a number of codes of practice for managing agents.