The Lord Mayor of the City of London should be chosen from senior figures in the financial sector rather than from local politicians, according to a major reform proposal circulating among the Corporation’s leadership.
Alderwoman Martha Grekos has put forward a series of wide-ranging changes to the role, prompted by what she describes as a recent crisis that saw a candidate withdraw from the election process at the last minute. Her paper calls for three key shifts: appointing the Lord Mayor from the top ranks of finance, extending the term from one to three years, and abolishing the office of Aldermen and Alderwomen entirely.
The proposals have sparked debate within the City of London Corporation, the ancient authority that governs the Square Mile. Alderwoman Grekos argues the current system is fundamentally broken, selecting local politicians who rarely have experience leading major financial institutions, while the role is meant to represent the UK’s financial and professional services sector globally.
What triggered the reform call
The proposal follows the withdrawal of Alderman Tim Hailes from the Lord Mayor election for 2027/28 in late September. Hailes pulled out after becoming aware of criminal proceedings against someone closely connected to a previous employer. The Court of Aldermen then switched its support to Alderman Bronek Masojada, former Chief Executive of insurer Hiscox, who is due to be formally admitted into office on 13 November.
In her paper, Alderwoman Grekos identifies several problems with the current system. Most Lord Mayors lack top-level experience in the financial City they are supposed to represent. The
