LBMA Chairman to be a Non-Executive Director
Thursday, June 30, 2016
Scope Formally Expanded to Platinum & Palladium Markets
At a General Meeting held yesterday, Members of the LBMA approved by an overwhelming majority a number of important changes to its Memorandum & Articles of Association. These changes support the LBMA's ongoing strategic development and expanding remit.
The first major change extends the scope of the Association to incorporate the platinum & palladium markets. This allows the LBMA to formally support its Members' activities in the PGM market, particularly with regard to regulatory issues. This change also reflects the LBMA’s ownership of the intellectual property rights for the platinum & palladium price benchmarks. The LPPM will continue in its current roles & responsibilities, including most importantly the accreditation of the Platinum & Palladium Good Delivery Lists.
The second change was to further enhance the governance of the Association. The UK Corporate Governance Code was incorporated and will govern both the Constitution as well as the operation of the Board. While it is vital for the Board to have a strong voice for its Members, it is important that any actual and perceived conflicts between these parties are balanced by having independence on that Board. This independence protects the interests of the wider membership as well as the individuals themselves serving on the Board. To address this, the LBMA has added an independent Non-Executive Chairman as well as two additional Non-Executive Directors (NEDs).
Grant Angwin, Chairman of the LBMA commented "I’m delighted to announce this important step in the history of the LBMA. The enhancement of the governance is reflective of the expanded scope and will allow the LBMA to be a stronger voice for the market."
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