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LBMA Sub-Board Group Terms of Reference

The Sub-Board Group’s general purpose is to review matters arising in relation to incidents and enforcement with regards to LBMA Members and Good Delivery List Refiners. Any decision by this Group is considered final.

Its general activities are to:

  • Review incidents regarding LBMA Members and Good Delivery List Refiners
  • Enforce Member Rules, Good Delivery Rules and the Responsible Sourcing Programme

The measures the Sub-Board may undertake are set out in section 9 of the LBMA Rules for Members and section 1 of the Good Delivery List Rules.

Reporting line: N/A.

Delegated authorities: The powers are delegated from the Board. (Article 56 – Articles of Association.) Such delegated authority includes:

  • The ultimate decision to remove a Member for Member Rules failures.
  • The ultimate decision to remove a Good Delivery List Refiner for Good Delivery Rules and Responsible Sourcing failures.

Chair: Appointed by the LBMA Board and must be an independent Non-Executive Director (NED). (Article 37 – Articles of Association)

Membership: The independent NEDs (including Chairman). Chief Executive. Executive Director(s)

Quorum for meeting: Minimum of five members. (Article 67 – Articles of Association)

Decision making rules: Consensus.

Administrative arrangements: LBMA Chief of Staff.

Associated policies: Conflicts of Interest Policy. Chatham House Rule. Anti-trust and Competition Law.

Minimum frequency of meetings: Ad hoc; as matters arise.

Location: LBMA offices or virtually.