About Us

Terms of Reference for the LBMA Finance Committee

Its general purpose is to:

  1. Ensure that adequate financial records are maintained;
  2. Ensure that quarterly and annual accounts are prepared which provide an accurate representation of the Association's financial position;
  3. Ensure that adequate financial reserves are maintained, by adjusting income or expenditure; and
  4. Ensure that the LBMA Board is properly advised on any issues that arise in relation to the Association's finances.

Its general activities are to:

  1. Set LBMA's 3-year Budget and in particular, the Conference budget for the coming year;
  2. Review management and annual accounts; and
  3. Review all proposed major items of expenditure.
Reporting line: LBMA Board.
Delegated authorities: Advises the LBMA Executive and LBMA Board when required.
Chair: Chair proposed by Committee and endorsed by LBMA Executive Committee.
Membership: 7 Members appointed, including up to 2 Affiliate Members and appointed non-executive director
Observers: Yes, as required.
Quorum for meeting: 30% of the Committee. Where quorum cannot be achieved the Chief Executive may be included within the quorum calculation for critical decisions.
Decision making rules: Consensus across the Committee.
Minimum frequency of meetings: 4 times a year.
Location: LBMA offices or Virtually by Video Conference.