Terms of Reference for the LBMA Physical Committee

Monitor, develop and enforce the Good Delivery (GD) List, including adherence to Responsible Sourcing by refiners on the List and new applicants to ensure standards are maintained; and
Ensure integrity, quality and standards are maintained; emphasis on continuous improvement and transparency of the market.

Supervising the Executive’s role in Proactive Monitoring of GDL Refiners;
Supervising Applications and Enquires for the Good Delivery List, including inspections & analysis of samples;
Monitoring and responding to changes in VAT and other regulations related to bullion (e.g. REACH);
Monitoring and development of the GDL website, including creation of visual guides;
Reviewing issues emanating from the Vault Managers Group on developments in weighing as well as general vaulting/custodial issues, including packing procedures;
Maintaining confidentiality. Each member is to represent the market, not their individual institution;
Creation of transparency through the publication of vault holdings data;
Organisation of forums for professional development (e.g. Assaying & Refining Conference);
Dispute resolution; and
Advising LBMA Executive on GD Rule changes.

Reporting line:	LBMA Executive Committee.
Delegated authorities:	Advises the LBMA Executive when required.
Chair:	Chair proposed by Committee and endorsed by LBMA Executive Committee.
Term of Chair/Vice Chair:	Three years, whereby there must then be an election. Members are permitted to serve two terms.
Membership:	Sufficiently experienced and knowledgeable nominated and approved Members appointed, including the Chair of the Vault Managers Group.
Observers:	Permitted and appointed by the Chair (e.g. Bank of England).
Quorum for meeting:	A majority of the Committee.
Decision making rules:	Consensus across the Committee.
Minimum frequency of meetings:	Monthly and ad-hoc as necessary.
Location:	LBMA offices.