About Us

Terms of Reference for the LBMA Vault Managers Working Group

Its general purpose is to:

  1. Allow representatives of the vaults used by members in support of the Loco London bullion market to meet and discuss general matters in relation to the logistical aspects of Good Delivery (GD) bars;
  2. Ensure that the vaults apply the GD Rules consistently; and
  3. Help to promote best practice in the logistical services required to support the Good Delivery Market.

Its general activities are to:

  1. Review and, where appropriate, recommend the update of weighing methods, equipment and procedures for processing gold and silver GD bars;
  2. In relation to physical defects in GD bars, decide what is to be accepted or rejected under the GD rules through the availability of suitably experienced members for inspections;
  3. Assist the Executive and Physical Committee in the development of any projects or documentation in support of the GD brand; and
  4. Assist the Executive in maintaining relevant sections of the GD Rules.
Reporting line: LBMA Physical Committee.
Delegated authorities: Advises the LBMA Physical Committee and LBMA Executive when required.
Chair: Proposed by Committee and endorsed by LBMA Executive Committee.
Term of Chair/Vice Chair: Three years, whereby there must then be an election.
  Chairs are permitted to serve two terms.
Membership: Number of Members appointed in accordance with the number of Vaults supporting the Loco London bullion market.
Observers: N/A.
Quorum for meeting: A majority of the Working Group.
Decision making rules: Consensus across the Working Group.
Minimum frequency of meetings: Three to four times per year.
Location: LBMA offices.