December 15, 2022

LBMA 2022 Annual Report

Improving Standards and Member Satisfaction

LBMA is pleased to launch its latest Annual Report, reflecting on our work over the last year as the standard setting organisation for the global precious metals market.

Now that we are one year into our three-year strategy, I’m delighted to report that this last year has been packed full of achievements.

Key Highlights

As part of our new strategic plan, we made Member Satisfaction a key measure of our success and we have found more and more ways to engage with you this year. Connecting with so many of our Members and Affiliates during LBMA roadshows, quarterly CEO Town Halls, Tea with Ruth and our webinars has been an excellent opportunity to hear your views on the direction of LBMA. Your feedback is crucial to ensure that we advance market standards for the common good of the global industry. I’m grateful for all the engagement to date and looking forward to more in 2023.

2022 has been a year of member satisfaction and improving standards. Following last year’s independent Member satisfaction we conducted last year, we developed an Engagement and Member Services strategy to improve the work we do for you, the Membership. I’m pleased to report that the overall satisfaction rate has risen from 67% in 2021 to 85% in 2022.

As part of our wider industry engagement, this year we consulted on two important LBMA standards: the Global Precious Metals Code, and the Good Delivery List Rules – our first public consultation and the most comprehensive review yet of this standard. High levels of engagement in both consultations have resulted in strengthened standards that are fit for the current environment.

Read the full Annual Report to find out more about our Responsible Sourcing agenda, physical and financial market enhancements, and a roundup of our membership, communications and engagement over the last year.

Ruth Crowell