The thirty-sixth Annual General meeting of the London Bullion Market Association was held at 15:00 BST on 11 July 2024.

Prior to this year's AGM, nominations for Market Making Member vacancies of the LBMA Board were duly received, with two names in contention. Raj Kumar (Head of Strategic Development, Morgan Stanley) was re-elected as Market Making Member.

We would like to take this opportunity to offer our thanks to Judy Yi Qiu (Deputy General Manager, ICBC Standard Bank), a fellow nominee for the Market Making Member vacancy.
Two LBMA Board Members – Praveen Baijnath (CEO, RAND Refinery and Director of Prestige Bullion, a JV with the South African Mint) and Wenjian Fang (CEO, Bank of China UK, Ltd.) – were re-appointed, while Robin Kolvenbach (Co-CEO, Argor Heraeus SA) was newly elected, all for two-year terms.

l-r: Praveen Baijnath, Wenjian Fang, Robin Kolvenbach

LBMA is pleased to announce that Peter Zoellner (former BIS Head of Banking Department) has accepted to join LBMA as an Independent Non-Executive Director (iNED) in Q4 2024. Peter was previously a member of the Governing Board and Executive Director for Financial Market Operations at the Central Bank of the Republic of Austria (OeNB). He holds a PhD from Vienna University of Economics and Business Administration.
Paul Fisher will be stepping down after nine years of Chairmanship but will stay on until September 2025 to ensure a smooth handover. The appointment of Chair will be announced in due course. An additional iNED will be appointed next year.
LBMA would like to thank all committee members and chairs, and give special thanks to Hitoshi Kosai who will be standing down from the LBMA Board this year, and to Ian Warman who recently stood down as the Chair of the Physical Committee.
Written Resolution
Members were asked to vote either for or against changes to the Articles of Association. The required threshold was not achieved, meaning the resolution could not pass or fail. The decision regarding the next steps will be made after the Board has consulted and reached a decision.