LBMA Governance is “Transparent and Effective”, says Independent Review

LBMA has published the executive summary of a Board effectiveness review undertaken this year by an independent third party. This is a key part of our commitment to trust and transparency, both within the industry and our own governance, and as such the publication of findings has become part of our best practice and ever evolving transparency.

Key findings of 2025 review

The review confirms that LBMA’s governance remains strong and effective, with professional dynamics, robust financial oversight and constructive engagement across the Board.

This year’s recommendations provide a timely opportunity to refine current practices and support the incoming Chair in building on recent progress.

History of transparency

In 2016, LBMA introduced a revised governance structure, transitioning from the former Management Committee to a formal Board, with the addition of Independent Non-Executive Directors, including an Independent Chair. Since then, LBMA has undertaken two independent Board Effectiveness Reviews – in 2018 and 2021 – and published the findings from both.

In 2025, the Board commissioned Jo Danton to conduct the latest review in line with best governance practice. Jo brings significant experience in financial services, governance and public policy, having previously served as COO of the Bank of England. Her review was informed by survey responses and interviews, including with all Board members, as well as direct observation of a Board meeting.

The Review focused on Board composition, decision-making and oversight, the roles of sub-committees (particularly RemCo, LBMA’s Remuneration Committee) and stakeholder engagement.

As the independent authority within the market, LBMA facilitates collaboration across its members (refiners and traders), civil society, governments and other industry players to drive openness and transparency. We recognise that transparency and good governance starts at home, which is why these are two cornerstones of our programmes, supported by an internal commitment to continuous improvement. We believe this commitment to self-assessment and enhancement underscores our dedication to maintaining the highest standards.

Read the Board Effectiveness Review Executive Summary in full.