LBMA Annual Report 2025

Governance and Oversight

Board Composition and Independent Leadership

Following the leadership transitions noted in the CEO’s update, this year saw further evolution in the composition of the Board. Paul Fisher stepped down as Chair and Andy Quinn concluded his term as Independent Non-Executive Director.

As part of the ongoing succession planning process, the Board welcomed Martin Fraenkel as a new Independent Non-Executive Director. The Board also voted for Peter Zoellner, who joined last year as an Independent Non-Executive Director, to assume the role of Chair from October 2025. These appointments reinforce the independence and integrity of our governance.
At the AGM, we also saw changes among the elected Board members. Paul Voller retired following his departure from HSBC, and the Board extends its thanks for his contribution. Vincent Domien (HSBC) was elected as a new Market Making Member, joining Raj Kumar (Morgan Stanley) and Matt Slater (UBS AG). The Board is supported by a number of sub-committees which advise on specific areas of expertise, and it meets quarterly to scrutinise LBMA’s performance and set our strategic and business vision, such as that contained within the Three-Year Strategic Plan (2025-2027).

An independent Board Effectiveness Review, led by Jo Danton (former COO of the Bank of England), was completed as part of LBMA’s three-year governance cycle. The review confirmed LBMA's strong governance, with constructive engagement and professional oversight, while recommending refinements to sub-committee reporting, independent discussion and decision making processes. The Board has accepted these recommendations and is implementing them through its governance development plan.

Key: B – Board | SB – Sub-Board | FC – Finance Committee | PC – Physical Committee | PAC – Public Affairs Committee | MC – Membership Committee | REC – Refiners’ Committee | RAC – Regulatory Affairs Committee | RC – Remuneration Committee. Greyed out committee initials indicate Chair positions.

Risk Management and Compliance

Alongside financial independence, LBMA’s compliance and risk management framework continues to strengthen the integrity of our governance. Over the past three years, LBMA’s internal Due Diligence Programme has become fully embedded as a core part of our oversight model. This risk-based framework applies proportionate scrutiny to Members, Good Delivery List Refiners, Subscribers and Service Providers, aligned with the expectations set through our Responsible Sourcing Programme.

Reviews combine detailed KYC, policy assessments, jurisdictional risk analysis and ongoing monitoring. Daily screening for sanctions, PEPs and adverse media ensures emerging risks are identified early, with clear governance for escalation through the RS Compliance Panel and, where necessary, the Incident Review Process. These structured processes reinforce the credibility of LBMA’s standards and ensure that decisions on risk, quality control and enforcement are informed and transparent.

Together, our diversified funding model and robust risk management approach underpin LBMA’s role as a trusted participant in the global precious metals market – promoting integrity, resilience and confidence across the entire value chain.

The FCA Formally Recognises the Global Precious Metals Code

The Financial Conduct Authority (FCA) has formally recognised Version 2 of the Global Precious Metals Code (GPMC). The FCA has acknowledged that operating in line with the GPMC indicates that “proper standards of market conduct” are being followed in relation to non-derivative precious metal activities.

How is LBMA Funded?

LBMA’s governance model is grounded in financial independence and prudent risk management. Our diversified funding structure enables us to operate objectively and to work with Refiner Members to raise standards across the global precious metals market.

LBMA is funded through a mix of annual subscription fees and commercial revenue that directly supports our mission. Subscription income includes Good Delivery List maintenance fees, Membership fees, and fees paid by Approved Assurance Providers participating in the Responsible Sourcing Programme. Commercial revenue streams include licensing financial benchmarks and trade data through Precious Metals Prices Limited (PMPL), profit sharing from Global Precious Metals Code training, and income from LBMA’s events and education programmes, including the LBMA/LPPM Global Precious Metals Conference. This balanced model ensures no single source dominates our revenue, supporting long-term sustainability and safeguarding our independence.

2024 - LBMA Revenue by Source £K & %