As we approach the end of the second year of our Three-Year Strategy, I am delighted to report that our second year has been an intense, but successful one, laying the groundwork for an exciting finale in 2024.

Three major initiatives have gained real momentum in 2023, reaching significant milestones: Gold Bar Integrity, Sustainability and Gold as HQLA. Regarding the Gold Bar Integrity digital ecosystem, we launched a Request for Proposal and are on track for a decision in principle by year end. This tender is the first real step in digitising the Responsible Gold Guidance, a pivotal move that promises substantial returns in both value and integrity for the global industry.

We launched our ambitious three-year Sustainability and Responsible Sourcing Strategy. Core to this strategy is our commitment to performing the highest possible oversight of Responsible Sourcing audits, as well as owning our own sustainability. We also call on all actors in the value chain to work together, to turn the promises made at the Declaration of Responsibility and Sustainability Principles signed in Lisbon into reality.

Without all actors from rock to ring getting involved, we cannot succeed. We have faced a lot of challenges in this space this year and we will continue to do so. I look forward to getting down to work with all of you on these challenges at the Sustainability Summit in March.

Turning to Financial Market Enhancements, our ongoing quest to see gold classified as a High-Quality Liquid Asset (HQLA) has been enhanced thanks to our London Market Review. During this review, we have gathered a coalition of willing market participants to create an action plan to address any transparency gaps. 2023 marked five years of LBMA Trade Data reporting and thisimportant dataset is instrumental in illustrating the liquidity of gold, and our work has highlighted the benefits this classification would bring for financial market participants and also for the real economy.

Road to a More Accessible LBMA - 85% Member Satisfaction Achieved

Member Satisfaction is now a key measure of our ongoing success. The independent survey conducted in 2021 showed a 67% Member Satisfaction rate, with 87% of Members participating.

Following that feedback, we developed an Engagement and Member Services strategy to improve the work we do for you. I’m pleased to say we have again exceeded our target of 75% satisfaction and have achieved an overall satisfaction rate of 85%, with 63% of Members participating.

Our Member Town Halls, Open Houses and Member Outreach have been well received as well as our recently launched Relationship Management strategy. Positive feedback from the Member Survey included the addition of working groups to address any issues, for example the Retailers/Dealers Working Group, the ASM Task Force and the Refiners' Compliance Working Group.

Improvements in communications, webinars, and events were highlighted, and the information and material produced by LBMA was noted as very helpful. Areas of improvement concerned
a request for more training opportunities, regulatory updates, networking, Member collaborations and even more specialised working groups.

I encourage Members and all stakeholders to engage with me, our Leadership Team as well as our Board if you have any questions or comments on how we can work better for you, the industry.