LBMA Annual Report 2023
Members of the Board and Org Structure
Board and Governance
LBMA’s 35th Annual General Meeting (AGM) took place virtually on 6 July 2023, using the Open Audience Openmeet platform.
Governance and board structure were among the key topics of discussion, and proceedings concluded with the election of Board members.
This year, it was the turn of the Market Maker representatives to be elected for three seats on the Board. Given that the number of candidates was greater than the number of places available, an election was required to decide which representatives would be re-elected or elected.
The following Market Maker representatives were re-elected or elected to the Board: Raj Kumar (Managing Director, ICBC Standard Bank Plc), Matthew Slater (Global Head of Precious Metals Forwards & Physical Trading, UBS AG) and Paul Voller (Managing Director / Global Head of Precious Metals, HSBC).
The Chairman’s Report, along with Sub-Committee reports, are all available for Members to access on MyLBMA Portal.
Afterwards, a networking event was held at LBMA’s offices, which included summertime refreshments and the chance to speak to the LBMA Executive.
Responsible for setting our strategic and business vision, the LBMA Board also scrutinises our performance, ensuring strong corporate governance and challenging us to deliver our targets and objectives. Setting the standards, both in words and deeds, for how we conduct our work and the culture we promote, the LBMA Board operates under terms of reference available on our website.
The LBMA Board also delegates some decision-making powers to the Chief Executive and Executive Leadership team. These include running benchmark subsidiary PMPL, sub-committee work, operational matters, marketing strategy, and personnel matters. This approach aims to enhance governance and delivery to support our members.
The work handled previously by LBMA’s HR Committee is now looked after by a separate Remuneration Committee.
The Sub-Board Group is defined in the LBMA Rules for Members as: “The independent members of the Board, which include the independent Non-Executive Directors (NEDs), Chief Executive and the Executive Directors of the Board with the delegated authority to review matters arising in relation to Incidents or Enforcement with regard to members. Any decision by this group is considered final.”