LBMA Sustainability and Responsible Sourcing Strategy 2024-2026
Focus Area One
FOCUS AREA ONE: Strengthen trust and integrity of the assurance and oversight system for responsible sourcing of precious metal
Objective: Building on our core strengths in sustainability, we will continue to improve the predictability, accuracy, and legitimacy in our oversight of the assurance process for refiners against the Responsible Sourcing Programme.
Key actions:
- Assess models for improving multi-stakeholder understanding of the assurance and oversight process with a view to achieving a shared understanding on how to drive progress.
- Continue to explore opportunities to engage stakeholders to support the development of standards and processes.
- Consult with stakeholders in order to get better insight into the assurance approach to managing assurance providers, and checking the effectiveness and conduct of the assurance providers.
- Promote and enhance transparency of assurance findings.
- Enhance transparency of gold and silver origin information by the continued publication of aggregated data and where possible, providing more granularity and increasing the frequency of sharing data through the Gold Bar Integrity Project.
- Ensure continuous improvement in promoting assurance provider proficiency, training and development of skills.
- Define the OECD assurance process recognised for intermediate refiners.
- Strengthen integrity and oversight of mutual recognition processes with other smelter/refiner assurance programmes.
Key deliverables:
- Revise mutual recognition policy and process.
- Annual publication of aggregate data on gold and silver origin by country.
- Continue to build engagement with multi-stakeholder model in the development of future RGG and RSG iterations.
- Revised risk-based RGG and RSG oversight policy, including assurance provider review.
- Strategy for assurance provider training.
- Undertake a stakeholder mapping exercise to support with the key deliverables.