Member Survey Report
LBMA commissioned a survey in 2021 to understand sentiment towards LBMA, its strategic objectives and its Membership offering.
Qualitative and quantitative research sought feedback from Members, Refiners and Subscribers on how LBMA is delivering against its strategic objectives – and how appropriate these objectives are – and consulted on the key pillars of our new Strategic Plan 2022-2024. It also checked sentiment on the quality of benefits associated with LBMA membership, as well as LBMA’s publications, events, and other tactical communications.
All LBMA Members were invited to complete an online survey, and qualitative research was conducted in the form of confidential interviews with an independent research consultancy. Using this third party was imperative in ensuring the feedback was anonymous, confidential and uncensored.
“We wanted to offer Members, Refiners and other key stakeholders an opportunity to provide meaningful feedback and have a say in the future direction of the Association,” said Ruth Crowell, LBMA CEO. “The feedback is already shaping our Strategic Plan for 2022-24 and our more immediate key priorities for 2022 – and how we communicate these plans.”
The aim of the survey was to develop a set of key metrics, including a Member Satisfaction rate, against which we can benchmark progress throughout the next few years as we continue to strive to advance global standards across the precious metals industry. The survey was also an opportunity for LBMA to hold itself accountable to Members and stakeholders, to ensure the highest levels of leadership, integrity and transparency for the industry.
We received a total of 127 complete online survey responses from LBMA Members, Refiners and Subscribers, of which 39% of responses stemmed from financial sectors, 43% from mints and refineries and 4% each from security and transportation/logistics. Of these, 72% had a trading focus, and 50% came from a refining focus. Twenty in-depth interviews were also held with key industry stakeholders from inside and outside the Membership.
Who we spoke to in the quantitative survey: