Member Survey Report
What Can We Do Better?
While viewed as an established standard setter and bearer, with commitment to improving and developing its offering, some questions are raised around the LBMA’s strategic vision and future direction.
Here, we need to be more transparent and increasingly accessible to our members. We are keenly aware that during these times where international travel is restricted, we are feeling the absence of in-person meetings and events with our Members. Members say they want us to provide more frequent updates on our strategic initiatives such as International Bullion Centres or Gold Bar Initiative; and also want increasing engagement with the update/downstream.
Overall, Members are likely to respond positively to a commitment to greater engagement and access, and support for their commercial interests around the world.
Feedback garnered with this survey has served to expedite an increase in Member outreach by LBMA Executive, with a particular focus on Affiliates, to ensure more widespread satisfaction with the service and benefits of LBMA membership. A comprehensive programme of outreach is being finalised by LBMA Executive which aims to improve access, engagement and communication among membership.
While over 7 in ten Members endorse LBMA authority, its profile, and fair processes, areas for potential focus in 2022 and beyond include ‘creating market solutions that respond to and anticipate industry needs.’
Over seven in ten Members endorse LBMA authority, profile and fair processes:
While LBMA currently strives to create responsive market solutions, it recognises that more work can be done and more frequent updates are required. To that end, 2022 will see the delivery of the latest tranche of its Gold Bar Integrity work – recognising security features – strengthening the digital chain of custody.
LBMA recognises that greater communication to – and engagement with – its Members regarding collaborative work with various third parties will increase the visibility of the essential work we are doing with these key stakeholders.
We hope that through more in-person events in 2022, such as the Responsible Sourcing and Sustainability Summit in London in March and our Global Precious Metals Conference in Lisbon in October, we can have a more productive two-way dialogue with our Members, who can benefit from the crucial networking opportunities that our in-person events offer.
More than half of respondents indicate that they would like to hear more about Good Delivery, regulatory updates, responsible sourcing, and physical market enhancements. As a result, we plan to include more regular updates on these initiatives in our communications.
Members are most aware of Good Delivery List and Responsible Sourcing – and both are deemed important: