Chapter 1: Chairman’s Introduction

Paul Fisher, LBMA Chairman

It is my privilege to introduce this year’s Sustainability and Responsible Sourcing Report.

As I prepare to step down from my role as Chairman, I find myself reflecting not only on the milestones that LBMA has achieved, but more importantly, on the responsibility we all bear as stewards of a finite and precious resource. Gold has been prized by human societies for some 5,000 years and was one of the first metals to be used as money and as a store of value. Yet its extraction and use must never come at the expense of the planet or the dignity of the communities where it occurs. It is clear to me that the future of our industry must be guided by a steadfast commitment to responsible and sustainable sourcing if it is to continue to have a social license to operate.

Over the past decade, there has been increasing awareness of the social, environmental, and ethical risks tied to mineral supply chains. From deforestation and water contamination to human rights abuses, the impact of poor sourcing practices is no longer a distant or abstract issue. It is urgent, visible, and unacceptable. Consumers, investors, and regulators alike are demanding transparency, accountability, and tangible progress. The days when reputational risk could be managed with a polished statement are over. Today, meaningful action is not just expected, it is required.

This report marks an inflection point. It details not only where the industry stands, but where it must go. It sets out an ambition to embed sustainability and ethics at the core of sourcing strategies, ensuring that the metals to be refined, traded, and used are extracted in ways that respect people, ecosystems, and long-term economic development. It is a commitment to partnerships that prioritise traceability, to innovation that reduces environmental harm, and to a governance model that ensures a voice for those most affected by our decisions.

I am optimistic because progress is already underway, guided by the priorities in our 2024-2026 Sustainability and Responsible Sourcing Strategy. Emerging technologies are allowing for greater transparency in supply chains. Industry-wide certification schemes are raising standards and increasing pressure on bad actors. And there is a generational shift – a new wave of leadership and purpose-driven professionals who will carry this work forward with urgency, integrity and transparency.

CALL FOR COLLABORATION

My departure from LBMA marks the end of a chapter for me personally, but it is far from the end of this journey. The transition to a more responsible model of sourcing is not a challenge to be tackled by any one organisation alone. It requires collaboration of the full ecosystem, across borders and sectors, and a willingness to make difficult choices. But the payoff – environmental resilience, social equity, and long-term viability – is worth every effort.

As I prepare to pass the baton, I urge my colleagues, industry peers, and stakeholders to continue demanding more. The future of precious metals must not be built on extraction alone, but on a foundation of respect, for the Earth, for our fellow humans, and for the generations who follow us.

Let this be the legacy we all work towards.

Paul Fisher

LBMA Chairman