In this week’s webinar, Neil Harby (Chief Technical Officer, LBMA) and Nirali Shah (Chief Operating Officer, Responsible Gold Supply Chain LLC) discussed the latest iteration of the Responsible Gold Guidance – RGGv9.
Version 8 of the RGG, launched in 2018, marked a major strategic expansion to include Environmental, Social and Governance (ESG) issues. Building on this, Version 9 is currently undergoing a thorough public stakeholder consultation.
“Version 9 of the RGG aims to reflect the constantly evolving ESG issues and ensure it stays fit for purpose,” explained Neil. “It’s increasingly important that we don’t work in isolation, especially considering the increasingly complex supply chains we are seeing today. Engaging with many stakeholders – including intergovernmental organisations and NGOs – is key to ensuring that we all work together for a common goal.”
Nirali reaffirmed the importance of collaboration: “This latest version draws on OECD analysis and incorporates IBC work on issues including clarity of material origin and ESG risk assessment, as well as the elimination of cash transactions outside of Artisanal and Small-scale Mining.
“ESG is not a new requirement,” added Nirali, “but we are taking a broader, more comprehensive view of ESG in which we align to industry standards and benchmarks, focusing on the primary supply chain initially.”
The webinar also covered how RGGv9 supports LBMA’s aim to continuously improve standards and business practices to ensure the industry is sustainable. Neil and Nirali also discussed data, consistency in reporting, and auditor independence and quality.
“The main changes between Version 9 and Version 8 are not revolutionary but evolutionary – part of a constant process of improvement,” said Neil. “We want to hear from you, as your feedback is crucial to allow LBMA to continue driving ESG initiatives forward”.
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