The LBMA Board was restructured in 2016 to bring independence and strengthen decision making capability including the appointment of two independent NEDS.

The new Board structure has been seamlessly implemented throughout the year and extensive changes have been made to improve governance, including the creation of an Executive Committee with formal terms of reference. The restructure promotes and evidences the LBMA's core values of trust, integrity and leadership.


  • Dr Paul Fisher, LBMA Chairman

    After a 10 year academic career, Dr Paul Fisher has been a senior figure at the Bank of England for 26 years, retiring at the end of July 2016. He was a member of the Monetary Policy Committee for five years, the interim Financial Policy Committee for two years and the PRA Board for six months. During the Great Financial Crisis he worked in the Markets Area of the Bank, from March 2009 as Executive Director responsible, amongst other things, for the Bank’s programme of asset purchases for quantitative easing, and introducing the Funding for Lending Scheme - as well as routine management of the UK’s foreign currency reserves and the Bank of England’s balance sheet more broadly.

    Previously, from 2002, he ran the Bank’s Foreign Exchange Division where he had a constructive relationship with the LBMA and developed a working knowledge of the bullion market.

    In June 2014 he was appointed Deputy Head of the Prudential Regulation Authority and has been writing on matters of financial stability, policy co-ordination and governance, competition policy, supervision and regulation. This period also included a spell of eight months as Executive Director for Insurance Supervision and he was also responsible for co-ordinating the Bank’s work on climate change.

    Among a range of outside positions he is a Non-Executive Director at the UK Debt Management Office and he is a visiting professor in economics and finance at Richmond University, the American International University in London.

  • Grant Angwin, President, Asahi Refining USA Inc and LBMA Vice Chairman

    Grant began his career at Johnson Matthey some 30 years ago as an Analytical Chemist at the company's PGM refinery in the UK. He moved from the PGM refinery to the gold and silver business in Royston where he held various management positons until the closure of the Royston gold refinery in 2004. He relocated to the USA in 2005 where he has held senior management positions within the Johnson Matthey Gold NA division was became responsible of the division in 2011.

    Earlier this year the Gold NA division of Johnson Matthey was sold to Asahi Holdings, Inc of Japan. Following the creation of Asahi Refining, Grant left Johnson Matthey and assumed the role of Executive Vice President for Asahi Refining North America and now most recently President. He was elected to the position of Chairman of the London Bullion Market Association in July 2014 following two years as a director. Grant is an inaugural member of ICE Benchmark Administration's LBMA Gold Price Oversight Committee which has a fundamental role in the governance of the benchmark. He also sits on the Executive Committee of the Washington based Silver Institute. Grant studied Chemistry and Business and Finance at the University of Hertfordshire.

  • Ruth Crowell, Chief Executive

    Prior to joining the LBMA, Ruth worked in bank finance and US corporate law at the law firms of White & Case and Norton Rose, and also acted as a monitor at the UN Commission on Human Rights in Geneva.

    She has an MSc in History of International Relations from the London School of Economics and a degree in English Literature from Kenyon College in Ohio.

    She is responsible for the strategic commercial development of the Association, including Regulatory Affairs, Intellectual Property, Communications, and Events.

    She acts as the LBMA's main contact for regulatory affairs and is responsible for the Association's work on supply chain due diligence, especially with regard to the Responsible Gold Guidance. She also represents the Association at industry, governmental and multi-stakeholder regulatory forums. Most recently she served as the co-facilitator of the OECD Interim Governance Group as well as the co-facilitator of the Gold Supplement Drafting Committee.

  • Sakhila Mirza, Executive Board Director & General Counsel

    In her role as General Counsel of the London Bullion Market Association and also an Executive member of the LBMA Board, Sakhila has been involved in, and taken the lead on a number of projects of the Association. This has included, but not limited to: working closely with the CEO on the strategic direction of the LBMA; transitioning all of the four precious metals benchmarks onto electronic platforms by working with the service providers as well as regulators; leading the draft and launch of the Precious Metals Code; working with external service provider to enhance transparency in the precious metals market by launching the LBMA trade reporting initiative; and providing for lobbying efforts on behalf of members on a number of issues, for example EU Conflicts Minerals regulation, Net Stable Funding Ratio amongst other regulations.

    In addition to this, Sakhila takes responsibility for all the legal and regulatory work of the Association and that of London Precious Metals Clearing Limited (LPMCL). She is involved in setting policies and leading the incident management process within the LBMA by working with various external stakeholders to help with decision making. She has also focused on meeting and building relationships with governmental officials and regulators and continues to educate all such stakeholders on the dynamics of the bullion market and all the work undertaken by the LBMA.

    Sakhila brings with her a wealth of experience having previously worked in the energy and commodities industry where she dealt with compliance, legal and regulatory matters. Sakhila read law at the London School of Economics and went onto qualify as a solicitor.

  • Mehdi Barkhordar, Vice Chairman, MKS PAMP Group

    Mehdi Barkhordar graduated from the Wharton School, University of Pennsylvania with a Bachelor of Science Degree in Finance and Decision Sciences. In 1983, he joined the MKS PAMP Group, which includes MKS (Switzerland) S.A., a leading precious metals and financial services company, and PAMP S.A., one of the world’s foremost precious metals refiners and fabricators. From central offices in Switzerland, the MKS PAMP Group operates globally through an international network of branch offices with locations in 14-countries and covering all five-continents.

    Active throughout the precious metals industry, he is widely respected for his comprehensive trading, marketing and fabrication expertise. He has been instrumental in significantly broadening the Group’s reach, range of services and productivity over the course of 30-years.

    Additionally, he has contributed greatly to widening perceptions of the value of precious metals worldwide through innovative product and marketing concepts. And, throughout his career, he has been one of the industry’s most visible proponents of products and services quality standards, best practices and ethics, as well as environmental sustainability.

  • Steve Lowe, Managing Director, Scotia Bank, ScotiaMocatta

    Steve Lowe is Managing Director and the Global Co Head of ScotiaMocatta, the marketing name of Scotiabank's metals trading business. ScotiaMocatta is one of the largest, most fully integrated global bullion franchises. He arrived in London when Scotiabank purchased the Mocatta business in 1997. Besides his Scotiabank role, he is a Board member of Scotiabank Europe plc as well as a member of ScotiaBank LondonBranch's Executive Committee.

    He previously worked in Toronto covering a portfolio of North American mining companies with respect to all credit products, including debt, project finance and metal derivative transactions.

    He has an MBA from the Ivey School of Business and a Bachelor of Commerce degree from Queen's University.

    He has been a member of the LBMA Board since 2008 - including five years as Vice Chair and also as a member of the PAC.

  • Hitoshi Kosai, Chief, International Planning Office Tanaka Kikinzoku Kogyo K.K. & TANAKA HOLDINGS Co., Ltd

    A graduate of Shizuoka University, majoring in Inorganic Chemistry, Hitoshi’s main roles since 2000 has been providing advice to the Management at Tanaka Holdings on international precious metals issues and representing Tanaka on a number of international precious metal organisations such as LBMA, LPPM, WGC, IPA, IPMI, PMRC, OECD, etc. This has involved extensive travel throughout Europe and North America.

    Hitoshi has participated in almost all meetings of the LBMA and LPPM Referees Groups in person and with one exception (Mumbai) has attended every LBMA conference.

    In 2002, Hitoshi arranged for Tanaka to provide the LBMA (and the other new members of the referees group) with the technique for producing gold reference samples. Also as a member of the LBMA Referees Group, he has contributed to the technical development of the GD System including the introduction of Proactive Monitoring in 2004 and the introduction of Responsible Gold Guidance.

    Since its establishment in 2008, Hitoshi has been a member of the LBMA’s Reference Material Steering Committee. Tanaka produced the LBMA’s first Certified Reference Materials in 2009 and has recently been appointed to produce a new batch of silver reference materials.

    Since 2010, Hitoshi has provided advice on the LBMA’s gold assaying Proficiency Testing Scheme which is now carried out annually and since 2004, has acted as advisor for the LBMA’s Assaying and Refining Conference.

  • Andrew Quinn, Non-Executive Director

    Andrew Quinn currently serves as a director of Randgold Resources Ltd, the Africa focussed FTSE 100 gold mining company, where he chairs the Remuneration Committee and is also a member of the Audit Committee. Having served on the Board since 2011, he takes up his role of Senior Independent Director of Randgold at the end of October.

    A 40 year veteran of the mining industry, Andy graduated with a BSc (Hons) in Mineral Exploitation (mining engineering) from Cardiff University. He began his career in Anglo American's gold division in in South Africa in 1975, holding various management and technical positions. He worked briefly for Greenbushes Tin in Australia before joining the Mining Journal in 1982 as editor of its gold publications. In 1984 he joined James Capel (later HSBC Investment Banking), ultimately heading its mining corporate finance activities for 6 years from late 1989, before joining the Canadian Imperial Bank of Commerce (CIBC) in 1996.

    Andy retired at the end of 2011 from his position as CIBC's head of mining investment banking for Europe and Africa after 15 years in the role. He is a member of the Institute of Materials, Minerals and Mining.

  • Sid Tipples, Managing Director, J.P. Morgan's Global Base and Precious Metals Trading Business

    Sid is a Managing Director at J.P. Morgan and co-head of the firm’s global bullion and base metals business. J.P. Morgan is a leading participant in the global bullion market, providing customers with comprehensive services across custody, London clearing, physical transactions, financing and derivatives activity. Sid manages all physical, custody, clearing and client financing activity, and J.P. Morgan’s Commodity principal investment group.

    Sid joined J.P. Morgan in 2010 when it acquired the RBS Sempra commodities business where he was Chief Operating Officer of its global metals business. He began his career in the commodities markets when he worked at MG Plc in 2000. Before working in commodities, Sid was a Treasury and Corporate Finance Manager for a significant UK Plc. He is a qualified Chartered Accountant and has an M.A. from Cambridge University.

    Sid was elected to the LBMA Management Committee at the AGM in July 2015 and is also a member of the LME User Committee.

  • Raj Kumar, Managing Director, ICBC Standard Bank Plc

    Raj joined ICBC Standard Bank Plc as a Managing Director in September 2015. ICBC Standard Bank is a leading financial markets and commodities bank that benefits from its unique Chinese and African parentage. Raj Heads up the Precious Metals Strategic Business Development, Clearing and Vaulting as well as eCommerce. Raj is also a Director of London Precious Metals Clearing Limited (LPMCL).

    Prior to joining ICBCS Raj held senior positions over 11 years at Deutsche Bank including the Global Head of Clearing and Vaulting, Head of Precious Sales and Physical Trading. Raj also represented DB on the LBMA Physical Committee and was a Director of the LPMCL. Prior to DB Raj worked at Goldman Sachs for 11 years supporting the Metals and Commodities business in various roles.


  • Finance Committee

    The Finance Committee is responsible for monitoring the LBMA's finances, preparing the annual budget in the autumn and examining the draft accounts around March each year.

    Chair: Brian Pereira, Finance Director, Brink's Limited

    Brian Pereira joined Brink's Limited in April 2008 and more recently became the Chair of the Finance Committee, having been on the Committee since 2012.

    Members of the FC:

    • Philip Aubertin, UBS Ltd
    • Peter Roberts, Mitsubishi Corporation International (Europe) Plc
    • David Burns, Commerzbank AG
    • Jane Lloyd, Bank of Nova Scotia - ScotiaMocatta
    • Simon Ward, Baird & Co
  • Physical Committee

    The Physical Committee is responsible for monitoring, developing and protecting the Good Delivery List.

    Chair: Peter L. Smith, Managing Director JP Morgan Chase Bank NA., London

    Peter Smith joined JP Morgan's London Credit Department in 1970, becoming Head in 1974 and Assistant Head of EMEA Credit in 1978. Peter has been Global Head of Physical Precious Metals including Clearing and Vaulting Services, since 2000. In late 1979, he established and headed the Precious Metals mid and back office in London.

    Externally, Peter has been involved with the London Bullion Market Association, since the inauguration of the Physical Committee in 1987 and Chairman of the Physical Committee since 1992.

    Peter was also previously the Chairman of the London Platinum and Palladium Market between 2010 and 2015.

    Other members of the PC:

    • Vikas Chamaria, TD Securities
    • Tony Dean, HSBC Bank plc
    • Tony Evanson, Brink's Ltd
    • Michel Mathieu, UBS AG
    • Paul McKerrell, ICBC Standard Bank Plc
    • Conway Rudd, Bank of Nova Scotia - ScotiaMocatta
    • Ian Warman, Standard Chartered Bank
    • Observer: Jennifer Ashton, Bank of England
  • Public Affairs Committee

    The Public Affairs Committee is primarily responsible for organising events, most notably the LBMA Conference as well marketing material and publications of the Association.

    Edel Tully
    Chair: Edel Tully, Executive Director Global Precious Metals Strategist, UBS Investment Bank

    Edel Tully is UBS Investment Bank's head of precious metals strategy, with responsibility for forecasting and publishing research on the precious metals complex.

    Edel holds a PhD from Trinity College Dublin (2006), awarded for her thesis 'A Tripartite Investigation of the Gold Market: Pricing Influences, Intraday Patterns and Daily Seasonality', and a Bachelor's degree in Business Studies from the University of Limerick (2002). She is chairwoman of the Public Affairs Committee of the London Bullion Market Association (LBMA).

    Prior to joining UBS in January 2010, Edel was head of precious metals research at Mitsui and Co. Precious Metals Inc., a role she held from 2006.

    Other members of the PAC:

    • Jonathan Butler, Mitsubishi Corporation International (Europe) Plc
    • Suki Cooper, Standard Chartered
    • Leon Edery, Société Générale
    • Tom Kendall, ICBC Standard Bank
    • Stephen Pender, BASF
    • Rupen Raithatha, Johnson Matthey
    • Bernard Sin, MKS (Switzerland) SA
    • Joseph Stefans, HSBC Bank USA, NA, London Branch
  • Membership Committee

    The Membership Committee is responsible for ensuring that the quality Association's Membership is maintained, as well as to encourage all suitably qualified companies involved in the bullion business to join the Association as Market Makers, Members or Associates.

    Davide Collini
    Chair: Davide Collini, BNP Paribas

    Davide has been working in the bullion market since 2002, when he started at JPMorgan in Metals Sales covering producers, central banks and private banks in EMEA. He moved to Merrill Lynch in 2008 where he continued in Metal Sales until 2011. In addition to precious metals he also worked in base metals and commodities investor products.

    His primary area of expertise is in metal derivatives. He is now responsible for bullion transactions with official institutions globally at BNP Paribas where he is the Co-Head of the EMEA Metal Sales team executing precious and base metal transactions with corporates and financial institutions. Davide has also been a member of the London Bullion Market Association membership committee since 2010 and graduated with a degree in Industrial Economics from the University of Warwick.

    Other members of the MeC:

    • Lee Foster, HSBC Bank USA, NA, London Branch
    • Aleksander Ganchev, Standard Chartered Bank
    • Sunil Kashyap, Bank of Nova Scotia - ScotiaMocatta
    • Angus Whiteman, G4Si
    • Nicholas Frappell, ABC Bullion
  • Regulatory Affairs Committee

    The Regulatory Affairs Committee monitors and disseminates information concerning international regulation affecting the bullion market. The RAC also suggests and outlines possible actions that the Association may take in response to proposed or upcoming regulation.

    Chair: Tobias Wilson, Senior Manager, Commodities and Financial Benchmarks, Markets Regulatory Compliance, HSBC Bank PLC

    In his current role, Tobias provides compliance advisory coverage to the Commodities business at HSBC, which includes base metals, precious metals and energy asset classes sales and trading, as well as lending support in relation to the overarching Financial Benchmark regulation. A significant amount of his time is spent covering the precious metals business including the physical metals and custody business. He is also the global lead for commodities compliance, hence has significant involvement with both the US and Asia markets. Globally, HSBC has a comprehensive offering in precious metals and a long history of participation in the bullion market.

    Prior to joining HSBC, Tobias was commodities compliance coverage at Barclays and prior to that covered exchange traded derivatives and commodities at UBS for a number of years, three of which were spent in the UBS Singapore office. Preceding this, Tobias was at Morgan Stanley within the FICC compliance team. He also sits on two of the FIA Compliance Committees (for metals and energy and emissions) where a broad range of global regulatory matters are discussed in line with evolution and changes in the commodities markets.

    Other members of the RAC:

    • Michael Rexhausen, Heraeus
    • Yana Richardson, Standard Bank
    • Laurence Drummond, Metalor
    • Simon Jackson, JPMorgan
    • Molly Richards, Bank of Nova Scotia - ScotiaMocatta
    • James Lovatt, TD Securities
    • Sarah Masterson, HSBC
    • Nimisha Kanabar, Morgan Stanley
    • Peter Kilchenmann, Credit Suisse AG
    • Observer: Chris Borg, Reed Smith