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LBMA AGM 2016 - Chairman’s Report by Grant Angwin

Wednesday, September 28, 2016

Ladies and Gentlemen, I now have the pleasure of presenting the Chairman’s report for the work of the Association in the past year. The is my second time presenting to you as your Chairman and it will also be my last time – more on that to follow shortly.

As I have just outlined we have a unique situation this year with the re-election of the 3 Full Members and the reduction from 5 to 3 of the Market Makers category. I’m sure that this election will be just as interesting as the one taking place over the pond in 40 odd days’ time – what I do know is that it will not be as acrimonious.

As in the past, Ruth will follow me by presenting to you the reports on the work carried out by the LBMA Sub-Committees. I will focus on the strategic side of life at the LBMA.

As I stated last year when I took on the role of Chairman, the Board was to focus on the governance of your Association and ensure that we have a structure that is fit for purpose for the long term needs of the global bullion market. That process started in July this year when an overwhelming majority of the members voted in favour of changing the make-up and structure of the Board. I’m delighted to have by my side Dr. Paul Fisher who will be replacing me as the first Independent Non-Executive Chairman of your Association – Paul will introduce himself to you in a moment. Paul and I will Co-Chair the Board until the end of this year. This is the first major step to making the Board more independent, Paul will be joined by up to 2 other Independent Directors in the near future. The Board will now comprise of 6 representatives from the market – three each in the categories of Market Markers and Full Members, up to 3 Independent Non-Executive Directors (of which one will be the Chairman) and up to 3 LBMA Executive Directors. We expect to make further announcements on these roles very shortly.

Considerable time and effort was spent this year on the market led trade reporting. The Request for Information was issued and followed up with a Request for Proposal from several organisations. We will announce the successful candidate at the upcoming Singapore conference.

In addition, work has begun on the Responsible Silver Guidance. Taking us one step closer to having Responsible Sourcing for all precious metals. Consultation continues with The Precious Metals Code which will come into place in May 2017.

As well as changing the governance of the Association, we have worked to “strengthen the bench” of the day to day running of the LBMA. With more and more work centred on the regulation and compliance of our industry, it was clearly apparent that we were weak in resources. In March this year we recruited Manuela Burki as Compliance Officer reporting to Sakhila Mirza. Ed Blight joined us from G4S as Operations Director bringing with him a wealth of operational management skills. A dedicated marketing group was formed with the hiring of Jaime Maskall as Head of Marketing and Jamilah Leigh was promoted to the role of Marketing Executive. The crucial role of GDL Officer is headed by Neil Harby and supported by Varsha as GDL coordinator. The team is fully supported by 4 other members giving the Association a complement of 12 full time employees.

I would now like to thank all those that serve on the LBMA Committees for being willing to give up their time and provide the benefit of their experience. I would like to express my sincere gratitude to my fellow Board members for their valuable contributions to the Association and their commitment to making our Board meeting lively and productive. Gentlemen, if you could rise it would be appreciated – Sid Tipples, Peter Drabwell, Mehdi Barkhordar, Allan Finn, my Vice Chairman Steve Lowe and Jeremy East and Bob Davis who couldn’t attend today. A special thank you to Phil Aubertin who completed ten years on the Board and assisted us in an advisory role this year.

Last but not least a very special thank you to Ruth and her team for their leadership and commitment to making your Association the global voice for precious metals.

Thank you and I would now like to hand over to Dr. Paul Fisher………