UNITED KINGDOM July 01 2016 5:45 PM
NEW YORK (Scrap Register): Following the London Bullion Market Association general meeting held Wednesday, members of the metals-focused organization decided by an “overwhelming majority” on several changes, including extending its scope into the platinum and palladium markets.
This allows the LBMA to formally support its members' activities in the PGM market, particularly with regard to regulatory issues. This change also reflects the LBMA’s ownership of the intellectual property rights for the platinum & palladium price benchmarks.
Another change was made on the governance of the LBMA. The UK Corporate Governance Code was incorporated and will govern both the constitution as well as the operation of the board.
This independence protects the interests of the wider membership as well as the individuals themselves serving on the board. To address this, an independent non-executive chairman as well as two additional non-executive directors were added to the board.
“I’m delighted to announce this important step in the history of the LBMA. The enhancement of the governance is reflective of the expanded scope and will allow the LBMA to be a stronger voice for the market,” said Grant Angwin, chairman of the LBMA.