The advisory committees were established to provide insight, advice and expertise on the different LME contracts, and the development and evolution of the relevant markets.
The committees meet on a quarterly basis, and more frequently when appropriate. Each committees’ roles and responsibilities are defined in the terms of reference.
Each committee comprises an external independent chair, external industry members (with balanced representation across the market, relevant geographies and the value chain), and LME representatives.
The committees may advise the LME and hold votes on matters to provide an indication of market preference.
Governance and oversight
The LME is responsible for the oversight and management of the advisory committees. Governance processes are in place to ensure the efficient operation of the committees.
The LME is responsible for identification and vetting of new members to the committees. Anyone can register their interest in joining an LME committee, by emailing their CV. This will be noted and will follow the structured process of approval by committee chair and LME Executive Committee.
As part of the appointment process, due regard is given to diversity and inclusion. The chair and members are formally approved by the LME Executive Committee. The chair and members are appointed for a period of three years and may be re-appointed up to a maximum of three terms. On an ongoing basis, the LME monitors the performance and attendance of committee members and the chair.
The LME is responsible for setting the agenda in consultation with the chair, producing meeting materials to support agenda items, and formal minutes after committee meetings. The LME coordinates and supervises the running of committee meetings, to ensure these are chaired in line with the terms of reference, and that the information discussed is appropriate and within the committee’s remit.
Information management
The LME is responsible for ensuring that the advisory committees meet applicable regulatory obligations, including those related to the management of conflicts of interest, confidentiality, anti-trust and competition laws, insider information and market abuse.
As part of this, the LME has arrangements in place to manage the information which arises as part of the advisory committees to ensure that:
- The information discussed and shared within the committees does not constitute inside information or non-public commercially sensitive information, which could be price sensitive and/or cause market movements.
- The information discussed and shared within the committees does not constitute confidential commercial information (covering future price and other aspects), which could be in breach of competition law.
- All information which is discussed within the committees is kept confidential and is not shared beyond the committees.
- All views expressed and information discussed during the committees are for the benefit of the LME. Committee members’ responsibilities include not advocating their own interests.
These arrangements include:
- Review of all materials produced as part of the committee process by the LME
- Training for LME representatives who sit on the committees
- Supervision of all committee meetings by LME representatives
- Circulation of guidelines for committee chairs and members to follow and meet regulatory obligations
For any queries regarding the Advisory Committees, please contact LMEMetalsCommittees@lme.com.
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