Governance

The World Gold Council is governed by our Board of Directors, which meets four times per year and comprises representatives from our Members, our Chief Executive Officer and our Chief Financial Officer. In most cases Members are represented by the Chairman or the Chief Executive Officer of their respective companies. The Board represents the whole of the World Gold Council membership. The election of Directors by Members is governed by our Articles of Association.

The Board has established three committees: an Audit Committee, an Investment Committee and a Remuneration Committee.

The Investment Committee operates under terms of reference determined by the Board.  Its role is to review and advise the Board on the annual strategy and plans prepared by management.  The Investment Committee also makes decisions that are delegated by the Board from time to time. The Committee comprises the Chairman and at least three other Directors. The Chief Executive Officer and the Chief Financial Officer attend all Investment Committee meetings.

The Audit Committee’s role is to assist the Board in meeting its responsibilities in the areas of financial systems and control, reporting and ethical standards, and in overseeing the processes by which we identify, measure and manage risk. The Committee comprises the Chairman and at least three other Directors. The Chief Executive Officer and the Chief Financial Officer attend all Audit Committee meetings. The Committee operates under terms of reference determined by the Board and meets on a regular basis

The Remuneration Committee, which operates under terms of reference determined by the Board, comprises the Chairman and at least two other Directors. The Chief Executive Officer and the Operations Director attend all the Remuneration Committee meetings, however no director plays a part in any discussion about their own remuneration.