Governing board independence requires public interest director parity, member-exclusion safeguards, and voting controls for bullion market infrastructure.

Governing boards of bullion exchanges and bullion clearing corporations must include non-independent directors, public interest directors and a managing director, with public interest directors at least equal in number to non-independent directors. Trading and clearing members, their associates and agents are generally barred from board membership, subject to specified exclusions. Public interest director parity is required for quorum and valid voting. Boards must collectively maintain prescribed expertise, including bullion and securities markets, finance, legal and regulatory practice, technology, risk management, management or administration.

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