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    <title>Composition of the Governing Board</title>
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    <description>Governing boards of bullion exchanges and bullion clearing corporations must maintain public interest director parity with non-independent directors and elect the chairperson from public interest directors with prior approval. Trading and clearing members, their associates and agents are generally excluded from board membership, subject to specified institutional exceptions. Quorum and voting validity depend on equivalent or greater participation by public interest directors. Boards must collectively hold prescribed market, financial, legal, technological, risk-management and administrative expertise, with designated public interest director expertise in core fields.</description>
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