Guidance

LPPM RESPONSIBLE PLATINUM AND PALLADIUM SOURCING

The London Platinum and Palladium Market (the “LPPM”) introduced its Responsible Sourcing Programme (the “Programme”) in January 2019. It is mandatory for every member of the LPPM Good Delivery Lists and Sponge Accreditation Lists (together, the “Lists”) to submit an annual report of its compliance with the LPPM’s Responsible Platinum/Palladium Guidance (the “Guidance”) to the LPPM’s Responsible Sourcing Review Committee (the “RSRC”), which is responsible for the implementation of the Programme and the Guidance. The RSRC also issues industry guidelines for the conduct of annual assurances by Approved Assurance Providers, based on the framework of the Guidance. These guidelines are called the “Third-Party Audit Guidance”.

The LPPM continues to believe that it is in the best interest of the Platinum/Palladium refining industry that the LPPM constructs a Responsible Sourcing Programme for Supply Chain Risk Management that is tailored to the industry’s particular needs and inherent risks. In pursuit of that aim, the RSRC has reviewed its Guidance and has issued a new version, Version 4. At the same time, it has conducted its first full review of its Third-Party Audit Guidance and issued a new version which, for the sake of clarity and to avoid confusion about chronology, it is called the "Third-Party Audit Guidance, Version 4".

The Version 4 revisions are not major changes: many of them correct typographical errors or clarify definitions and nomenclature. Several of the amendments to the text simply reflect the evolution of the Programme since its inception. The RSRC continues to welcome dialogue with members of the industry and to find value in exchanges of ideas with Responsible Sourcing practitioners from other industry segments.

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