The GDT Events Oversight Board confirmed at its meeting in Singapore that one year after their adoption, its governance principles are enhancing the Board’s monitoring role.
Bill Shields, Chairman of GDT Events Oversight Board, said the principles were adopted to ensure that the conduct of the auction platform is consistent with best practice governance for providers of market-based reference prices.
“The Oversight Board believes that the acceptance and application of such principles is of critical importance. They provide participants in GDT Events, as well as other stakeholders who use the prices determined by GDT Events, with confidence in both the processes involved and the outcomes from the operation of the trading platform.”
Click here to read the governance principles.
Since its establishment in December 2015, Board members have been appointed for two year terms. At this week’s meeting, the Board agreed to change its Charter to replace the current two year term with a three year term.
“An important element of any acceptable governance framework is the regular review of how future conduct might be enhanced. As a first step, this change should provide greater membership continuity and help retain relevant experience within the Board,” said Mr Shields. He commented that the knowledge and experience of Board members could make a positive contribution to GDT’s overall business goals.
The Board also reviewed progress on a major upgrade of the GDT Events platform. The aim is to improve customer experience by providing modern digital features,
and delivering greater flexibility for users, including an improved ability to bid via smart phone or through the auto-bid facility.
The Board noted that the upgrade is well-advanced. The new trading platform is expected to be launched in mid-2018.
GDT Events buyers and sellers will receive significant education and training prior to the launch.