Governance

The pared-down, highly efficient corporate structure of Deutsche Börse Commodities ensures straightforward decision-making, direct internal communication and close monitoring of key issues. ESG responsibility lies with the management and the external ESG officer. The topic of sustainability is an integral part of all board meetings.

Within the highly regulated financial sector, policymakers, authorities and the public are increasingly turning their attention to companies like Deutsche Börse Commodities and their business partners. As a special-purpose entity, Deutsche Börse Commodities is subject to numerous legal requirements, fulfils various standards and adheres to its disclosure obligations. In addition to ESG ratings and its commitment to the UN Global Compact, it has published a declaration of conformity with the German Sustainability Code (Deutscher Nachhaltigkeitskodex, DNK) of the Federal Council for Sustainable Development (Rat für Nachhaltige Entwicklung, RNE), which serves as the basis for all further ESG activities.  

The code of business conduct summarises the principles of Deutsche Börse Commodities, which universally apply to all its employees and suppliers. Its actions are in line with safety aspects, profitability, customer orientation and respect for others and their chosen way of life. In short, anyone investing in Xetra-Gold may rely on a professional process. Further instructions concern competitive practices and the handling of sensitive information.

The relevant documents are available for download: 

Code of Conduct (available in German only)

Vision Statement (available in German only)

Deutsche Börse Commodities aims to foster and maintain fair and collaborative relationships with its suppliers and in turn expects them to comply with all legal requirements. All suppliers and service providers therefore recognise the agreed code of conduct, which covers the areas of economic sustainability, environmental protection and social and ethical responsibility.

The relevant document is available for download:

Code of Conduct (available in German only)

The London Bullion Market Association (LBMA) is the most important over-the-counter marketplace for gold and silver and a major global commodity trading centre. Certification by the LBMA is therefore a globally recognised seal of quality. For the production of new gold bars, the LBMA ‘Good Delivery Rules’ and ‘Responsible Gold Guidance’ are particularly important in terms of ESG criteria as part of the leading ‘Responsible Sourcing Programme’ standard. Periodical on-site checks are conducted to ensure compliance with these ecological and social criteria. The gold bars held to back Xetra-Gold include bars from strictly regulated and audited mines, as well as recycled gold to the extent possible. Recycled gold is also used preferentially when investors exercise their right to delivery of the gold bars.

While Deutsche Börse Commodities has no direct influence on the method of gold extraction, it does advocate compliance with quality and sustainability standards and, together with its partner Umicore, strives for higher standards in both. Adherence to these standards contributes to the legitimacy and acceptance of Xetra-Gold as an investment product and is in line with the objectives of the World Gold Council, a global lobby organisation for the gold mining industry. Because not all gold is created equal. 

For Deutsche Börse Commodities, responsible communication is based on the greatest possible transparency. It has developed dialogue strategies as part of its ESG management which are regularly updated, adapted and developed. Together with shareholders, suppliers and service providers, it critically explores the potential for further improvements.

The relevant documents are publicly available on the website, from the articles of association to a list of all gold bars held in custody. For security reasons, detailed information on the transport process is not disclosed. Please click here for the current gold holdings and a list of the gold bars held in custody by Clearstream Banking AG on behalf of Deutsche Börse Commodities.

Annual reports, the Xetra-Gold prospectus and other documents can be found here.