Corporate Governance

Glencore is committed to high standards of corporate governance. Glencore complies with the UK Corporate Governance Code (the Code).

The Glencore Board is responsible for the following key aspects of the group’s governance and performance:

The Board has established four committees. The Audit Committee has responsibility for reviewing Glencore’s financial statements and oversees Glencore’s relationship with external auditors. The Remuneration Committee makes recommendations to the Board on management compensation, as well as on the remuneration packages of the Chairman and the Executive Directors. The Nominations Committee advises the Board on its composition, making recommendations on the addition or replacement of Directors where appropriate. Lastly, the Environment, Health and Safety Committee leads the Board’s thinking on health and safety issues, as well as maintaining responsibility for environmental, security and local community matters. Please see links below for the terms of reference of these committees:

Glencore maintains a clear division between the respective responsibilities of Simon Murray, Non-Executive Chairman of the Board, and Ivan Glasenberg, Chief Executive Officer. While the Non-Executive Chairman is responsible for leading the Board’s high-level discussions and decision-making, the Chief Executive Officer is responsible for leading Glencore’s operating performance and day-to-day management.