Glencore publishes first Ethics and Compliance Report
6 April 2022
Glencore today publishes its first. It provides a detailed overview of Glencore’s Ethics and Compliance Programme, including a summary of our approach, compliance structure, and the various systems and processes that we implement to support our programme and promote an ethical culture.
The report addresses areas of interest to both external and internal stakeholders, particularly given the challenges Glencore has faced as a Group over the last few years arising from our ongoing investigations.
Glencore has invested significant resources starting before the investigations commenced to build and implement a best-in-class programme and has made significant investments in compliance personnel, systems and external assurance.
We believe that a strong Ethics and Compliance Programme grounded in our Values is critical to ensuring we are a responsible and ethical company, and a trusted business partner. We want to be transparent about the challenges we face, how we learn from them and how we use them as an opportunity to improve and push ourselves to do better.
Kalidas Madhavpeddi, Chairman, said: “The Board and the executive leadership team are committed to leading a company that delivers value for our employees and stakeholders by operating transparently under a well-defined set of Values, with openness and integrity at the forefront. It is important for all our stakeholders to have a detailed explanation of the work that we do to achieve these aims.”
Gary Nagle, CEO, said: “The changes we have made to our Ethics and Compliance Programme, and the corresponding focus on making the importance of ethics and compliance more visible across the business, have substantially reinforced our overall compliance tone, culture, and commitment.”
For further information please contact:
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m: +41 79 737 56 42
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Glencore LEI: 2138002658CPO9NBH955
Notes for Editors
Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 60 responsibly - sourced commodities that advance everyday life. Through a network of assets, customers and suppliers that spans the globe, we produce, process, recycle, source, market and distribute the commodities that enable decarbonisation while meeting the energy needs of today.
Glencore companies employ around 135,000 people, including contractors. With a strong footprint in over 35 countries in both established and emerging regions for natural resources, our marketing and industrial activities are supported by a global network of more than 40 offices.
Glencore's customers are industrial consumers, such as those in the automotive, steel, power generation, battery manufacturing and oil sectors. We also provide financing, logistics and other services to producers and consumers of commodities.
Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the International Council on Mining and Metals. We are an active participant in the Extractive Industries Transparency Initiative.
Glencore recognises our responsibility to contribute to the global effort to achieve the goals of the Paris Agreement. Our ambition is to be a net zero total emissions company by 2050. In August 2021, we increased our medium-term emission reduction target to a 50% reduction by 2035 and introduced a new short-term target of a 15% reduction by 2026.
The companies in which Glencore plc directly and indirectly has an interest are separate and distinct legal entities. In this document, “Glencore”, “Glencore group” and “Group” are used for convenience only where references are made to Glencore plc and its subsidiaries in general. These collective expressions are used for ease of reference only and do not imply any other relationship between the companies. Likewise, the words “we”, “us” and “our” are also used to refer collectively to members of the Group or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies.