Glencore publishes first Ethics and Compliance Report

Glencore has published its first Ethics and Compliance Report as it aims to enhance its reputation for integrity and responsibility.

Its three key strategic responsibilities cover production and supply; portfolio management; and product use, and it will prioritise investment in metals that support the decarbonisation of energy usage.

"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 welldefined set of Values, with openness and integrity at the forefront,” said Chairman Kalidas Madhavpeddi.

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 ongoing investigations. It set aside £1.1bn to settle bribery and corruption investigations.

Its Anti-Corruption and Bribery Policy is clear: the offering, providing, authorising, requesting or accepting of bribes is "unacceptable, and we do not engage in corruption or bribery, including making facilitation payments," it states.

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. The Core is Glencore’s newly launched global intranet platform which enables all employees to access key updates and resources.

CEO Gary Nagle 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.”

Head of Compliance Daniel Silver oversees Group Compliance and manages implementation of the Programme, and reports to the Board through the ECC Committee and the Board Chairman in executive management sessions.

He is supported by Vladimir Egorov, Head of Metal and Minerals Compliance, with 14 years’ experience in compliance and fraud management systems; Foreign Corrupt Practices Act (FCPA) monitorships, FCPA third party audits, forensic investigations/audits, due diligence and compliance training.

Gareth Austin, Head of Oil Compliance, is a UK-qualified solicitor with over 15 years’ of legal and compliance experience working both in-house (at a oil major and global investment bank) and in private practice.

Glencore group recorded an adjusted EBITDA of $21.3bn last year, up 84% on 2020. Industrial adjusted EBITDA of $17.1bn was 118% higher than 2020, primarily reflecting strong margin growth at its copper, ferroalloys and coal assets.