Glencore PLC Agreement reached with DRC over past conduct (5176I)
December 05 2022 - 1:00AM
UK Regulatory
TIDMGLEN
RNS Number : 5176I
Glencore PLC
05 December 2022
Glencore plc
Baar, Switzerland
5 December 2022
Glencore reaches agreement with the Democratic Republic of Congo
over past conduct
Glencore has reached an agreement with the Democratic Republic
of Congo ("DRC") covering all present and future claims arising
from any alleged acts of corruption by the Glencore Group in the
DRC between 2007 and 2018 ("Agreement"). This includes activities
in certain Group businesses that have been the subject of various
investigations by, amongst others, the United States Department of
Justice ("DOJ") and the DRC's National Financial Intelligence Unit
and Ministry of Justice.
Under the Agreement, Glencore International AG, on behalf of its
Congolese-associated companies, will pay the DRC US$180 million and
will continue to implement in the DRC the Ethics and Compliance
Programme the Company committed to continue to implement in its
resolution with the DOJ. The Agreement is governed by Congolese law
and the only admissions made are in respect of the conduct already
acknowledged in Glencore's resolution with the DOJ.
In a statement, Mr Kalidas Madhavpeddi, Chairman of Glencore
said:
"Glencore is a long-standing investor in the DRC and is pleased
to have reached this Agreement to address the consequences of its
past conduct. Glencore has actively promoted its Ethics and
Compliance Programme in the DRC in recent years and looks forward
to continuing to work with the DRC authorities and other
stakeholders to facilitate good governance and ethical business
practices in the country."
As stated in its 24 May 2022 announcement of coordinated
resolutions with US, UK and Brazilian authorities, starting before
the Company knew of the DOJ's investigations, Glencore has invested
substantial resources towards developing a best-in-class Ethics and
Compliance Programme. The Company has a refreshed Board and
management team, including in its DRC operations, who are dedicated
to fostering a culture of integrity, responsibility and
transparency.
Further details on Glencore's compliance initiatives can be
found in the presentation and Ethics and Compliance report
available here.
For further information please contact:
Investors
Martin Fewings t: +41 41 709 28 80 m: +41 79 737 56 42 martin.fewings@glencore.com
Media
Charles Watenphul t: +41 41 709 24 62 m: +41 79 904 33 20 charles.watenphul@glencore.com
www.glencore.com
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 on 2019 levels and introduced a new
short-term target of a 15% reduction by 2026 on 2019 levels.
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Disclaimer
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