April 28, 2023
(press release)
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Baar, Switzerland Glencore today publishes its annual Ethics and Compliance Report, supporting our commitment to being a responsible and ethical operator. The report provides a detailed overview of Glencore’s Ethics and Compliance Programme and insights into the achievements and progress we have made throughout the year. Since the publication of our first Ethics and Compliance Report last year, we have resolved investigations by authorities in the United States, the United Kingdom and Brazil concerning bribery and market manipulation. We continue to cooperate with the Swiss and Dutch authorities on their ongoing investigations. We will continuously improve our Ethics and Compliance Programme and are committed to using the lessons learned from the investigations to drive our focus on ethical business practices. Kalidas Madhavpeddi, Chairman, said: “The Board and the management team are committed to operating a company that creates value for all stakeholders by operating transparently under a well-defined set of Values, with openness and integrity at the forefront. We want Glencore to be an employer of choice, attracting and retaining the best talent and competing not only in terms of the unique value proposition that Glencore has to offer, but also in its commitment to acting ethically and responsibly across all aspects of its business.” Gary Nagle, CEO, said: “We take pride in the company we work for and believe in our Purpose of responsibly sourcing the commodities that advance everyday life. I am very proud of the Ethics and Compliance Programme that we have built and the strides that we have made to reinforce our commitment to an ethical culture throughout our business. This report is a testament to these efforts, which began before the investigations commenced.” Martin Fewings Charles Watenphul Glencore LEI: 2138002658CPO9NBH955 Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 60 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 support decarbonisation while meeting the energy needs of today. With around 140,000 employees and contractors and 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. We recognise our responsibility to contribute to the global effort to achieve the goals of the Paris Agreement by decarbonising our own operational footprint. We believe that we should take a holistic approach and have considered our commitment through the lens of our global industrial emissions. Against a 2019 baseline, we are committed to reducing our Scope 1, 2 and 3 industrial emissions by 15% by the end of 2026, 50% by the end of 2035 and we have an ambition to achieve net zero industrial emissions by the end of 2050. For more detail see our 2022 Climate Report on the publication page of our website at glencore.com/publications. Disclaimer
28 April 2023For further information please contact:
Investors
t: +41 41 709 28 80
m: +41 79 737 56 42
martin.fewings@glencore.comMedia
t: +41 41 709 24 62
m: +41 79 904 33 20
charles.watenphul@glencore.comNotes for Editors
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.
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