Ethics and Compliance Report 2023

Glencore plc
Baar, Switzerland

Glencore today published its third annual Ethics and Compliance Report in line with our commitment to being a responsible and ethical operator.

Similar to the previous editions, this year’s report provides a detailed overview of our Ethics and Compliance Programme (Programme), including a summary of our approach, our compliance governance and structure and the various systems and processes that we implement to support our Programme.

The 2023 report further includes an update on the work undertaken by the compliance monitors mandated under our resolutions with the United States Department of Justice, which commenced in June 2023. 

Kalidas Madhavpeddi, Chairman, said: “The Board and management of Glencore are clear – acting in accordance with our Values, our Code of Conduct, and the law is non-negotiable. When we do so, day-in and day-out, we are able to protect and enhance our reputation as a business partner of choice.”

Gary Nagle, Chief Executive Officer, said: “In the past year, we have continued to enhance our Programme and are working hard to further embed ethics and compliance in each facet of our business, no matter where in the world we operate. We continue to invest significant resources in systems and people towards building, implementing and maintaining a ‘best-in-class’ Programme.”

We are committed to utilising the lessons learned from prior misconduct not only to drive our own focus on ethical business practices, but also to help address the challenge of corruption in the extractive industry.

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

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 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 over 150,000 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 50 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 will support the global effort to achieve the goals of the Paris Agreement through our efforts to decarbonise 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 restated 2019 baseline, we are targeting to reduce our Scope 1, 2 and 3 industrial emissions by 15% by the end of 2026, 25% by the end of 2030, 50% by the end of 2035 and we have an ambition to achieve net zero industrial emissions by the end of 2050, subject to a supportive policy environment. For more information see our 2024-2026 Climate Action Transition Plan and the About our emissions calculation and reporting section in our 2023 Annual Report, available on our website at glencore.com/publications.

Disclaimer
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.