TIDMGLEN
RNS Number : 2587F
Glencore PLC
03 November 2022
Glencore plc
Baar, Switzerland
3 November 2022
Glencore Energy UK limited fully resolves investigation by UK
authorities
GBP 280,965,092.95 financial penalty and costs is part of
previously announced coordinated resolutions with authorities in
the US, UK and Brazil
Aggregate amounts of the resolutions are materially consistent
with the provision recorded in Glencore's FY 2021 results
Glencore Energy UK Limited will pay a financial penalty and
costs of GBP280,965,092.95 in respect of the previously announced
resolution of the UK Serious Fraud Office ("SFO") investigation.
The penalty was determined by the Southwark Crown Court, where the
company previously admitted to five counts of bribery and two
counts of failure to prevent bribery under the UK Bribery Act 2010.
As the SFO noted, Glencore provided a high level of cooperation
with the SFO's investigation and engaged in an extensive programme
of corporate reform.
Today's hearing in London follows Glencore's 24 May 2022
announcement that it had reached coordinated resolutions of
investigations by authorities in the United Kingdom, the United
States and Brazil into past activities in certain Group businesses
related to bribery, and separate US investigations related to
market manipulation.
The aggregate payments to resolve the UK, US and Brazilian
investigations do not differ materially from the $1,500 million
provision recorded in Glencore's FY2021 results.
In a statement, Kalidas Madhavpeddi, Chairman of Glencore
said:
"The conduct that took place was inexcusable and has no place in
Glencore. The Company is 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. The Company has taken significant action towards
implementing a world-class Ethics and Compliance Programme built
around risk assessment, policies, procedures, standards and
guidelines based on international best practice, associated
training and awareness initiatives as well as monitoring
systems."
Further details on Glencore's compliance initiatives can be
found in the presentation and Ethics and Compliance report
available here .
Glencore continues to cooperate with a previously disclosed and
ongoing investigation by the Office of the Attorney General of
Switzerland ("OAG") into Glencore International AG for failure to
have the organisational measures in place to prevent alleged
corruption, and an investigation of similar scope by the Dutch
Public Prosecution Service. The timing and outcome of these
investigations remain uncertain (see Notes 21 and 27 of the
Company's 2022 Half-Year Report).
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 its 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
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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