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REG - Glencore PLC - Agreement reached with DRC over past conduct

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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
(https://www.glencore.com/investigations) .

 

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
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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