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Glencore prioritises ethics and compliance

Major miner Glencore has published its 2022 annual ethics and compliance report, which detailed how the company complied with its ethics and compliance program.

Glencore’s ethics and compliance program encompasses risk assessments, details company policies and procedures, provides training and awareness to its employees, offers opportunities to speak openly about any issues and to carry out investigations when necessary.

The key topics covered in the ethics and compliance program include anti-corruption and bribery, conflicts of interest, fraud sanctions and trade controls, anti-money laundering and anti-tax evasion, competition law, market conduct, and information governance and data protection.

The first ethics and compliance report for the company was published in 2022, where the company said the report addresses areas of interest to external and internal stakeholders, particularly given the challenges it has faced from ongoing investigations.

Prior to any investigations commencing, Glencore invested in resources related to compliance personnel and systems, as well as external assurance, in order to build and implement the ethics and compliance program.

Since the first report being published, Glencore said it has resolved investigations by authorities in the United States, the United Kingdom and Brazil concerning bribery and market manipulation, adding that it will continue to cooperate with the Swiss and Dutch authorities on their ongoing investigations.

Glencore chairman Kalidas Madhavpeddi said the company board and management team are committed to operating in a manner which 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,” Madhavpeddi said.

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