Supporting Company through membership of ICMM

Glencore

About Glencore

Glencore is one of the world’s largest globally diversified natural resource companies. They are a leading integrated producer and marketer of commodities operating around the world, active at every stage of the commodity supply chain; uniquely diversified by geography, product and activity; maximising the value we create for our business and diverse stakeholders. Our operations comprise around 150 mining and metallurgical sites, oil production assets and agricultural facilities - employing 146,000 people around the world.

Using their sector knowledge and global supply base, they source and market commodities to industrial consumers who need them - such as steel-makers, vehicle manufacturers, power companies and processors of oil and food. In this way, they produce and market resources that play an essential role in modern life.

Engagement with the EITI

Glencore is committed to supporting and cooperating in the implementation of country-level EITI Work Plans as its host countries progress the initiative.

Financial contribution to the international management of the EITI

Glencore is a member of ICMM; ICMM contributes to the international EITI on behalf of all of its members.

Contact

Pam Bell (pam.bell@glencore.com)

Stakeholder Statement: 

Glencore is committed to high standards of corporate governance and transparency and welcome increased transparency around the redistribution and reinvestment of such payments. We seek to maintain long-term, open, transparent and cooperative relationships with tax authorities in our host countries. We pay all relevant taxes, royalties and other levies in amounts entirely determined by the legislation of relevant national, regional or local governments.

We believe that communities should have access to clear information on how much their governments have earned from the exploration and extraction of natural resources. It is also vital that citizens can find out how these revenues contribute to the development of their society and their country’s economic status. Ensuring that our host countries and communities have transparent information about our payments to their governments also reduces the potential for corruption by all parties.

Countries that transparently and effectively allocate natural resource wealth for the benefit of their communities have the potential to attract greater, more responsible and longer-term business investment. It is imperative that businesses, governments and civil society work in partnership to support transparency.

We have been a supporter of the Extractive Industries Transparency Initiative (EITI) and its principles of transparency and accountability since 2011. We participate in in-country forums supporting the EITI and actively promote the EITI’s goals of good tax governance, accountability, transparency and the prevention of corruption through the verification and full publication of company payments and government revenues.

To this end, Glencore publishes an annual payments to governments report, which provides an overview of our approach to tax and transparency as well as disclosing the payments we make each year on a country-by-country and project-by-project basis. The report details:

  • Payments to national, regional and municipal entities in all countries that we operate in;
  • Payments in respect of Glencore’s ownership interest in the Antamina, Cerrejón and Collahuasi joint ventures;
  • Commercial payments to state-owned oil enterprises for oil in those countries compliant with the EITI; and
  • Total payments for oil to state-owned oil enterprises in non-EITI countries.

We annually review our direct financial prepayments to state-owned oil enterprises and provide this information when relevant finance payments are made.

In addition to making direct payments to governments, we make a broader socio-economic contribution to the countries in which we operate. The size of our business and the long-term nature of our operations mean that we can have a considerable economic impact in our host countries. Our contributions include the payment of employee wages and benefits and investments in community initiatives, public infrastructure, health and education services. We prioritise employing people local to our operations and procuring goods and services from suppliers and contractors local to our operating countries.