Glencore

Glencore is one of the world's largest globally diversified natural resource companies. The company is a leading integrated producer and marketer of commodities operating across the globe, active at every stage of the commodity supply chain. Glencore's operations comprise around 150 mining and metallurgical sites, oil production assets and agricultural facilities. The company employs about 146,000 people around the world.
Supporter since 2011

Statement of support

Ivan Glasenberg,CEO at Glencore
We are proud to support the EITI Initiative, which shares our commitment to promote transparency and disclosure. The EITI’s standard and framework builds and maintains trust and good governance and strengthens civil society’s capacity to hold their governments and the extractive sector to account. Our support of the EITI reflects our ambition to be active and valued societal participants by the communities that host us.

Engagement with the EITI

Glencore has been a supporter of the EITI and its principles of transparency and accountability since 2011. The company participates in in-country forums supporting EITI implementation. It also actively promotes 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.

The company believes 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. The company believes that it is imperative that businesses, governments and civil society work in partnership to support transparency. Consequently, Glencore publishes an annual payment to governments report, which provides an overview of its approach to tax and transparency as well as discloses the payments it makes 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 it operates 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.

Glencore is committed to supporting and cooperating in the implementation of country-level EITI work plans as its host countries make progress in implementation. The company annually reviews its direct financial prepayments to state-owned oil enterprises and provides this information when relevant finance payments are made. In addition to making direct payments to governments, the company makes a socio-economic contribution to countries where it operates. These contributions include investments in community initiatives, public infrastructure, health and education services. The company prioritises employing people locally and procuring goods and services from suppliers and contractors locally in each of its operating countries.

Strengthening Transparency

Glencore’s commitment to contract transparency is highlighted in the company’s latest report:

“Reflecting our transparency commitment, we support and encourage the disclosure of our mining and exploration contracts with governments to the extent that these contracts are not subject to confidentiality restrictions. During the course of 2020, we have started the process to disclose such contracts and we will make these available once identified”.  

Glencore is committed to high standards of corporate governance and transparency and welcomes increased transparency around the redistribution and reinvestment of such payments. The company seeks to maintain long-term, open, transparent and cooperative relationships with tax authorities in its host countries. It pays all relevant taxes, royalties and other levies in amounts determined by the legislation of relevant national, regional or local governments.

Glencore believes 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 its host countries and communities have transparent information about the company payments to their governments also reduces the potential for corruption by all parties.

Link to the statement of support on Glencore's website

Statement of support to the EITI on Glengore's website