Glencore has established a committee of its board to oversee the company’s response to the United States Department of Justice subpoena to produce documents and records with respect to compliance with the Foreign Corrupt Practices Act and United States money laundering statutes.
Glencore first announced on 3 July 2018 that one of its subsidiaries had received a subpoena which relates to Glencore Group’s business in Nigeria, the Democratic Republic of Congo and Venezuela from 2007 to present.
The committee comprises the chairman, Tony Hayward, Leonhard Fischer (independent non-executive director) and Patrice Merrin (independent non-executive director).
Chairman Tony Hayward says:
“Glencore takes ethics and compliance seriously throughout the Group. The company will cooperate with the Department of Justice, while continuing to focus on our business and seeking to maximise the value we create for our diverse stakeholders in a responsible and transparent manner.”