Glenore has set up a committee of its Board to oversee the company’s response to the subpoena issued last week by the US Department of Justice (DOJ).
The committee comprises the chairman Tony Hayward, independent non-executive directors Leonhard Fischer and Patrice Merrin.
On 3 July 2018, Glencore admitted that a subsidiary had received a subpoena from the DOJ to produce documents and other records with respect to compliance with the Foreign Corrupt Practices Act and United States money laundering statutes.
The requested documents relate to the Glencore Group’s business in Nigeria, the Democratic Republic of Congo and Venezuela from 2007 to present.
Commenting after the announcement of the new committee, Hayward said: “Glencore takes ethics and compliance seriously throughout the Group. The company will cooperate with the DOJ, 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.”