Glencore appoints committee to tackle Dept. of Justice requests

Tony Hayward, Glencore chairman

GLENCORE said it had established a committee comprising its chairman, Tony Hayward, and two independent non-executive directors which would oversee the group’s response to a subpoena last week from the US’ Department of Justice (DoJ).

The DoJ requested documents and other records with respect to the Foreign Corrupt Practices Act and United States money laundering statutes. The requested documents relate to Glencore’s business in Nigeria, the Democratic of Congo and Venezuela from 2007 to the present.

“Glencore takes ethics and compliance seriously throughout the group,” said Hayward in a statement. “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,” he said.

The independent non-executive directors appointed to the committee are Leonhard Fischer and Patrice Merrin.