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Commodities trader
Glencore will profess its
help for a international common
on transparency in organic
assets, the Day-to-day
Mail can reveal, amid a
appeal offensive developed to
clean up its picture.
Glencore reps
are flying to Norway to meet
figures from the Extractive
Industries Transparency
Initiative (EITI), which encourages
principles of ethical
behaviour at normal
assets companies. Resources familiar with each
events stated the talks have been
probable to consequence in an
announcement that Glencore
will lend its complete assist
to the EITI.


Commodities large: Glencore posted fifty percent-12 months earnings of £2billion previous week

The Swiss-based business’s
transformation into a
public firm has been
littered with embarrassing
accusations more than corporate
governance including allegations
– denied by the
organization – that it avoided
tax in Zambia.

Criticism from campaign
groups and investors has
persuaded the company to
tackle its image issue,
with its 1st sustainability
report set to be published
in September.
 



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Glencore share cost



Declaring its backing for
the EITI would reinforce
its dedication to ethical
mining even further by
putting Glencore on the
document as holding itself to
the initiative’s transparency
concepts.

The EITI specifications
incorporate problems such as
making certain that nearby folks
benefit sufficiently from
all-natural resource extraction
and eschewing corruption.

Glencore has been notable
by its absence from a checklist of
EITI backers that reads like
a Who’s Who of organic
resource giants.

The record contains Anglo
American, BHP Billiton, BP,
Shell and fellow commodities
trader Noble Energy.

The meeting in Norway is
most likely to result in Glencore
incorporating its name to the roster
of companies which
put into action EITI principles.

The shift arrives amid
ever more stern remedy
of normal assets
firms by authorities.

The US Dodd-Frank legislation
on monetary reform
calls for transparency in
mining, although Britain’s new
Bribery Act offers the Critical
Fraud Office powers to
prosecute Uk firms for corruption
abroad.

Glencore is also waiting
for the consequence of a probe by
the European Investment
Lender into loans to its Zambian
subsidiary.

The EIB froze loans to the
business soon after allegations
of tax avoidance in Zambia
emerged.

The firm blames a
‘flawed’ and ‘incomplete’
accountant’s audit it says
falsely gave the impression
that its subsidiary Mopani
Copper Mines was nefariously
inflating costs and
selling metals at artificially
very low prices to its mother or father
firm.

However, it does not deny
reports of sulphur clouds
emitted at Mufulira, the
city around Mopani, which it
says it can’t correct until finally 2015.

The firm unveiled
50 percent-yr revenue of £2billion very last
week, although chief executive
Ivan Glasenberg is set to
pick up a £100million yearly dividend
on his fifteen.seven per cent stake,
worth far more than £4billion.