TIDMGLEN
RNS Number : 8733Q
Glencore PLC
30 June 2022
Glencore plc
Baar, Switzerland
30 June 2022
Glencore publishes Payments to Governments Report 2021
Today, Glencore published its 2021 Payments to Governments
Report on its website . The report aligns with the reporting
requirements of Chapter 10 of the EU Accounting Directive.
Through our activities as one of the world's largest resource
companies we are present at multiple stages of the commodity supply
chain. We are supporting the governments of our host countries in
realising value from their natural resources, in line with our
purpose, to responsibly source the commodities that advance
everyday life.
Our commitment to fiscal transparency
We are strongly supportive of fiscal transparency, recognising
the role it plays in encouraging the responsible management of
revenues from extractive activities.
-- We recognise the importance of company ownership information
being publicly available. We provide beneficial ownership
information on our operating joint ventures across our industrial
business.
-- In September 2021, along with four other mining companies, we
became a signatory to a statement by companies on beneficial
ownership transparency.
-- We have also publicly disclosed on our website , for the
first time, details of our active marketing sales/purchase
agents
-- Since 2019, we have publicly stated our commitment towards
supporting and encouraging the disclosure of mining and exploration
contracts with host governments. We believe this type of contract
transparency can support building trust and ensuring accountability
in the sector.
-- We welcome the EITI Standard's approach for contract
transparency for EITI-compliant countries. Similarly, as a member
of the International Council of Mining and Metals (ICMM), we
support its Transparency of Mineral Revenues Position Statement,
which includes a commitment to contract transparency.
-- With increasing stakeholder interest in material loans
repayable with product (also referred to as 'resource backed
loans') we have disclosed relevant information on our resource
backed loans, to the extent that the information is not
commercially sensitive or confidential.
Our 2021 payments
During 2021, our total payments to governments were more than
US$7.6 billion. Approximately $4bn are reported pursuant to the EU
Accounting Directive extractive industries' reporting requirements.
The difference arises from payments related to refining,
processing, marketing and trading, as these are not in the scope of
the EU Accounting Directive. This marks a significant increase on
the US$5.8 billion and US$2.1 billion under the EU reporting
requirements paid in 2020, reflecting the global economy's recovery
from the impact of Covid-19.
Our global effective tax rate, adjusted for significant items
(primarily impairments, foreign exchanges adjustments and tax
losses not recognised), was 33.5% (29.7% in 2020 and 30.5% in
2019).
Our contribution to host countries goes beyond the taxes and
royalties we pay. During 2021, we paid US$6 billion in wages and
benefits for the 135,000 people working for Glencore (including
contractors) and US$68 million on initiatives that benefit the
communities living around our operations.
We are committed to operating ethically and responsibly in all
aspects of our business and determined to foster a culture of
integrity, inclusivity and transparency. This commitment includes
implementing high standards of corporate governance and
transparency.
For further information please contact:
Investors
Martin Fewings t: +41 41 709 28 80 m: +41 79 737 56 42 martin.fewings@glencore.com
Media
Charles Watenphul t: +41 41 709 24 62 m: +41 79 904 33 20 charles.watenphul@glencore.com
www.glencore.com
Glencore LEI: 2138002658CPO9NBH955
Notes for Editors
Glencore is one of the world's largest global diversified
natural resource companies and a major producer and marketer of
more than 60 responsibly-sourced commodities that advance everyday
life. Through a network of assets, customers and suppliers that
spans the globe, we produce, process, recycle, source, market and
distribute the commodities that enable decarbonisation while
meeting the energy needs of today.
Glencore companies employ around 135,000 people, including
contractors. With a strong footprint in over 35 countries in both
established and emerging regions for natural resources, our
marketing and industrial activities are supported by a global
network of more than 40 offices.
Glencore's customers are industrial consumers, such as those in
the automotive, steel, power generation, battery manufacturing and
oil sectors. We also provide financing, logistics and other
services to producers and consumers of commodities.
Glencore is proud to be a member of the Voluntary Principles on
Security and Human Rights and the International Council on Mining
and Metals. We are an active participant in the Extractive
Industries Transparency Initiative.
Glencore recognises our responsibility to contribute to the
global effort to achieve the goals of the Paris Agreement. Our
ambition is to be a net zero total emissions company by 2050. In
August 2021, we increased our medium-term emission reduction target
to a 50% reduction by 2035 on 2019 levels and introduced a new
short-term target of a 15% reduction by 2026 on 2019 levels.
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Disclaimer
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also used to refer collectively to members of the Group or to those
who work for them. These expressions are also used where no useful
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