Glencore throws full weight behind transparency in money-to-govts report
Global diversified mining and marketing company Glencore threw its full weight behind complete openness in its maiden ‘Payments To Governments Report 2015’.
In a 17-page outline, Glencore CFO Steve Kalmin provides an overview of the $5-billion it paid last year to 16 governments, ranging from Argentina to Zambia and including South Africa.
Australia received the highest single amount at $866 744 000, more than ten times the $83 500 000 paid to South Africa.
Disclosing payments made on a countrybycountry and projectbyproject basis, the report is aligned to the requirements of Chapter 10 of the European Union’s accounting directive.
“We’re committed to the highest standards of corporate governance and transparency and support increased transparency around the redistribution and reinvestment of such payments,” Kalmin writes in the document of the London-, Hong Kong- and Johannesburg-listed company, which proclaims itself as an active member of the Extractive Industries Transparency Initiative.
Taxes, royalties, employees’ wages and payments to local suppliers form the elements of the economic and social contribution.
Glencore’s size and longterm operational make-up mean that it is able to make an economic impact in host countries.
“We believe that communities should have access to clear information on how much their governments have earned from the extraction of natural resources,” says Kalmin, who also sees it as vital that citizens are able find out how these revenues contribute to the development of their society and their country’s economic status.
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