Ivan Glasenberg

Several former Glencore executives were brought before British courts on corruption charges linked to the group's African operations. The prosecutions continued scrutiny of practices that had existed under the group's former leadership.

State of the evidence

Criminal prosecutions of former executives documented

Legal status — source text

Proceedings against former executives; no personal charges against Glasenberg identified

Attribution

Governance and corporate culture context, with an explicit absence of personal criminal attribution

Investors are suing Glencore and, in some groups of claims, Ivan Glasenberg personally over alleged disclosures or omissions. The claimants contend, among other things, that he knew of, suspected or was recklessly indifferent to an alleged corrupt arrangement in the DRC involving Dan Gertler.

State of the evidence

Ongoing civil actions and detailed allegations in public procedural judgments

Legal status — source text

Civil litigation ongoing; no substantive decision establishing personal liability at the verification date

In August 2024, the Office of the Attorney General of Switzerland held Glencore International AG criminally liable for failing to take all necessary organisational measures to prevent the bribery of a Congolese public official by a business partner during mining acquisitions in 2011.

State of the evidence

Corporate criminal liability established by a Swiss penalty order

Legal status — source text

CHF 2 million fine and USD 150 million compensatory claim against Glencore International AG; part of the other DRC conduct from 2007–2017 was dismissed

Attribution

Historical governance responsibility as CEO, without personal conviction

Person targeted by the proceedings

Glencore

Role of the person profiled

Protagonist not prosecuted

Glencore admitted corruption in several African countries and manipulation of the oil market under agreements with US and British authorities. A substantial proportion of the conduct examined dated from the period when Ivan Glasenberg was chief executive. The event is attributed to his governance tenure, not as a personal conviction.

State of the evidence

Corporate conduct established through guilty pleas and agreements with authorities

Legal status — source text

Convictions and settlements involving Glencore; no personal criminal conviction of Ivan Glasenberg identified

Attribution

Governance attribution: Glasenberg headed Glencore during a substantial part of the events, without being personally convicted in the sources retained

Katanga Mining, a Glencore subsidiary, acknowledged financial reporting errors, control deficiencies and inadequate disclosure of risks in the DRC before Ontario's regulator. A US securities case naming Glencore and Glasenberg among the defendants was subsequently settled.

State of the evidence

Katanga's failings acknowledged in a regulatory settlement; settlement of a class action documented

Legal status — source text

Regulatory and civil settlements; no personal admission of guilt by Glasenberg established

Attribution

Liability alleged as an executive connected with the group and a defendant in securities litigation

Organisations filed complaints with several OECD National Contact Points against Glencore, BHP and Anglo American concerning alleged impacts of the Cerrejón mine on Wayúu and Afro-Colombian communities. A UN Special Rapporteur had also called for suspension of certain operations over health and environmental concerns.

State of the evidence

OECD complaints and intervention by a UN Rapporteur documented; allegations disputed

Legal status — source text

OECD mechanisms and international criticism; no personal conviction of Glasenberg

Attribution

Indirect governance responsibility as CEO of Glencore, then a co-owner of Cerrejón

Following the designation of Dan Gertler and affiliated companies under US sanctions, Glencore had to determine how to fulfil royalty obligations linked to its Congolese assets. After litigation and negotiations, the group stated that it was making payments outside the US dollar system and without US persons.

State of the evidence

Sanctions, litigation and payment mechanism documented

Legal status — source text

No personal conviction of Glasenberg identified in this episode

Attribution

Governance responsibility as CEO at the time of the decision to settle contractual obligations

Following Glencore's expansion into thermal coal, investors increased pressure on the group over climate issues. In 2019, the Glasenberg-led group announced a cap on worldwide coal production and restrictions on acquisitions that would materially increase capacity.

State of the evidence

Investor pressure and announcement of the production cap documented

Legal status — source text

No personal judicial proceedings

Attribution

Strategic responsibility as CEO of a group with substantial coal exposure

Following disclosure of a US Department of Justice subpoena concerning Glencore's activities in the DRC, Nigeria and Venezuela, at least two shareholder actions accused the company of making misleading statements before the investigation was disclosed. Glasenberg was named as a defendant in both cases cited by Reuters.

State of the evidence

Filed civil actions and stock market decline documented

Legal status — source text

Civil actions; no personal guilt established in this episode

Attribution

Glasenberg was expressly named as a defendant in at least two actions

A provisional audit commissioned in Zambia prompted allegations that Mopani Copper Mines, controlled by Glencore, had underreported revenues and used transfer pricing arrangements. Zambia sought payment of allegedly underpaid taxes, and NGOs referred the matter to the OECD.

State of the evidence

Provisional audit, authorities' demand and OECD proceedings documented; findings disputed

Legal status — source text

No personal conviction of Glasenberg; institutional examinations with nuanced outcomes

Attribution

Indirect governance responsibility as CEO of the controlling shareholder

Glencore's initial public offering resulted in an exceptional personal tax payment by Glasenberg to Rüschlikon. Residents and municipalities debated the ethical origins of the windfall, with some proposing to allocate part of the revenue to development projects.

State of the evidence

Tax payment and municipal debates documented

Legal status — source text

No judicial proceedings

Attribution

Glasenberg directly generated the tax windfall but is not accused of tax illegality

The Glencore–Xstrata merger was delayed and renegotiated following shareholder opposition, particularly over the price and very substantial retention bonuses proposed for Xstrata executives. Glasenberg was central to negotiations and was ultimately due to lead the combined group.

State of the evidence

Shareholder opposition, postponed votes and revised terms documented

Legal status — source text

No criminal proceedings

Attribution

Governance responsibility as CEO, major shareholder and prospective head of the merged group

In March 2012, Zambia's environmental authority ordered the closure of a leaching facility at Mopani in Mufulira because of excessive acid mist emissions and the absence of barriers protecting nearby residents.

State of the evidence

Administrative closure by Zambia's environmental authority documented

Legal status — source text

Regulatory action against the operation; no personal criminal conviction of Glasenberg

Attribution

Indirect governance responsibility as CEO of the controlling shareholder