Glencore Xstrata top management faces investors' anger at AGM
Bosses at the mining and commodities giant Glencore Xstrata today faced a barrage of criticism about its ethical behaviour in the poor countries in which operates.
However, the board, which has also been harshly condemned for having no women on its board, dismissed its critics, with chairman Tony Hayward promising the company would be appointing a woman by the end of the year.
Weekend reports suggested an announcement would be made within the next couple of months. Currently, it is the only FTSE-100 board not to have any women.
At the company’s AGM this morning, a Colombian citizen complained his community had been moved to make way for a mine in which GlencoreXstrata was an investor to a region where it had no water or sustainable agriculture.
Hayward declared the water problems were due to a drought in the whole region. “It is not a consequence of the relocation.”
The anti-corruption NGO Global Witness demanded to know whether the company would launch an inquiry into its dealings with Dan Gertler, the controversial Israeli billionaire operating in the Democratic Republic of Congo. The NGO claims Gertler has made vast profits acting as a middleman for his friend, the president of the country.
Mr Hayward said there was no need for such an inquiry, declaring it lent money to and worked with Mr Gertler on an “arms length” basis, and stressing that it had been unable at the time to find other partners to invest in what was a high risk part of the world to do business. Glencore lent money to Gertler at high interest rates that other investors were not prepared to pay, he added.
A representative of the Church of England’s investment board congratulated the company on its improvements in environmental sustainability in recent years but asked it to improve its carbon emissions.
A private shareholder said his son had questioned him about the morality of owning Glencore Xstrata shares in the light of the huge amount of negative publicity: “Daddy, I keep reading about this company in the news, what does it do when it goes to the developing countries it operates in?”
Mr Hayward, whose permanent appointment to the chairmanship was announced recently, said GlencoreXstrata invests heavily where it operates: “When we invest we create many very well paid jobs, and each of those supports families of seven or eight people.”
Chief executive Ivan Glasenberg blamed the media for the negative perceptions of the company.
- 1 PlayStation and Xbox hacked by Lizard Squad
- 2 The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
- 3 British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
- 4 Vagina canoe artist defends herself over ‘obscenity’ charges
- 5 The Queen’s speech 2014: Recap and Twitter reaction to Game of Thrones reference
PlayStation and Xbox hacked by Lizard Squad
Antonio Martin shooting: Black teenager may have tried to ambush patrolman, says police officer's lawyer
Katie Hopkins speaks out on childhood obesity: 'Parents of fat children should be prosecuted for child cruelty'
Boxing Day snowfall set to push even more bargain-hunters online for sales
The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Rozanne Duncan: Ukip expels councillor for 'jaw-dropping' comments made in BBC TV interview
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
BBC director Danny Cohen: Rising UK antisemitism makes me feel more uncomfortable than ever
Alex Salmond has 'broken his word to the Scottish people' says Scottish Lib Dem leader
iJobs Money & Business
Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...
£43500 per annum + pension + holidays: The Jenrick Group: Night Shift Operatio...
£20000 - £25000 per annum + OTE £40,000 + Car + Pension: SThree: SThree are a ...
£20000 - £25000 per annum + OTE £35K: SThree: We consistently strive to be the...