Glencore committee to oversee response to DOJ

Australian dollars in Sydney, Friday, Jan. 15, 2016. (AAP Image/Joel Carrett) NO ARCHIVING

Glencore PLC (GLEN.LN) said Wednesday that Non-Executive Chairman Tony Hayward, the former CEO of BP PLC (BP.LN), is heading a new board committee to oversee the company’s response to a subpoena by the U.S. Department of Justice.

On July 3 the Anglo-Swiss miner received a subpoena from the Justice Department relating to its compliance with the U.S. Foreign Corrupt Practices Act and money-laundering statutes. The company was asked to produce documents concerning Glencore’s business in Nigeria, the Congo and Venezuela from 2007 to present.

As well as Mr. Hayward, the committee will comprise of Leonhard Fischer and Patrice Merrin, both of whom are independent non-executive directors at the company.

Mr. Hayward said the company would be cooperating with the department and that Glencore "takes ethics and compliance seriously throughout the group."

Shares at 0717 GMT were down 4% at 314.95 pence.

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