18 November 2022
“Together with a large number of other investors, we are involved in a lawsuit against the Swiss mining company, Glencore. The reason is that the company’s management has acknowledged that for years the company has bribed officials in several African countries to secure lucrative deals. For those cases, the company’s management has agreed to pay a fine of almost eight billion kroner.
Glencore’s share price has fallen as the corruption cases have come to light. And that has caused us and a lot of other investors to demand compensation.
“When companies act in this way, they should be held accountable, not just to the authorities, but also to the investors”, says our investment director, Anders Schelde.
Glencore is no longer in our portfolio, as we excluded the company earlier this year. At that time, Anders Schelde said:
“In a problematic sector, Glencore stands out as one of the more problematic companies, if not the most problematic”.
In addition to AkademikerPension, among others the Kuwait Investment Authority, Norges Bank, International Petroleum Investment Company, Abrdn and HSBC also participate in the lawsuit against Glencore.”Source: AkademikerPension
December 2, 2022
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