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135-693: Glencore plc is a Swiss multinational commodity trading and mining company with headquarters in Baar , Switzerland. Glencore's oil and gas head office is in London and its registered office is in Saint Helier , Jersey . By some estimates, it is the world's largest commodity trader, and among the world's largest companies. The company was formed in 1994 by a management buyout of Marc Rich + Co AG (itself founded in 1974). The company merged with Xstrata in 2013, increasing its size substantially. Before that,

270-541: A "history of busting UN embargoes to profit from corrupt or despotic regimes". Specifically, the CIA found that Glencore had paid $ 3,222,780 in illegal kickbacks to obtain oil in the course of the UN oil-for-food programme for Iraq . The company denied these charges, according to the CIA report quoted by ABC. In 2005, proceeds from an oil sale to Glencore were seized as fraudulent gains as part of an investigation into corruption in

405-521: A 40% reduction in carbon footprint by 2035 compared to its 2019 levels, making them on track with the Paris agreement on climate change. In August 2022, the market predicted that Glencore would deliver a record profit due to its ability to thrive in volatile markets, and particularly because of its coal business that was growing rapidly during the 2022 global energy crisis . The use of coal, even in Europe,

540-551: A Congolese-registered company holding 80% of the Mutanda Mine . According to Global Witness, SAMREF recommended on 1 March 2011 that Congo's state-run company Gécamines , holding the other 20% of the Mutanda Mine , sell this share to an entity also associated with Dan Gertler and went on to question the links between Glencore and Dan Gertler. Glencore has been designated operator of the Mutanda Mine. Glencore has responded

675-576: A June 2018 "debt-for-equity swap", Glencore's Katanga Mining Ltd. agreed to a recapitalization plan involving a US$ 5.6 billion debt write-off and a $ 150 million payment to the Congolese state mining company Gécamines. According to company sources, Gertler will receive a royalty of about 25 million euros in 2018. Later in June 2018, Glencore also announced that it had resumed paying royalties to Gertler's Ventora Development in unpaid and future royalties from

810-698: A Reuters article in 2011 "[O]fficials in Zambia believe pollution from Glencore's Mopani mine is causing acid rain and health problems in an area where 5 million people live." The upgrade of the Mopani Mines asset plant was completed in March 2014 eliminating the emissions of 97 per cent of sulphur dioxide emissions in line with the recommended international standards by the World Health Organisation (WHO). The emissions were reported to exceed

945-766: A basis in a national ethos , being ultimate without a specific nationhood, and that this lack of an ethos appears in their ways of operating as they enter into contracts with countries that have low human rights or environmental standards . In the world economy facilitated by multinational corporations, capital will increasingly be able to play workers, communities, and nations off against one another as they demand tax, regulation and wage concessions while threatening to move. In other words, increased mobility of multinational corporations benefits capital while workers and communities lose. Some negative outcomes generated by multinational corporations include increased inequality , unemployment , and wage stagnation . Raymond Vernon presents

1080-542: A complaint to the OECD against a subsidiary of Glencore over allegations that a mine it owns in Zambia may not be paying enough tax on its profits. This complaint was due to alleged financial and accounting manipulations that had been supposedly performed by the two companies' subsidiary, Mopani Copper Mines Plc (MCM), to evade taxation in Zambia. A draft Grant Thornton report alleged that tax avoidance by Glencore in Zambia cost

1215-688: A cornerstone investor with an intention to invest an additional $ 150 million in the Global Offer. The investment made Aabar the largest cornerstone investor in the initial public offering (IPO) and the largest new shareholder of Glencore after its IPO, giving Aabar a 1.4% stake. The two firms intend to explore areas of co-operation. In November 2012, Abu Dhabi's Aabar Investments, a unit of Abu Dhabi's state-owned United Arab Emirates International Petroleum Investment Company , wrote off more than $ 392-million of its $ 1-billion investment into Glencore's IPO less than two years after investing it. Aabar Investments

1350-508: A corporation invests in a country in which it is not domiciled, it is called foreign direct investment (FDI). Countries may place restrictions on direct investment; for example, China has historically required partnerships with local firms or special approval for certain types of investments by foreigners, although some of these restrictions were eased in 2019. Similarly, the United States Committee on Foreign Investment in

1485-725: A country . The OECD also created agencies such as the OECD Development Centre (1961), International Energy Agency (IEA, 1974), and Financial Action Task Force on Money Laundering . The aims of the OECD are stated in Article 1 of the Convention as: Unlike the United Nations' "Organizations," OECD uses the spelling "Organisation" with an "s" in its name, together with a hyphenated "Co-operation". Following

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1620-598: A cumbersome task. Following several (occasionally unruly) meetings at the Hotel Majestic in Paris, which began in January 1960, a resolution was reached to create a body that would not only solve European and Atlantic economic issues, but also devise policies that could assist less developed countries. This reconstituted organisation would bring the US and Canada, who were already OEEC observers, on board as full members, and

1755-654: A discussion on a broad spectrum of thematic issues relevant to the OECD charter, member countries, and non-member countries. Noteworthy meetings include: Exchanges between OECD governments benefit from the information, analysis, and preparation of the OECD Secretariat. The secretariat collects data, monitors trends, and analyses and forecasts economic developments. Under the direction and guidance of member governments, it also researches social changes or evolving patterns in trade, environment, education, agriculture, technology, taxation and other areas. The secretariat

1890-501: A framework for negotiations aimed at setting up a European Free Trade Area , to bring the EEC's Inner Six and other OEEC members together on a multilateral basis. In 1958, a European Nuclear Energy Agency was set up in response to Euratom. By this time, some leading countries felt that the OEEC had outlived its purpose but could be adapted to fulfil a more global mission, which proved to be

2025-429: A free market system where there is little government interference. As a result, international wealth is maximized with free exchange of goods and services. To many economic liberals, multinational corporations are the vanguard of the liberal order. They are the embodiment par excellence of the liberal ideal of an interdependent world economy. They have taken the integration of national economies beyond trade and money to

2160-781: A gold and copper miner operating in Quebec . "In Ecuador , the current government has tried to reduce the role played by middlemen such as Glencore with state oil company Petroecuador " due to questions about transparency and follow-through, according to Fernando Villavicencio, a Quito-based oil sector analyst. In May 2014 the company announced it would close its underground Newlands coal mine in Queensland, Australia in late 2015. The mine, begun in 1983, produced 2.8 million tonnes of thermal coal in 2013. The company had earlier suspended operations at its Ravensworth underground mine following falling coal prices, escalating production costs, and

2295-469: A higher Australian dollar. In February 2019, Glencore announced it would reduce production at one of its biggest copper and cobalt mines operations in Congo. The country's Mutanda mine produced 199,000 tons of copper and 27,000 tons of cobalt in 2018, accounting for roughly one-fifth of global cobalt production. The production curbs are likely temporary, as the company is exploring new mining techniques for

2430-665: A member of the Organisation through the letter addressed by Romanian Prime Minister Victor Ponta to OECD Secretary-General José Ángel Gurría . In September 2012, the government of Bulgaria confirmed it would apply for membership before the OECD Secretariat. The OECD established a working group headed by ambassador Seiichiro Noboru to work out a plan for the enlargement with non-members. The working group defined four criteria that must be fulfilled: "like-mindedness", "significant player", "mutual benefit" and "global considerations." The working group's recommendations were presented at

2565-461: A member on 28 April 2020. On 15 May 2020, the OECD decided to extend a formal invitation for Costa Rica to join the OECD, which joined as a member on 25 May 2021. Other countries that have expressed interest in OECD membership are Argentina , Brazil , Croatia , Malaysia and Peru . In January 2022, the OECD reported that membership talks were underway with Argentina , Brazil , Bulgaria , Croatia , Peru and Romania . In March 2022,

2700-536: A membership option for these countries. As a result of this, Poland , Hungary , the Czech Republic and Slovakia , as well as South Korea and Mexico , became members of the OECD between 1996 and 2000. East Germany joined on 3 October 1990 through reunification with West Germany. In the 1990s, several European countries, now members of the European Union, expressed their willingness to join

2835-490: A million troops to help, and by February 1991, Iraqi forces were expelled from Kuwait. Due to the oil boycott from Kuwait and Iran, oil prices rose and quickly recovered. Saudi Arabia once again led OPEC, and thanks to assistance in defending Kuwait, new relations emerged between the USA and OPEC. Operation "Desert Storm" brought mutual dependence among the main oil producers. OPEC continued to influence global oil prices but recognized

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2970-572: A number of production facilities all around the world and supplied metals, minerals, crude oil, oil products, coal, natural gas and agricultural products to international customers in the automotive, power generation, steel production and food processing industries. It was listed on the London Stock Exchange in May 2011 and was a constituent of the FTSE 100 Index . It had a secondary listing on

3105-589: A number of times to Global Witness regarding these allegations. In March 2018, it was reported that Glencore would sell one third (13,800 tonnes) of its cobalt output to China's battery recycler GEM. 18,000 tonnes are to be sold in 2019, and 21,000 in 2020. In December 2020, the company extended the agreement with GEM to at least 2029. During the FT Commodities Global Summit in Lausanne, Switzerland, CEO Glasenberg stated "if cobalt falls into

3240-406: A very high Human Development Index . As of 2024 their collective population is 1.38 billion people with an average life expectancy of 80 years and a median age of 40, against a global average of 30. As of 2017 , OECD Member countries collectively comprised 62.2% of global nominal GDP ( USD 49.6 trillion) and 42.8% of global GDP ( Int$ 54.2 trillion) at purchasing power parity . The OECD

3375-400: Is a forum whose member countries describe themselves as committed to democracy and the market economy , providing a platform to compare policy experiences, seek answers to common problems, identify good practices, and coordinate domestic and international policies of its members. The majority of OECD members are generally regarded as developed countries , with high-income economies , and

3510-540: Is a joint venture between Yamana Gold , Glencore and Newmont in the Catamarca province of Argentina. Proven and probable mineral reserves - 5.4 million tons of copper and 7.4 million ounces of gold . In 2023, Glencore acquired a 56.25% interest in the MARA project from Pan American Silver . The company paid $ 475 million plus a royalty of 0.75% of the net smelter return (NSR). Once commissioned, MARA will be one of

3645-503: Is also a large shareholder in globalCOAL, the online physical coal trading platform. The board of globalCOAL contains a number of power utility shareholders. Relationships also exist with Century Aluminum Co. (CENX; 44% economic ownership interest) in the US; Glencore partial subsidiary Minara Resources Ltd (AU:MRE), a 70.5% stake in one of Australia's top three nickel producers and 8.8% in United Company Rusal (HK:486),

3780-588: Is an official United Nations observer . OECD nations have strong social security systems ; their average social welfare spending stood at roughly 21% of GDP. The OECD's headquarters are at the Château de la Muette in Paris , France, which housed its predecessor organization, the Organization for European Economic Co-operation. The OECD is funded by contributions from member countries at varying rates and

3915-495: Is increasing by double digit percentages as it replaces expensive natural gas from Russia . While traditional mining companies such as BHP and Rio Tinto have experienced a slowdown due to a lower demand for iron and copper ores by China, Glencore was able to increase its business mostly with coal, despite the dirty image this form of energy has. Business analysts forecasted that Glencore's dividends could exceed $ 10 billion in total in 2022. In November 2023, Glencore acquired

4050-410: Is often handled through international arbitration . The actions of multinational corporations are strongly supported by economic liberalism and free market system in a globalized international society. According to the economic realist view, individuals act in rational ways to maximize their self-interest and therefore, when individuals act rationally, markets are created and they function best in

4185-691: Is organised in directorates: The head of the OECD Secretariat and chair of the OECD Council is the Secretary-General. Secretary-General selections are made by consensus , meaning all member states must agree on a candidate. Representatives of member and observer countries meet in specialised committees on specific policy areas, such as economics, trade, science, employment, education, development assistance or financial markets. There are about 200 committees, working groups and expert groups. Committees discuss policies and review progress in

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4320-556: Is recognised as a highly influential publisher of mostly economic data through publications as well as annual evaluations and rankings of member countries. The OECD is the successor organization to the Organisation for European Economic Co-operation (OEEC) , established in April 1948 among the European recipients of Marshall Plan aid for the reconstruction of Europe after World War II . Only Western European states were members of

4455-421: Is termed "Blood Coal". Pax released a report and included the testimony of victims and the paramilitary that attacked the indigenous population. The company's Luilu copper refinery uses acid to extract the copper. For three years after taking over the mine, it continued to allow the waste acid to flow into a river. The chief executive, Ivan Glasenberg, was interviewed for Panorama by John Sweeney and said 'It

4590-464: Is the biggest mining takeover ever, and after approval would create an entity with 2012 sales of US$ 209 billion. In June 2012, Glencore and Xstrata began to reconsider the proposed retention package for their merger, following shareholder opposition to a huge payout for executives. In total, 73 key executives stood to receive over GBP 170 million under the initial retention package. In October 2012, BBC News reported that Glencore had more ships than

4725-865: Is usually a large corporation incorporated in one country that produces or sells goods or services in various countries. Two common characteristics shared by MNCs are their large size and centrally controlled worldwide activities. MNCs may gain from their global presence in a variety of ways. First of all, MNCs can benefit from the economy of scale by spreading R&D expenditures and advertising costs over their global sales, pooling global purchasing power over suppliers, and utilizing their technological and managerial experience globally with minimal additional costs. Furthermore, MNCs can use their global presence to take advantage of underpriced labor services available in certain developing countries and gain access to special R&D capabilities residing in advanced foreign countries. The problem of moral and legal constraints upon

4860-980: The British East India Company founded in 1600 and the Dutch East India Company (VOC) founded in 1602. In addition to carrying on trade between Great Britain and its colonies, the British East India Company became a quasi-government in its own right, with local government officials and its own army in India. Other examples include the Swedish Africa Company founded in 1649 and the Hudson's Bay Company founded in 1670. These early corporations engaged in international trade and exploration and set up trading posts. The Dutch government took over

4995-678: The Democratic Republic of Congo in negotiations over a joint venture with state-owned Gécamines at the Katanga copper mine , in which one of the board members was Glencore major shareholder Telis Mistakidis . Glencore, which had effectively taken over Katanga, agreed to vote for the joint venture. The loan document specifically provided that repayment would be owed if agreement was not reached within three months. Gertler and Glencore have denied wrongdoing. Appleby had worked for Glencore and its founder Marc Rich on major projects in

5130-443: The Democratic Republic of Congo . In 2007, Nikanor was merged into Katanga in a transaction valued at US$ 3.3 billion. In May 2011, the company launched an IPO which valued the business at US$ 61 billion and created five new billionaires. Trading was limited to institutional investors for the first week and private investors were not allowed to buy shares until 24 May 2011. In 2011, five non-government organisations filed

5265-885: The Hong Kong Stock Exchange , but had withdrawn from January 2018. Glencore's shares started trading on the Johannesburg Stock Exchange in November 2013. The Qatar Investment Authority was its biggest shareholder as of 2016. In March 2022, Qatar's Sovereign Wealth Fund announced it would sell a stake worth £ 812 million ( US$ 1.1 billion) in Glencore Plc. The company has been embroiled in numerous controversies and investigations related to environmental damage and corrupt practices. The company has pleaded guilty to multiple instances of bribery and corrupt practices as part of investigations in

5400-683: The Revolutions of 1989 , the OECD began assisting countries in and Eastern Europe (especially the Visegrád Group ) to prepare market economy reforms. In 1990, the Centre for Co-operation with European Economies in Transition (now succeeded by the Centre for Cooperation with Non-Members) was established, and in 1991, the programme, "Partners in Transition", was launched to offer a partnership to Czechoslovakia , Hungary and Poland, including

5535-716: The 1960s to the end of the 1990s was also described in the memoirs titled “the Bank of Japan and the OECD: Recollections and Reflections”, written in Japanese by Kumiharu Shigehara and published in December 2019. In his letter of 5 February 2019, Donald Johnston, OECD Secretary-General (1996-2006), noted that Shigehara's "book is very important for the OECD where there is little living institutional memory". The English edition of Shigehara's memoirs titled The Bank of Japan,

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5670-670: The 19th century, such as the Rio Tinto company founded in 1873, which started with the purchase of sulfur and copper mines from the Spanish government. Rio Tinto, now based in London and Melbourne , Australia, has made many acquisitions and expanded globally to mine aluminum , iron ore , copper , uranium , and diamonds . European mines in South Africa began opening in the late 19th century, producing gold and other minerals for

5805-551: The British Royal Navy . Glencore's operations in 40 countries handled 3% of the world's oil consumption. Xstrata's operations in more than 20 countries employed 70,000 people. According to mining analyst John Meyer, if the two companies merged into Glencore Xstrata, they would be the 4th largest commodities trader in the world. Just before completing its forced April 2013 takeover of mining rival Xstrata as it awaited Chinese regulatory approval for its long-planned merger,

5940-617: The Declaration. The OECD publishes books, reports, statistics, working papers, and reference materials. All titles and databases published since 1998 can be accessed via OECD iLibrary . The OECD Library & Archives collection dates from 1947, including records from the Committee for European Economic Co-operation (CEEC) and the Organisation for European Economic Co-operation (OEEC), predecessors of today's OECD. External researchers can consult OECD publications and archival material on

6075-551: The English language. Senior officials, although mostly still Swedish, all learned English and all major internal documents were in English, the lingua franca of multinational corporations. After the war, the number of businesses having at least one foreign country operation rose drastically from a few thousand to 78,411 in 2007. Meanwhile, 74% of parent companies are located in economically advanced countries. Developing and former communist countries such as China, India, and Brazil are

6210-507: The G20. It is not certain when the proposals will be implemented. All the major economies agreed to pass national laws that would require corporations to pay at least 15% income tax in the countries they operate. This new policy would end the practice of locating world headquarters in small countries with very low taxation rates. Governments hope to recoup some of the lost revenue, estimated at $ 100 billion to $ 240 billion each year. The new system

6345-575: The International Energy Agency (IEA), enabling states to coordinate policy, gather data, and monitor global oil reserves. In the 1970s, OPEC gradually nationalized the Seven Sisters. The Kingdom of Saudi Arabia, as the only largest world oil producer, could leverage this. However, Saudi Arabia opted for the correct approach and maintained consistent oil prices throughout the 1970s. In 1979, the "second oil shock" came from

6480-591: The Kansuki mine in Congo's southern Katanga Province in 2012. According to Global Witness, Congo's government transferred a 75% stake in Kansuki mine in secret and at vastly undervalued prices in July 2010 to a company in which Dan Gertler, who is a close friend of President Joseph Kabila , has an interest. Just a month later, in August 2010, Glencore took half the shares of the company that acquired that 75% stake, becoming

6615-574: The Netherlands has become a popular choice, as its company laws have fewer requirements for meetings, compensation, and audit committees, and Great Britain had advantages due to laws on withholding dividends and a double-taxation treaty with the United States. Corporations can legally engage in tax avoidance through their choice of jurisdiction but must be careful to avoid illegal tax evasion . Corporations that are broadly active across

6750-466: The OECD Convention after September 1961, but are nevertheless considered founding members. The official founding members are the following: Japan became a member in 1964, and over the following decade, Finland , Australia , and New Zealand also joined the organisation. Yugoslavia had observer status in the organisation, starting with the establishment of the OECD, until its dissolution as

6885-584: The OECD Ministerial Council Meeting on 13 May 2004, and on 16 May 2007, the OECD Ministerial Council decided to open accession discussions with Chile , Estonia , Israel , Russia , and Slovenia , and to strengthen cooperation with Brazil , China , India , Indonesia , and South Africa through a process of enhanced engagement. Chile, Slovenia, Israel, and Estonia all became members in 2010. In March 2014,

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7020-549: The OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations, a Model Tax Convention and country-by-country reporting rules. The OECD publishes and updates a model tax convention that serves as a template for allocating taxation rights between countries. This model is accompanied by a set of commentaries that reflect OECD-level interpretation of the content of the model convention provisions. In general, this model allocates

7155-476: The OECD announced that it "has transitioned to [an] open-access information model" and that Creative Commons CC‑BY‑4.0 attribution licenses will be used on all data and publications. There are 15 working papers series published by the various directorates of the OECD Secretariat. They are available on iLibrary, as well as on many specialised portals. The OECD is responsible for the OECD Guidelines for

7290-415: The OECD halted membership talks with Russia in response to its role in the 2014 Annexation of Crimea . In 2013, the OECD decided to open membership talks with Colombia and Latvia . In 2015, the Organisation opened talks with Costa Rica and Lithuania . Latvia became a member on 1 July 2016, and Lithuania soon followed on 5 July 2018. Colombia signed the accession agreement on 30 May 2018 and became

7425-418: The OECD premises by appointment. The OECD releases about 600 books and over 400 papers yearly on topics spanning public policy. The publications are updated to the OECD iLibrary. Most books are published in English and French. The OECD flagship titles include: All OECD books are available on the OECD iLibrary, the online bookshop or OECD Library & Archives. OECD Observer , an award-winning magazine,

7560-514: The OECD suspended the participation of Russia and Belarus due to the ongoing 2022 Russian invasion of Ukraine . In June 2022, during the annual OECD Ministerial Council Meeting, the Roadmaps for the Accession to the OECD Convention for Brazil , Bulgaria , Croatia , Peru and Romania were adopted. The OECD sets the rules governing international taxation for multinationals through

7695-579: The OECD, and Beyond was published by Palgrave Macmillan in September 2024. The OECD is known as a statistical agency , as it publishes comparable statistics on numerous subjects. In July 2014, the OECD publicly released its main statistical databases through the OECD Data Portal, an online platform that allows visitors to create custom charts based on official OECD indicators. OECD statistics are available in several forms: In July 2024,

7830-457: The OEEC would set to work straight away on convincing Japan to join the organisation. The Convention on the Organisation for Economic Co-operation and Development was signed on 14 December 1960, and the OECD officially superseded the OEEC in September 1961, consisting of the European founder countries of the OEEC, with the additions of the United States and Canada. Three countries, (Netherlands, Luxembourg, and Italy)—all OEEC members—ratified

7965-624: The OEEC, whose primary function was the allocation of American aid. Its Secretaries-General were the Frenchmen Robert Marjolin (1948–1955) and René Sergent (1955–1960). It was headquartered in the Château de la Muette in Paris. Following the end of Marshall aid in 1952, the OEEC focused on economic issues. Its coordinating role was challenged after the 1957 Rome Treaties establishing the European Economic Community and Euratom . The OEEC provided

8100-558: The OLI framework. The other theoretical dimension of the role of multinational corporations concerns the relationship between the globalization of economic engagement and the culture of national and local responses. This has a history of self-conscious cultural management going back at least to the 60s. For example: Ernest Dichter, architect, of Exxon's international campaign, writing in the Harvard Business Review in 1963,

8235-486: The Organisation. In 1995, Cyprus applied for membership, but according to the Cypriot government, it was vetoed by Turkey . In 1996, Estonia , Latvia , and Lithuania signed a Joint Declaration expressing willingness to become members of the OECD, and Slovenia also applied for membership that same year. In 2005, Malta applied to join the Organisation. The EU is lobbying for the admission of all EU member states . Romania reaffirmed in 2012 its intention to become

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8370-541: The Russian aluminium giant that went public in 2010. In mid-2011, Century was called "one of the most harrowing stocks of the past few years" but identified as a risky but potentially profitable investment for the future. Glencore was the subject of an initial public offering (IPO) in May 2011 in a dual listing in London and Hong Kong valued at about $ US60 billion. The 1,637-page document revealed invaluable information about this private company that has remained discreet for thirty-seven years. Ivan Glasenberg 's shareholding

8505-442: The Testing of Chemicals , a continuously updated document that is a de facto standard (i.e., soft law). It published the OECD Environmental Outlook to 2030 in March 2008, which argues that tackling key environmental problems—including climate change , biodiversity loss , water scarcity , and the health impacts of pollution —is both achievable and affordable. In 2020, the inaugural University Press Redux Sustainability Award

8640-404: The Third World colonies. That changed dramatically after 1945 as investors turned to industrialized countries and invested in manufacturing (especially high-tech electronics, chemicals, drugs, and vehicles) as well as trade. Sweden's leading manufacturing concern was SKF , a leading maker of bearings for machinery. In order to expand its international business, it decided in 1966 it needed to use

8775-636: The U.S. applies its corporate taxation "extraterritorially", which has motivated tax inversions to change the home state. By 2019, most OECD nations, with the notable exception of the U.S., had moved to territorial tax in which only revenue inside the border was taxed; however, these nations typically scrutinize foreign income with controlled foreign corporation (CFC) rules to avoid base erosion and profit shifting . In practice, even under an extraterritorial system, taxes may be deferred until remittance, with possible repatriation tax holidays , and subject to foreign tax credits . Countries generally cannot tax

8910-450: The United States sanctions against Iran ; European companies faced with the possibility of losing access to the U.S. market by trading with Iran. International investment agreements also facilitate direct investment between two countries, such as the North American Free Trade Agreement and most favored nation status. Raymond Vernon reported in 1977 that of the largest multinationals focused on manufacturing, 250 were headquartered in

9045-506: The United States scrutinizes foreign investments. In addition, corporations may be prohibited from various business transactions by international sanctions or domestic laws. For example, Chinese domestic corporations or citizens have limitations on their ability to make foreign investments outside China, in part to reduce capital outflow . Countries can impose extraterritorial sanctions on foreign corporations even for doing business with other foreign corporations, which occurred in 2019 with

9180-403: The United States and the United Kingdom. The company was founded in 1974 as Marc Rich & Co. AG by commodity traders Marc Rich and Pincus Green . In 1993, a number of Marc Rich employees, led by Claude Dauphin , left to set up another trading company, Trafigura . In 1994, after failing to take control of the zinc market and losing $ 172 million, Rich was forced to sell his majority share in

9315-558: The United States as the largest consumer and guarantor of the existing oil security order. Since the Iraq War, OPEC has had only a minor influence on oil prices, but it has expanded to 11 members, accounting for about 40 percent of total global oil production, although this is a decline from nearly 50 percent in 1974. Oil has practically become a common commodity, leading to much more volatile prices. Most OPEC members are wealthy, and most remain dependent on oil revenues, which has serious consequences, such as when OPEC members were pressured by

9450-461: The United States from 2010. The USA became the leading oil producer, creating tension with OPEC. In 2014, Saudi Arabia increased production to push new American producers out of the market, leading to lower prices. OPEC then reduced production in 2016 to raise prices, further worsening relations with the United States. By 2012, only 7% of the world's known oil reserves were in countries that allowed private international companies free rein; 65% were in

9585-407: The United States, 115 in Western Europe, 70 in Japan, and 20 in the rest of the world. The multinationals in banking numbered 20 headquartered in the United States, 13 in Europe, nine in Japan and three in Canada. Today multinationals can select from a variety of jurisdictions for various subsidiaries, but the ultimate parent company can select a single legal domicile ; The Economist suggests that

9720-710: The VOC in 1799, and during the 19th century, other governments increasingly took over private companies, most notably in British India. During the process of decolonization , the European colonial charter companies were disbanded, with the final colonial corporation, the Mozambique Company , dissolving in 1972. Mining of gold, silver, copper, and oil was a major activity early on and remains so today. International mining companies became prominent in Britain in

9855-625: The WHO-recommendations by a factor of 70 up to 2013. The emissions now exceed the recommendations by 3% of 70 = 210%. In January 2019, a delegation from the Federal Department of Foreign Affairs under the leadership of Ignazio Cassis made a controversial visit to the Mopani Copper Mines that also produce cobalt ores. The Swiss government had previously issued human rights guidelines for firms operating in

9990-543: The Wayuu off their land in what she described as a "massacre". In 2012, a BBC investigation uncovered sale documents showing the company had paid the associates of paramilitary killers in Colombia. In 2011, a Colombian court was told by former paramilitaries that they stole the land so they could sell it to Glencore's subsidiary Prodeco, to start an open-cast coal mine; the court accepted their evidence and concluded that coal

10125-507: The West to the post-colonial South and invest either in foreign expenditures or ostentatious economic development projects. After 1974, most of the money from OPEC members ceased as payments for goods and services or investments in Western industry. In February 1974, the first Washington Energy Conference was convened. The most significant contribution of this conference was the establishment of

10260-590: The Zambian Government hundreds of millions of dollars in lost revenue. The avoidance was allegedly facilitated through transfer pricing and inflated costs at Glencore's Mopani Copper Mine , which is controlled through the British Virgin Islands , a recognised tax haven. Glencore and its own auditor, Deloitte , rejected these allegations. As of 2013, Glencore's payments to Zambia's government had increased. Due to weak global prices for

10395-428: The alleged conduct of its Colombian Cerrejón mining subsidiary. Local union president Francisco Ramirez accused Cerrejón of forced expropriations and evacuations of entire villages to enable mine expansion, in complicity with Colombian authorities. A representative of the local Wayuu Indians also accused Colombian paramilitary and military units, including those charged with Cerrejón mining security, of forcibly driving

10530-523: The assets Glencore owned, particularly coal and copper producers, and for the commodities in which Glencore traded, the company showed a net operating loss of $ 676 million for the first half of 2015, and the company's stocks fell, as a result. Concerns cited by financial analysts to explain the falling stock price included a weak global commodity market and Glencore's high level of debt $ 30 billion. The company reduced its debt by selling off stock and assets. Along with several other major coal producers, Glencore

10665-469: The behavior of multinational corporations, given that they are effectively "stateless" actors, is one of several urgent global socioeconomic problems that has emerged during the late twentieth century. Potentially, the best concept for analyzing society's governance limitations over modern corporations is the concept of "stateless corporations". Coined at least as early as 1991 in Business Week ,

10800-421: The child miners went with artisanal mining by nearby residents that Glencore was trying to prevent. But Panorama tracked a shipment of copper from the mine to Groupe Bazano plant and from that plant to a Glencore smelter in Zambia . Glencore was also accused of acquiring illicit " conflict minerals " In a detailed letter sent to Global Witness, the company denied any wrongdoing. Glencore acquired stakes in

10935-742: The collapse of the Shah's regime in Iran. Iran became a regional power due to oil money and American weapons. The Shah eventually abdicated and fled the country. This prompted a strike by thousands of Iranian oil workers, significantly reducing oil production in Iran. Saudi Arabia tried to cope with the crisis by increasing production, but oil prices still soared, leading to the "second oil shock." Saudi Arabia significantly reduced oil production, losing most of its revenues. In 1986, Riyadh changed course, and oil production in Saudi Arabia sharply increased, flooding

11070-641: The commodity sector, which is of strategic importance to both countries. The visit was heavily criticised by Amnesty International and Swiss watchdog groups while the federal councilor defended his stance, pointing out the modernisation of production facilities, improved health care and better training for young workers. On 5 November 2017, the Paradise Papers , a set of confidential electronic documents relating to offshore investment , revealed that Glencore loaned $ 45 million to Israeli billionaire Dan Gertler in exchange for his help with officials of

11205-654: The companies. This occurred in 1960. Prior to the 1973 oil crisis , the Seven Sisters controlled around 85 percent of the world's petroleum reserves . In the 1970s, most countries with large reserves nationalized their reserves that had been owned by major oil companies. Since then, industry dominance has shifted to the OPEC cartel and state-owned oil and gas companies, such as Saudi Aramco , Gazprom (Russia), China National Petroleum Corporation , National Iranian Oil Company , PDVSA (Venezuela), Petrobras (Brazil), and Petronas (Malaysia). A unilateral increase in oil prices

11340-547: The company began talks with the Congolese government. In August, CEO Glasberg announced that Glencore was considering legal action. On 22 June 2021, the company reported the Mutanda mine would be reopened towards the end of 2021 and return to production in 2022. Earlier, Glencore officials discussed the re-opening of the mine with Congo's mining ministry in Kinshasa . Cobalt prospects for the company increased significantly since

11475-408: The company to Glencore International, the commodities trading and industrial company. Glencore's name is an abbreviation of " Gl obal En ergy Co mmodity Re sources". The Australian Broadcasting Corporation 's Radio National reported in 2005 that Glencore "has been accused of illegal dealings with rogue states : apartheid South Africa, USSR , Iran , and Iraq under Saddam Hussein ", and has

11610-494: The company was already one of the world's largest integrated producers and marketers of commodities . It was the largest company in Switzerland as well as the world's largest commodities trading company, with a 2010 global market share of 60% in internationally tradable zinc, 50% in internationally tradable copper, 9% in the internationally tradable grain market and 3% in the internationally tradable oil market. Glencore has

11745-510: The conception was theoretically clarified in 1993: that an empirical strategy for defining a stateless corporation is with analytical tools at the intersection between demographic analysis and transportation research. This intersection is known as logistics management , and it describes the importance of rapidly increasing global mobility of resources. In a long history of analysis of multinational corporations, we are some quarter-century into an era of stateless corporations—corporations that meet

11880-435: The cost borne by the member countries, such as sending their officials to OECD meetings and maintaining permanent delegations, is equivalent to the cost of running the secretariat. This ratio is unique among inter-governmental organisations. In other words, the OECD is more a persistent forum or network of officials and experts than an administration. The OECD regularly holds minister-level meetings and forums as platforms for

12015-643: The creation of a "world customer". The idea of a global corporate village entailed the management and reconstitution of parochial attachments to one's nation. It involved not a denial of the naturalness of national attachments, but an internationalization of the way a nation defines itself. "Multinational enterprise" (MNE) is the term used by international economist and similarly defined with the multinational corporation (MNC) as an enterprise that controls and manages production establishments, known as plants located in at least two countries. The multinational enterprise (MNE) will engage in foreign direct investment (FDI) as

12150-558: The debate from a neo-liberal perspective in Storm over the Multinationals (1977). Organisation for Economic Co-operation and Development The Organisation for Economic Co-operation and Development ( OECD ; French : Organisation de coopération et de développement économiques, OCDE ) is an intergovernmental organization with 38 member countries, founded in 1961 to stimulate economic progress and world trade . It

12285-481: The firm makes direct investments in host country plants for equity ownership and managerial control to avoid some transaction costs . Sanjaya Lall in 1974 proposed a spectrum of scholarly analysis of multinational corporations, from the political right to the left. He put the business school how-to-do-it writers at the extreme right, followed by the liberal laissez-faire economists, and the neoliberals (they remain right of center but do allow for occasional mistakes of

12420-562: The first time in Kumiharu Shigehara, “Multilateral Surveillance: What the OECD can offer?” (the 1996 Global Finance Lecture, the University of Birmingham, 1996; OECD publication, Paris, 1996) at a time when Shigehara was OECD Chief Economist and Head of Economics Department (1992–1997); he was subsequently OECD Deputy Secretary-General (1997–1999). It was also discussed in: The history of OECD multilateral surveillance from

12555-429: The given policy area. OECD has a number of specialised bodies: OECD decisions are made through voting, which requires unanimity among all of those voting. Each member country has one vote. However, dissenting members which do not wish to block a decision but merely to signal their disapproval can abstain from voting. 22 of the OECD member countries are also EU member states. As of May 2021 there are 38 members of

12690-453: The global energy transformation, such as nickel , copper and cobalt. Two months later, in December 2020, Glasenberg announced that he will be retiring in 2021 thus stepping out of the CEO position after nearly 20 years. He will be succeeded by South African Gary Nagle , who is currently running the firm's coal business. Glencore said it planned to reach net-zero carbon emissions by 2050 aiming at

12825-416: The hands of state-owned companies that operated in one country and sold oil to multinationals such as BP, Shell, ExxonMobil and Chevron. Down through the 1930s, about 80% of the international investments by multinational corporations were concentrated in the primary sector, especially mining (especially oil) and agriculture (rubber, tobacco, sugar, palm oil , coffee, cocoa, and tropical fruits). Most went to

12960-477: The hands of the Chinese, yeah you won't see EVs being produced in Europe etc." Yet, Glasenberg then said that he was prepared to sell DRC cobalt mines to China if the price was good. Concurrently, a Chinese take-over of some of the mines became a real possibility due to a legal dispute about royalty payments to Gertler and Gécamines. The DRC supplies 60% of the world's cobalt ore, while China produces more than 80% of

13095-423: The inception of a long-term battery supply contract with Tesla Motors in mid-2020. From 2007 to 2018, Glencore paid $ 27.5 million to third parties to bribe government officials in Congo. In December 2022, the company agreed to pay $ 180 million to Congo to settle the case. In 2013 and 2014, a subsidiary of Glencore Xstrata was awarded two offshore drilling licences off the coast of Western Sahara . According to

13230-576: The international oil market. Iran was unable to sell any of its oil. In August 1953, the then-prime minister was overthrown by a pro-American dictatorship led by the Shah, and in October 1954, the Iranian industry was denationalized. Worldwide oil consumption increased rapidly between 1949 and 1970, a period known as the 'golden age of oil'. This increase in consumption was caused not only by the growth of production by multinational oil companies but also by

13365-415: The internationalization of production. For the first time in history, production, marketing, and investment are being organized on a global scale rather than in terms of isolated national economies. International business is also a specialist field of academic research. Economic theories of the multinational corporation include internalization theory and the eclectic paradigm . The latter is also known as

13500-460: The largest recipients. However, 70% of foreign direct investment went into developed countries in the form of stocks and cash flows. The rise in the number of multinational companies could be due to a stable political environment that encourages cooperation, advances in technology that enable management of faraway regions, and favorable organizational development that encourages business expansion into other countries. A multinational corporation (MNC)

13635-474: The laws and regulations of both their domicile and the additional jurisdictions where they are engaged in business. In some cases, the jurisdiction can help to avoid burdensome laws, but regulatory statutes often target the "enterprise" with statutory language around "control". As of 1992 , the United States and most OECD countries have the donot legal authority to tax a domiciled parent corporation on its worldwide revenue, including subsidiaries. As of 2019 ,

13770-494: The market with cheap oil. This caused a worldwide drop in oil prices, hence the "third oil shock" or "counter-shock." However, this shock represented something much bigger—the end of OPEC's dominance and its control over oil prices. Iraqi President Saddam Hussein decided to attack Kuwait. The invasion sparked a crisis in the Middle East, prompting Saudi Arabia to request assistance from the United States. The United States sent

13905-543: The marketplace such as externalities). Moving to the left side of the line are nationalists, who prioritize national interests over corporate profits, then the "dependencia" school in Latin America that focuses on the evils of imperialism, and on the far left the Marxists. The range is so broad that scholarly consensus is hard to discern. Anti-corporate advocates criticize multinational corporations for being without

14040-553: The merger with Glencore, Xstrata CFO Trevor Reid announced that he would no longer work as employee but would become a consultant. After 11 years of involvement, this marked a massive shift in the company's strategy and Xstrata was entering a post-Reid era. In 2022, Glencore acquired Newmont 's 18.75% interest in the MARA project, which increased Glencore's interest to 43.75%. Glencore will pay $ 124.9 million at closing and $ 30 million in installments upon commercial production at an annual interest rate of 6% (not to exceed $ 50 million). MARA

14175-526: The metals and ownership of the mining entities. Glencore paid the royalties in a currency other than dollars to skirt sanctions and discussed the deal with Swiss and U.S. authorities. Glencore also settled a dispute involving the Kamoto copper and cobalt mine , but differences remain about tax and royalty payment. In July 2018, the DRC enforced a new mining code, which forced Glencore to pay higher taxes. In response,

14310-485: The operator of the mine. Glencore is financing the entire development of the Kansuki mine, thereby carrying the costs for the other partner companies, which are associated with Mr. Gertler. Glencore said at the time "During the period when these transactions took place, Glencore had decided in general not to increase its shareholdings in DRC projects." Glencore acquired a 50% share in SAMREF Congo SPRL in 2007,

14445-562: The other (such as between OECD and non-OECD pairings). Additionally, the OECD has published and updated the Transfer Pricing Guidelines since 1995. The Transfer Pricing Guidelines serve as a template for the profit allocation of inter-company transactions to countries. The latest version, of July 2017, incorporates the approved Actions developed under the Base Erosion and Profit Shifting (BEPS) project initiated by

14580-518: The past, even after his indictment in 1983. Rich was indicted in the United States on federal charges of tax evasion and making controversial oil deals with Iran during the Iran hostage crisis . He received a controversial presidential pardon from U.S. President Bill Clinton on 20 January 2001, Clinton's last day in office . In 2024, it was reported that the Chilean tax authorities were initiating

14715-560: The price collapse in 1998–1999. The United States still maintains close relations with Saudi Arabia. In 2003, U.S. forces invaded Iraq with the aim of removing the dictatorship and gaining access to Iraqi oil reserves, giving the United States greater strategic importance from 2000 to 2008. During this period, there was a constant shortage of oil, but its consumption continued to rise, maintaining high prices and leading to concerns about "peak oil". From 2005 to 2012, there were advances in oil and gas extraction, leading to increased production in

14850-423: The primary right to tax to the country from which capital investment originates (i.e., the home, or resident country) rather than the country in which the investment is made (the host, or source country). As a result, it is most effective between two countries with reciprocal investment flows (such as among the OECD member countries), but can be unbalanced when one of the signatory countries is economically weaker than

14985-480: The process of recouping more than $ 1.5 billion in unpaid taxes from Glencore. Multinational corporation Most of the current largest and most influential companies are publicly traded multinational corporations, including Forbes Global 2000 companies. The history of multinational corporations began with the history of colonialism . The first multi-national corporations were founded to set up colonial "factories" or port cities. The two main examples were

15120-611: The realities of the needs of source materials on a worldwide basis and to produce and customize products for individual countries. One of the first multinational business organizations, the East India Company , was established in 1601. After the East India Company came the Dutch East India Company , founded on March 20, 1603, which would become the largest company in the world for nearly 200 years. The main characteristics of multinational companies are: When

15255-441: The site. In October 2020, Glencore CEO Ivan Glasenberg argued that there was no environmental benefit in divesting from coal assets since the spun-off coal mines would likely be taken over by other players without any regard for the Paris climate goals. He instead argued for capping coal mine production, thereby running them down, and using the thus generated cash to increase the production of other raw materials in high demand due to

15390-588: The steelmaking coal business of Teck Resources for $ 9 billion. At the same time, Glencore announced its intention to spin off its coal assets by 2025 into a separate entity that will be listed on the New York Stock Exchange with secondary listings on the Toronto and Johannesburg exchanges. In 2006, Swiss public television ( TSR ) reported that allegations of corruption and severe human rights violations were being raised against Glencore due to

15525-501: The strong influence of the United States on the global oil market. In 1959, companies lowered the price of oil due to a surplus in the market. This reduction dealt a significant blow to the finances of producers. Saudi oil minister Abdullah Tariki and Venezuela’s Juan Perez Alfonso entered into a secret agreement (the Mahdi Pact), promising that if the price of oil was lowered a second time, they would take collective action against

15660-415: The subsidiaries Mutanda Mining ($ 695 million) and Kamoto Copper Co ($ 2.28 billion). Gertler had sued Glencore in a Congolese court after payments stopped when he was sanctioned by the U.S. government in December 2017. The mines produce copper and cobalt , needed for lithium-ion batteries in mobile devices and electric vehicles. Glencore and Gertler were in a legal dispute, threatening the strategic supply of

15795-496: The world market, jobs for locals, and business and profits for companies. Cecil Rhodes (1853–1902) was one of the few businessmen in the era who became Prime Minister (of South Africa 1890–1896). His mining enterprises included the British South Africa Company and De Beers . The latter company practically controlled the global diamond market from its base in southern Africa. In 1945, the United States

15930-573: The world without a concentration in one area have been called stateless or "transnational" (although "transnational corporation" is also used synonymously with "multinational corporation" ), but as of 1992, a corporation must be legally domiciled in a particular country and engage in other countries through foreign direct investment and the creation of foreign subsidiaries. Geographic diversification can be measured across various domains, including ownership and control, workforce, sales, and regulation and taxation. Multinational corporations may be subject to

16065-491: The world's largest diversified commodities trader, the annual income of Glencore fell 25% percent, as its trading division offset the impact of weak commodity prices. Including the impact of an impairment related to a reclassification of its holding in Russian aluminium producer RUSAL , net income fell 75%. On 2 May 2013, it completed the merger with Xstrata. On 20 May 2014, Glencore Xstrata changed its name to Glencore plc. After

16200-485: The world's refined cobalt. In December 2018, Bloomberg reported that the Chinese battery firm GEM withdrew from its purchase contract with the commodities trader due to a price crash and oversupply of cobalt ore and recycled sources. In November 2018, export stopped due to oversupply and uranium contamination at the Kamoto Project; the company planned to fix this with a US$ 25 million ion-exchange refining plant. In

16335-680: The world's top 25 copper producers, with a capacity of 200,000 tonnes per annum for the first 10 years. In June 2018 Glencore purchased a 78% stake in Ale Combustíveis S.A., a Brazilian fuel distribution company. Through Ale Glencore aimed to expand its fuel distribution network by forging agreements with unbranded gas stations. GlencoreXstrata operates a gold mine in Nunavut and nickel mines in Nunavik . In October 2020, Glencore provided $ 10 million in bridge financing to Falco Resources,

16470-503: The worldwide revenue of a foreign subsidiary, and taxation is complicated by transfer pricing arrangements with parent corporations. For small corporations, registering a foreign subsidiary can be expensive and complex, involving fees, signatures, and forms; a professional employer organization (PEO) is sometimes advertised as a cheaper and simpler alternative, but not all jurisdictions have laws accepting these types of arrangements. Disputes between corporations in different nations

16605-603: Was diluted from 18.1% before the IPO percent to 15.8% afterwards. Daniel Mate and Telis Mistakidis , zinc, copper, and lead co-directors were diluted from 6.9% to 6%. Glencore went public to raise gross proceeds of around $ 10 billion. According to Reuters, Glencore is known for its "opportunistic but lucrative acquisition strategy." In May 2011, United Arab Emirates state-owned Aabar Investments confirmed an investment of $ 850 million in Glencore International plc as

16740-438: Was enabled by multinational corporations known as the 'Seven Sisters'. The "Seven Sisters" was a common term for the seven multinational companies that dominated the global petroleum industry from the mid-1940s to the mid-1970s. The nationalization of the Iranian oil industry in 1951 by Iranian Prime Minister Mohammad Mosaddegh and the subsequent boycott of Iranian oil by all companies had dramatic consequences for Iran and

16875-448: Was fully aware that the means to overcoming cultural resistance depended on an "understanding" of the countries in which a corporation operated. He observed that companies with "foresight to capitalize on international opportunities" must recognize that " cultural anthropology will be an important tool for competitive marketing". However, the projected outcome of this was not the assimilation of international firms into national cultures, but

17010-745: Was given to OECD by the Association of Learned and Professional Society Publishers (ALPSP) and Cambridge University Press . The award recognized the development of the SDG Pathfinder, an open-access digital discovery tool for finding content and data relating to the Sustainable Development Goals (SDGs). The OECD's structure consists of three main elements: Delegates from the member countries attend committee and other meetings. Former Deputy Secretary-General Pierre Vinde  [ sv ] estimated in 1997 that

17145-506: Was impossible to remedy any way faster' Glencore said the pollution started long before the company took over the refinery and that it has now ended. A reporter for The Guardian found children as young as ten years underground at the Tilwezembe mine, which the company had said in a 2008 prospectus that it had closed due to falling copper prices. Prices rebounded later. CEO Glasenberg said the company does not profit from child labor , and

17280-457: Was introduced in Q2 2013. The OECD Observer was last issued in the fourth quarter of 2019, with a double edition looking ahead at artificial intelligence, and a cover leading on why statistical offices should hire a comedian. The OECD Observer website closed in the first quarter of 2021; the archive can be consulted at www.oecd.org. The OECD's multilateral surveillance was systematically reviewed for

17415-668: Was investigated by the Netherlands-based NGO, Pax for Peace. They found that "From 1996 to 2006, residents of the Cesar mining region of Colombia, from which European power utilities source most of their coal, have suffered greatly from paramilitary violence ... Prodeco mining companies have supported the paramilitary forces with finance, equipment, and information. The mining companies deny any involvement, but those victims of human rights violations who stand up for their rights, are still being threatened." The coal mined by Prodeco

17550-546: Was labeled as "the largest nonviolent transfer of wealth in human history." The OPEC sought immediate discussions regarding participation in national oil industries. Companies were not inclined to object as the price hike benefited both them and OPEC members. In 1980, the Seven Sisters were entirely displaced and replaced by national oil companies (NOCs). The rise in oil prices burdened developing countries with balance of payments deficits, leading to an energy crisis. OPEC members had to abandon their plan of redistributing wealth from

17685-478: Was launched in 1962. The magazine appeared six times a year until 2010, and became quarterly in 2011 with the introduction of the OECD Yearbook , launched for the 50th anniversary of the organisation. The online and mobile editions contained news, analysis, reviews, commentaries and data on global economic, social and environmental challenges and listings of the latest OECD books. An OECD Observer Crossword

17820-752: Was promoted by the Biden Administration in the United States and the OECD. Secretary-General Mathias Cormann of the OECD said, "This historic package will ensure that large multinational companies pay their fair share of tax everywhere." The OECD Guidelines for Multinational Enterprises are a set of legally non-binding guidelines attached as an annex to the OECD Declaration on International Investment and Multinational Enterprises. They are recommendations providing principles and standards for responsible business conduct for multinational corporations operating in or from countries adhering to

17955-712: Was the largest new shareholder in Glencore. Prior to its merger with Xstrata , Glencore is reported to have served as a marketing partner for the company. As of 2006, Glencore leaders Willy Strothotte  [ de ] and Ivan Glasenberg were on the board of Xstrata, which Strothotte chaired. According to The Sunday Times , by 2006, Glencore controlled 40% of Xstrata stock and appointed Xstrata CEO, Mick Davis . In February 2012, Glencore International Plc, agreed to buy Xstrata Plc for £ 39.1 billion (US$ 62 billion) in shares. Glencore offered 2.8 new shares for each Xstrata share in agreed all-share "merger of equal". It

18090-426: Was the motive for the massacre. Glencore disputed the court's ruling. In 2009, Glencore/Xstrata's "huge coal operation in Colombia, Prodeco, was fined a total of nearly $ 700,000 for several environmental violations [running in earlier years], including waste disposal without a permit and producing coal without an environmental management plan". Glencore/Xstrata's activities in Colombia under their subsidiary, Prodeco,

18225-513: Was the world's largest oil producer. However, their reserves were declining due to high demand. Therefore, the United States turned to foreign oil sources, which had a significant impact on the recovery of the West after World War II. Most of the world's oil was found in Latin America and the Middle East, particularly in the Arab states of the Persian Gulf. This increase in non-American production

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