Glencore to Cut Down on Tax-Haven Subsidiaries as Scrutiny Grows

Glencore plans to reduce the number of subsidiaries based in so-called tax havens as the commodities giant seeks to improve transparency.

Glencore has come under criticism in recent years for its use of companies located in low-tax jurisdictions, with public officials and pressure groups accusing the company of transferring profits out of countries it operates in without paying appropriate levies to national governments.

In a report on July 1, Glencore denied employing such tactics, but said it’s reviewing all entities located in tax-haven jurisdictions. It’s planning to consolidate or eliminate as many as possible, or register for tax residence in ...