At the Company’s AGM held on 26 May 2023:

1. 30.25% of votes were cast against Resolution 13, to approve the Company’s 2022 Climate Report, and
2. 29.2% of votes were cast in favour of Resolution 19, shareholder resolution in respect of the next Climate Action Transition Plan.

In accordance with Provision 4 of the UK Corporate Governance Code (Code), as more than 20% of votes were cast against the Board’s recommendation for these resolutions, Glencore has consulted with shareholders and is providing an update on the views received and actions to be taken.

Glencore engaged with shareholders prior to the AGM and has continued this dialogue through extensive engagement with investors after the vote on a range of climate-related matters. This year Glencore also undertook a review of its Climate Action Transition Plan, in accordance with the commitment made at the 2021 AGM. We sought investors’ views on anticipated changes in the updated plan during the consultation period.

Glencore is grateful to all those who have taken the time to engage on these important matters. This process, including the specific consultation in accordance with Provision 4 of the Code, has given us valuable insights into the evolution of shareholders’ views and voting approach on our progress and updated transition plan, representing a wide cross-section of shareholders who voted in different ways on these climate-related resolutions.

We have reflected carefully on the feedback received and will continue to engage with shareholders and other stakeholders, as well as monitor external developments. Insights from this engagement have been and will continue to be factored into our internal deliberations.

Climate strategy continues to be an important area of focus for our shareholders. There continues to be broad support for our climate strategy, which seeks to maintain resilience to the risks and opportunities of the evolving energy transition, while maintaining focus on progressing towards our ambition of achieving a net zero total industrial emissions footprint by 2050, assuming a supportive policy environment. The principal areas of interest for our shareholders include:

• Comparison of our targets and ambition to all relevant IEA scenarios, including Net Zero scenarios,
• Understanding progress on industrial emissions reduction between our short-term target of 2026 and medium-term target of 2035, and
• Integration of the recently announced acquisition of 77% of Teck’s Elk Valley Resources (EVR) steel making coal assets into the climate strategy.

In response to the constructive recommendations we received, we will, among other actions:

• Maintain our commitment to reducing our total industrial emissions footprint and report on progress against our targets and ambition,
• Update our assessment of the resilience of our portfolio and expand our analysis of our targets and ambition against a range of climate policy scenarios,
• Address the climate-related aspects of the proposed acquisition of EVR.

We intend to publish our updated Climate Action Transition Plan in March 2024, as well as to report on our progress against our industrial emission reduction targets and ambition in our 2023 Annual Report to be published in March 2024.