FRC: Investigation regarding the audit of Glencore plc and its subsidiary Glencore Energy UK Limited by Deloitte LLP

This Press Notice concerns the opening of an investigation into one or more Statutory Auditor(s) and/or Statutory Audit Firm(s)1. The investigation does not relate to any persons or entities other than the relevant Statutory Auditor(s) and/or Statutory Audit Firm(s) and it would not be fair to treat any part of this announcement as constituting or evidencing an investigation into any other persons or entities.  Nor does the opening of an investigation indicate that the FRC has made, or will make, any findings of breach of Relevant Requirements.  

The Financial Reporting Council (FRC) has commenced an investigation in relation to the statutory audits conducted by Deloitte LLP of the financial statements of Glencore plc and Glencore Energy UK Limited for the financial years ended 31 December 2013 to 31 December 2020. 

This decision was made at a meeting of the FRC's Conduct Committee on 18 March 2025. 

Glencore plc and Glencore Energy UK Limited have been subject to investigations by government agencies into misconduct. The FRC's investigation will include whether Deloitte LLP gave sufficient consideration to the risk of non-compliance with laws and regulations.   

The investigation will be conducted by the FRC's Enforcement Division under the Audit Enforcement Procedure.