Glencore CEO Gary Nagle took aim at European investors this week for being too focused on environmental, social, and governance, or ESG factors, which he said were taking precedence above financial returns.
Speaking at a mining event in London on Thursday night, Nagle sought to defend Glencore’s proposal to create a spinoff of its coal business in New York rather than in the British capital, a move it ultimately opted against.During that event, he defended U.S. investors as “more pragmatic" than their European counterparts, noting that his conversations in deciding whether to create the New York spinoff highlighted the vast differences between U.S.
“In Europe, investors seem a little bit more focused on ESG, and it seems to be the ESG desk that makes more decisions — and returns are sometimes put second or third in the list,” Nagle said at the Melbourne Mining Club event in London.
“American investors, in my view, seem to take a more pragmatic approach towards [ESG], where they want the yield,” Nagle said, compared to European institutions that he said seem to be run by the “ESG desk.”Glencore is not actively considering the move to New York, Nagle said, but he did not rule out moving the company’s listing to New York in the future.
“If we’re in a situation where we feel we are not getting the recognition, not getting the valuation, and not getting the pool of capital for us in London, then it is something we would potentially consider. But it’s certainly not something we would consider now,” he said.
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