Trafigura chief Jeremy Weir set to make 'history' with speech
Rare public speech by chief of giant commodity trader signals a move to greater transparency in an industry known for its lack of disclosure
When Trafigura Beheer chief executive Jeremy Weir takes the stage at a conference in the Swiss city of Lausanne next week, he will do something no CEO of his company has ever done before. He will speak in public.
Since his appointment more than a year ago, Weir, a 51- year-old Australian, has not given an interview or a public speech. His reticence follows in the footsteps of his predecessor, Trafigura co-founder and executive chairman Claude Dauphin, who shunned public appearances, speeches and interviews during his 21 years as CEO of the world's second-largest metals trader.
That's about to change as Weir's speaking debut comes amid an ambitious effort by Trafigura to increase transparency, improve its public image and move beyond its controversial past.
"The entire commodities industry will be paying close attention," said Matthew Parish, managing partner of Geneva-based Gentium Law Group, whose clients include trading firms.
Trafigura, the world's third-biggest independent oil trader, has begun publishing detailed annual financial reports and enlisted academics to write research papers, including one arguing that commodity traders do not pose systemic risks to the global financial order.
The company, owned by a group of more than 600 employees, broke ranks with its peers in December by agreeing to join the Extractive Industries Transparency Initiative (EITI) and disclose some of the payments it makes to governments as part of its business buying and selling oil.