Posted in: news
9th December 2020
The B Team is delighted to announce that bp has become the latest signatory to its Responsible Tax Principles. bp becomes the 20th company to endorse the Principles, reflecting continued momentum towards responsible tax practice amongst multinational companies.
The Responsible Tax Principles are a robust behavioral framework that aim to raise the bar on corporate tax policy and practice, covering all aspects of responsible tax from governance to transparency. Companies are encouraged to endorse the Principles voluntarily, and in doing so bp has committed to leading by example in its approach to tax.
Alongside its endorsement of the Principles, bp is sending a powerful signal of intent by proactively publishing data from its country by country report for the first time. This step—taken voluntarily—reflects the company’s aim to be recognized as an industry leader in the transparency of its reporting. bp also reports its total tax contribution and other data, along with extensive narrative and explanatory notes, within its new tax report.
As a founding member of the Extractives Industry Transparency Initiative (EITI), bp has disclosed information about its tax payments for many years. Its adoption of the Responsible Tax Principles is another step towards its goal to be transparent about its approach to tax matters and tax payments, and its commitment to embed responsible tax throughout all parts of its business.
"To help achieve our aim of being recognized as an industry leader for the transparency of our reporting, we want to align with emerging best practice in tax transparency and support its continuing development. Endorsing The B Team’s Responsible Tax Principles is an important step in that journey," Jan Lyons, bp's Senior Vice President, Tax, said, "The Principles set out a demonstrably responsible approach to tax and support stable, secure and sustainable communities. All of this aligns closely with our purpose, strategy and support for sustainable development."
To help achieve our aim of being recognized as an industry leader for the transparency of our reporting, we want to align with emerging best practice in tax transparency and support its continuing development."
bp will also join The B Team Responsible Tax Working Group—a forum for learning, best practice sharing and multi-stakeholder dialogue. Through its membership in the Working Group, the company will engage in dialogue and collaborate with civil society organizations, investors, international institutions and others. The company recognizes the imperative of building and maintaining trust amongst all stakeholders and its participation in the Working Group will help to bolster this commitment.
bp commits to continually enhancing its tax reporting, responding to stakeholder interests and fully implementing the Responsible Tax Principles over time—furthering the centrality of responsible tax to the social contract between business and society. Significant steps forward have been taken, but the company’s ambitions do not end here.
The B Team encourages others to follow the leadership example set by bp by endorsing the Responsible Tax Principles. To learn more about The B Team, the Principles and how you can join this movement, see here or contact Ewan Livingston-Docwra at email@example.com.
About The B Team Responsible Tax Principles
Developed by multinational businesses with input from civil society, investors and representatives from international institutions, The B Team Responsible Tax Principles were launched at the Tax & SDG Conference at the United Nations Headquarters in New York in February 2018. The B Team Responsible Tax Principles represent a new blueprint, designed to raise the bar on how businesses approach tax. They are the first consolidated effort from a group of cross-sector, cross-regional companies to articulate best practice in seven key areas of tax, from corporate governance to relationships with authorities to transparency.