The B Team is pleased to announce that Fortum Oyj—the Finnish-headquartered multinational energy company—has joined the growing group of companies endorsing The B Team Responsible Tax Principles.
In adopting the Principles, Fortum has committed to helping build fairer, more sustainable tax systems at a time of considerable movement in the global tax policy landscape. The company’s endorsement also marks its dedication to setting an example of responsible corporate leadership on tax through its own practices. With Fortum on board, 16 leading multinationals have now endorsed The B Team Responsible Tax Principles.
“Adopting the Responsible Tax Principles has allowed us a constructive, collaborative space to further this work both internally and externally,” said Markus Rauramo, Fortum’s Chief Financial Officer, “The B Team provides a base from which we can cooperate with other companies as well as investors and civil society organizations to advance more responsible practice and to promote fairer, more sustainable tax systems. This work is central not only to corporate responsibility, but to Fortum’s wider vision for a cleaner world.”
Fortum has long recognized the importance of transparency in explaining its tax position to all stakeholders in accessible ways. Fortum began publicly reporting on its total tax contribution in 2012 and its approach has developed significantly since then, with the company now reporting publicly on its own board-approved tax principles, tax disputes and effective tax rate.
Fortum also reports on total tax contribution in its main operative countries—including countries in which it has holding and finance companies—providing its stakeholders with important insight into its tax practices at a time of growing scrutiny of corporate tax around the world.
In endorsing The B Team Responsible Tax Principles the company has committed to continually enhancing its tax reporting and to embedding the Principles in full over time.
The B Team encourages others to follow the leadership example set by Fortum 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, Cause Strategist, Governance, 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.