The B Team is pleased to announce Ingka Group as a new signatory to the Responsible Tax Principles.
Ingka Group is an IKEA franchisee, running 465 IKEA stores, shops and planning studios in 32 countries, as well as 47 shopping centres in 16 countries. Its endorsement of the Principles signals the company’s recognition that tax is a central part of its contribution to the societies in which it operates.
“It's clear that the taxes we pay are an essential part of our wider economic impact and contribution to society,” said Ingka Group’s Deputy CEO and Chief Financial Officer Juvencio Maeztu. “Grounded in our values, we are strongly committed to managing our operations in a responsible and transparent way.”
Ingka’s endorsement commits the company to full implementation of the Responsible Tax Principles over time and working alongside other signatory companies—as well as stakeholders including civil society groups and international institutions—to advance best practice tax reporting.
Last week the company has published their global approach to tax, setting out the principles that underpin its approach, and has committed to publishing full country-by-country tax information for its 2022 fiscal year and onwards. Ingka’s commitment to comprehensive tax transparency signals its recognition that stakeholders have a legitimate interest in understanding the company’s tax payments around the world, as well as its commitment to corporate accountability.
"We at Ingka Group are purpose-led, driven by the IKEA vision to create a better everyday life for the many people,” said Juvencio Maeztu. “We work towards that vision by taking a long-term view and creating value in four dimensions: creating better homes for customers, better lives for co-workers and communities, a better planet for all and a better company for generations to come”.
Ingka Group is fully owned by the Stichting Ingka Foundation, which has the charitable purpose to create a better everyday life for the many people in need, achieving this by providing funding to the philanthropic and grantmaking IKEA Foundation.
The B Team encourages others to follow the leadership example set by Ingka. To learn more about The B Team and how you can join the Responsible Tax Principles movement, please 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 UN Headquarters in New York in February 2018. The B Team Responsible Tax Principles represent a 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 practices in seven key areas of tax, from corporate governance to relationships with authorities to transparency.