SBM Offshore, a Dutch-based offshore energy services company, is the latest company to endorse The B Team Responsible Tax Principles.
SBM Offshore is a market leader in leased floating production systems, with multiple units currently in operation and a presence in many regions and countries worldwide.
SBM Offshore joins 23 other multinational companies and a growing community of investors in publicly supporting the Principles, reflecting the momentum toward responsible tax practice amongst business leaders.
The Responsible Tax Principles are a behavioral framework that companies are encouraged to endorse voluntarily. In doing so, SBM Offshore sends a clear signal that it is committed to strengthening its responsible approach to tax, on issues ranging from tax governance and compliance to tax incentives and transparency.
Accompanying this endorsement is SBM Offshore’s publication of significantly enhanced tax disclosures. The company has published its Approach to Tax, a set of company-specific principles and insights into its tax risk framework. It has also published country-level data on taxes paid in major operational jurisdictions, including key markets in lower-income countries.
“Stakeholders increasingly expect accountability around our approach to tax and transparency around taxes paid. Our endorsement of the Responsible Tax Principles is the natural continuation of our journey to respond to these expectations and underscores our core belief in fair taxation,” said Douglas Wood, SBM Offshore’s chief financial officer.
Company representatives will join The B Team’s Responsible Tax Working Group.
The B Team encourages other business leaders to follow the example set by SBM Offshore and endorse the Responsible Tax Principles. To learn more about The B Team, the Principles and how you can join the 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 United Nations Headquarters in New York in February 2018. The B Team Responsible Tax Principles are a blueprint for raising 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 transparency to relationships with authorities.