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Investors urge G20 to reform global tax system

A group of institutional investors is calling for more transparency and disclosure within the international taxation system ahead of the G20 summit in Brisbane.

The group consists of the UK Local Authority Pension Fund Forum (LAPFF), Quebec-based fund Batirente, Royal London Asset Management (RLAM), Paris-based OFI Asset Management and Triodos Investment Management from the Netherlands.

The international group said it will issue a statement to the leaders of the G20 summit, urging for a “general improvement” in standards around international taxation issues.

“It is our view that financial secrecy and aggressive tax practices do not best meet our underlying objectives as inter-generational investors aiming for sustainable value creation,” a statement from the group said.

“We urge G20 Leaders to ensure transparency and disclosure are directly embedded as core principles in relevant tax treaties and national agreements and to work towards a comprehensive multilateral agreement at G20 2015,” the statement said.

“In addition, we call on transnational corporations to recognise that many existing financial practices around secrecy and taxation are not sustainable and no longer meet institutional investor governance expectations,” the group said.

LAPFF chair Councillor Kieran Quinn said modernising the international tax framework “cannot be separated” from global financial integrity, rebuilding trust and strengthening resilience in international financial structures and investment markets.

“As international investors, ensuring sound governance practices are embedded in corporate activities – including taxation planning and associated reporting and disclosure mechanisms – is a fundamental concern,” Mr Quinn said.




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