Norges Bank divests from companies over tax issues
The Norwegian sovereign wealth fund has withdrawn investments from seven companies over tax planning and transparency in the past year.
Image: Alexander Erdbeer/Shutterstock
Norges Bank, one of the world's biggest investment managers, has revealed that is has divested from seven companies over tax issues in the past year.
News service Reuters quotes chief executive Nicolai Tangen saying the Norwegian sovereign wealth fund—with assets under management of $1.3trn—had withdrawn investments from seven companies over tax planning and transparency. Tangen says that “aggressive tax planning and cases where companies do not give information of where and how they pay tax” lay behind the decisions.
The move is the first time Norges Bank has withdrawn support for a company based upon its approach to tax, and m
For thoughtful journalism, expert insights on corporate governance and an extensive library of reports, guides and tools to help boards and directors navigate the complexities of their roles, subscribe to Board Agenda
Related Stories
-
Pushback on buybacks as global brands postpone plans
Both WPP and Adidas have delayed plans to employ the controversial capital management tool, but some experts argue they remain a legitimate option.
-
Leaders confident of Covid comeback but doubt their abilities in digital
C-suite members feel "very positive" about their pandemic response, but are less sure when it comes to digital strategy, ESG and diversity.
-
Institutional investors ‘should confront failing chairs’ to fight private equity deals
Chief investment officer at Aviva Investors calls on institutional shareholders to hold leadership teams to account, and for boards to "defend themselves" against private equity acquisitions.
