Royal London, the UK’s largest customer-owned life, pensions and investment company, has achieved the Fair Tax Mark, joining 275 businesses worldwide recognised for paying the right amount of tax, in the right place, at the right time.
Awarded by the not-for-profit Fair Tax Foundation, the Fair Tax Mark is widely recognised as the gold standard for responsible tax conduct. To achieve certification, businesses must demonstrate that they follow both the spirit and the letter of the law, avoid artificial arrangements designed to reduce tax liabilities, and are transparent about the profits they make and the taxes they pay.
Royal London was assessed against the Fair Tax Foundation’s Global Multinational Business Standard, one of four standards tailored to organisations of different sizes. The Fair Tax Mark provides independent validation of Royal London’s responsible and transparent approach to tax.
“We are owned by our customers,” said group tax director Anne Murphy, “and acting responsibly and in their long-term interests is at the heart of how we do business. Paying tax helps us contribute fairly to the communities in which our customers live and work.
“Achieving the Fair Tax Mark provides independent recognition of our transparent approach and our commitment to earning and maintaining trust.”
Paul Monaghan, CEO, Fair Tax Foundation, added: “We are delighted to present the UK’s largest mutual life, pensions and investment company with their first Fair Tax Mark certification.
“With this, Royal London become the largest financial institution anywhere in the world to secure the Fair Tax Mark. Their commitment to pay the right amount of tax, in the right place, at the right time, is a central component of cutting-edge responsible tax conduct.
“As is their aim to strive to apply the spirit as well as the letter of tax law to their operational compliance and product design.”
