Triodos Bank has become the first international bank to secure the Fair Tax Mark label, a globally recognised standard of responsible tax conduct.
Triodos, a sustainable bank headquartered in the Netherlands, with operations in the UK, Spain, Belgium, Germany, has a number of links to the co-op movement.
It was awarded the mark by the Fair Tax Foundation. It covers Triodos Bank and its subsidiaries, including Triodos Investment Management and Triodos Bank UK.
The Fair Tax Mark, the world’s first accreditation for responsible tax conduct, seeks to encourage and recognise businesses that pay the right amount of corporate income tax at the right time and in the right place.
It certifies that a business:
- seeks to follow the spirit, as well as the letter of the law
- shuns corporate tax avoidance such as the artificial use of tax havens
- is transparent about profits made and taxes paid.
Paul Monaghan, CEO of the Fair Tax Foundation, described Triodos as “exemplars of ‘total transparency’”, providing a breakdown of income, profits and taxes paid on a country-by-country basis.
“We are absolutely thrilled that Triodos Bank has secured Fair Tax Mark certification,” he said. “Make no mistake, the Fair Tax Mark is a high-bar standard, but even we were immensely impressed with how their commitment to responsible tax conduct runs not just through their operations, but also through their investment and lending decision-making.”
Triodos was established in 1980 with the mission of making money work for positive social change, and last year was named as Ethical Consumer’s ‘Best Buy’ for banking.
“We are incredibly proud to achieve the Fair Tax Mark certification,” said its chief financial officer Kees van Kalveen. “It reflects our long-standing commitment to responsible tax conduct and transparency. We believe tax should be paid where real economic value is created, and that businesses must contribute fairly to the societies they operate in.”
In securing the Fair Tax Mark, Triodos joins 275 businesses, which together employ more than 475,000 people and contribute £4.2bn annually in corporate income tax worldwide.
The list includes a number of co-ops and mutuals, including co-operative retail societies, the Co-op Party and Co-operatives UK.
