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We expect companies to have clear guidelines and take effective action to combat corruption. They should also adopt appropriate and prudent tax policies and be transparent about where they generate economic value.

We expect companies to

  • have anti-corruption policies
  • integrate anti-corruption measures into corporate strategy, risk management and investment plans
  • have prudent and transparent tax policies
  • have clear responsibilities for the company's tax practices
  • guide, oversee and review the work of company management
  • report on the above


Corruption at companies and their business partners, or in entire markets, undermines economic efficiency, disadvantages compliant companies, and is detrimental to shareholder value. As a globally diversified investor, the fund is exposed to the risk of corruption both in entire markets and at the individual companies in which it is invested. We expect companies to identify and manage corruption risk and to report publicly on their anti-corruption efforts. 

Tax and transparency

Corporate taxes play an important role in several countries. Companies benefit from society’s legal and financial infrastructure. By paying taxes, they help finance this infrastructure. We expect companies to have tax policies that are appropriate, prudent and transparent.

Our expectations on tax and transparency rest on three main principles:

  1. Taxes should be paid where economic value is generated.
  2. Company tax arrangements are a board responsibility.
  3. Public country-by-country reporting is a core element of transparent corporate tax disclosure.

Last saved: 31/05/2023

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