Expectation document on tax and transparency
7 April 2017
The document sets out our expectations towards companies on tax and transparency. The expectations are based on international principles.
The purpose of these expectations is to express how Norges Bank Investment Management, as a financial investor, expects multinational enterprises to exhibit appropriate, prudent and transparent tax behaviour.
Our expectations on tax and transparency rest on three main principles. The first is that taxes should be paid where economic value is generated. The second is that company tax arrangements are a board responsibility. The third is that public country-by-country reporting is a core element of transparent corporate tax disclosure.
Our expectations are primarily directed at company boards and serve as a starting point for our interaction with multinational enterprises on the topic of tax and transparency. In line with the G20/OECD Principles of Corporate Governance, we expect company boards to take into account the interests of all relevant stakeholders.