23 Nov 2018 - 14:27 CET

NN Group maintains strong position in tax transparency benchmark

In the 2018 Tax Transparency Benchmark NN Group rose to a shared number 5 position (versus 6th position last year).

The study is commissioned by the Dutch Association of Investors for Sustainable Development (VBDO) and ranks 76 Dutch listed companies on their level of transparency regarding their tax strategy and implementation.

The methodology of this benchmark is based on six guiding principles for good tax governance designed by VBDO and Oikos. To test all criteria of the Tax Transparency Benchmark, the companies’ annual reports were reviewed, together with other publicly available documents.

NN Group ranked high on the benchmark’s principles on ‘Defining and communicating a clear strategy’, and on ‘Respect the spirit of the law.’

‘Our ranking can be attributed to various steps taken over the past years. For example in 2018, we developed and published a Group Tax Charter, which aims to provide clarity on the strategy, organisation, roles and responsibilities of the NN Group Tax department. It also explains the broader framework and tools for managing tax within NN Group and ensuring compliance with our company’s tax strategy and principle’, says Peter Paul Boon, Head of Group Tax NN Group.

The report offers recommendations, which NN will take into consideration to further improve the tax strategy and implementation.