NN Group is once more the top-scoring company in the sixth annual Tax Transparency Benchmark published by the Dutch association of investors for Sustainable Development (VBDO). The benchmark ranks 77 Dutch listed companies on the level of transparency they provide on tax and the quality of tax governance they demonstrate.
With a record score of 32 points from a maximum of 35 points, NN Group ranks at the top of the benchmark. After consultation by an expert jury, NN was chosen again as the winner. The jury praised NN for further improvements in the disclosures of direct and other taxes on a country-by-country basis, and for gaining third-party tax assurance on its 2019 Total Tax Contribution Report.
According to VBDO the results of this year’s benchmark show that Dutch stock-listed companies are more fiscally transparent than before. Since the introduction of the VBDO Tax Transparency Benchmark in 2015, the average transparency rating based on the total points obtained by companies on their six principles of good tax governance has increased from 25% in 2015 to 46% in 2020. VBDO sees room for improvement, for example businesses can provide more information about the subsidies and tax exemptions they use to lower their effective tax burden.
Delfin Rueda, Chief Financial Officer of NN Group: ‘At NN, we are committed to being a responsible taxpayer and very happy to again rank as the top-scoring company in the Tax Transparency Benchmark. This external recognition reflects the improvements introduced to our Total Tax Contribution Report in 2019, where we provided detailed tax information for each country and had our external auditor review the report and provide assurance on its content. We value our benchmark results and take them as an incentive to continue implementing improvements.’