NN Group leads the Tax Transparency Benchmark for the third consecutive year
With a score of 32 from a maximum of 35 points, NN Group is once again the leading company in the seventh annual Tax Transparency Benchmark, published by the Dutch association of investors for Sustainable Development (VBDO).
Peter Paul Boon, Global Head of Tax, proudly receives the award on behalf of NN Group.
With a score of 32 from a maximum of 35 points, NN Group is once again the leading company in the seventh 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.
After consultation by an expert jury, NN Group was chosen as the winner. According to the jury, NN Group has a clear and very extensive tax strategy and demonstrated that it proactively seeks to act in a responsible and transparent way regarding its taxation. Despite the more stringent assessment this year, NN Group scored the same number of points as in 2020. The jury praises NN Group for the fact that its tax charter includes a tax control framework, containing a detailed description of how the implementation and execution of the tax strategy is monitored. In addition, NN Group provides an extensive tax risks analysis and describes control factors per risk.
Delfin Rueda, Chief Financial Officer of NN Group: ‘We are honored with our continued leading position in the Tax Transparency Benchmark. Again, NN Group is recognised for its efforts on being transparent on its tax position, as part of our sustainability reporting. Where in 2019 we were the first company to publish a Total Tax Contribution report, in the two following years many other companies in the Netherlands have also taken the initiative and made a lot of progress on their tax transparency reporting. Not having a tax report becomes the exception.’
Besides the detailed tax information per country, the Total Tax Contribution report also focuses on current topics and the tax impact thereof for NN Group, like the COVID-19 situation and recent tax developments. With the publication of its Total Tax Contribution Report, NN Group is already prepared for the requirements of the Public Country by Country Reporting Directive which will enter into force as of 2024. This European Directive requires greater corporate transparency for big multinationals by publicly disclosing on where they make their profits and where they pay their tax.