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Norway's giant wealth fund demands company tax transparency

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Staff Writer | April 7, 2017
Norway's $915 billion sovereign wealth fund, the world's biggest, called for companies around the world to be more transparent about their tax payments.
Norges Bank
Investment   Norges Bank Investment Management
Norwegian lawmakers last year ordered the fund, which invests the proceeds of Norway's vast offshore oil and gas production, to be more involved in global efforts to combat tax havens.

Norges Bank Investment Management (NBIM), which runs the fund, said that taxes should be paid where economic value is generated, that a company's board is responsible for its tax arrangements and that public country-by-country tax reporting is a core element of transparency.

With stakes in about 9,000 companies globally, owning on average 1.3 percent of all listed equities, the Norwegian fund is among the world's most influential investors which from time to time it publishes "expectations documents" in a bid to influence corporate behaviour.