‘We believe tax should be paid where real economic value is created’
Triodos Bank’s UK headquarters in Bristol(Image: Tom Bright)
Bristol-based ethical bank Triodos has been recognised for its responsible tax practices by the Fair Tax Foundation. The South West lender said it was “incredibly proud” to receive the ‘Fair Tax Mark’ – a globally recognised standard.
To receive the mark, companies are required to pay the right amount of corporate income tax in the right place at the right time, according to the letter and spirit of the law.
Firms must also shun corporate tax avoidance, such as the artificial use of tax havens, and need to be transparent about profits and taxes paid.
According to Triodos, it is the first international bank to secure the certification. It joins companies such as as cosmetics retailer Lush, Network Rail and Co-op to receive the mark.
Kees van Kalveen, chief financial officer of Triodos Bank, said: “We are incredibly proud to achieve the Fair Tax Mark certification.
“It reflects our long-standing commitment to responsible tax conduct and transparency. We believe tax should be paid where real economic value is created, and that businesses must contribute fairly to the societies they operate in.”
Triodos Bank is headquartered in the Netherlands, with operations in Bristol in the UK, as well as Spain, Belgium and Germany. The Fair Tax Mark accreditation covers Triodos Bank and its subsidiaries, including Triodos Investment Management and Triodos Bank UK.
Paul Monaghan, chief executive of Fair Tax Foundation, said his organisation was “immensely impressed” with Triodos’s commitment to responsible tax conduct, “not just through their operations, but also through their investment and lending decision-making”.
“In all areas, they are committed to complying with both the spirit and the letter of the law,” he said.“They are exemplars of ‘total transparency’, and that includes providing a breakdown of income, profits and taxes paid on a country-by-country basis. Their commitment to ‘make money work for positive change’ resonates strongly with the principles of the fair tax business movement.”
The announcement comes a year after Triodos appointed a former HSBC boss as its new chief executive. Mark Clayton had a 23-year career at the High Street lender, where he held various senior roles and led large teams within the retail banking division.
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