Washington, March 6 (BNA): Twenty-four investors in the tech giant Amazon have called for increased transparency in tax disclosures and the adoption of a new reporting standard, the Financial Times reported on Sunday.
Investors are trying to get a shareholder resolution calling for a new tax reporting standard at the company’s annual meeting this year, the Financial Times said, citing a letter that will be sent to the US Securities and Exchange Commission this week.
“Aggressive tax practices can expose the company and its investors to greater scrutiny by tax authorities, adjust risk, and increase their exposure to changes in tax rules as states look to protect their tax rules from harmful practices,” the investors said in the letter they have seen. FT.
Investors, including asset managers Nordea, Royal London and several large European and US pension funds, will ask Amazon to release a transparency report in accordance with the Global Reporting Initiative (GRI) tax standard, according to the newspaper.
Amazon did not immediately respond to a request for comment.
The letter was signed by more than 100 groups, including the New York City Comptroller’s Office and the UK’s largest private pension fund, the University Pension Scheme, according to a Financial Times report.
In December, the Greater Manchester Pension Fund and Oblate International Pastoral Investment Trust also submitted a shareholder proposal urging Amazon to implement the new GRI tax standard, including public reporting by country on financial, tax and operating information.
FA