FORTUM CORPORATION ONLINE NEWS 18.12.2024
Fortum has been accredited with the international Fair Tax Mark, becoming the first Finnish company to secure accreditation to the global gold standard of responsible tax conduct. The independent, third-party accreditation confirms Fortum’s long term commitment to responsible tax management, financial transparency, and following the spirit and letter of the law.
"We are delighted to receive the Fair Tax Mark using the new Global Multinational Business Standard. At Fortum, we have a long tradition of voluntary public tax reporting. Next to ensuring that regulations are followed in all parts of our operations and that the correct amount of tax is paid at the right time in the countries where we operate, we also strive to provide additional clarifying information to our stakeholders to foster transparency. This recognition is important and motivates us further on our path of continuous improvement," comments Reijo Salo, Vice President Tax, Fortum.
Fortum operates in the energy sector, characterized by long-term capital-intensive investments. The company aims to manage its taxes responsibly to ensure that its businesses can continue to invest, operate flexibly and efficiently, and safeguard returns to the shareholders and contributions to societies where Fortum has operations or creates value. For more than ten years, Fortum has been providing its stakeholders with a 'Tax Footprint' report, which contains lots of detailed information on the Group's taxes, with country-specific tax narratives and explanations.
“Fortum’s tax transparency is exceptional and some of the best we have ever seen across the globe. The way that they provide hard data on the income, profit and tax paid in each county across the world is a role model for others. As is the manner in which they clearly tackle and explain complex issues that have a substantive impact on tax paid, and where. Fortum are living up to their aim to be forerunners in responsible tax management and deserve to be commended for their bold, global leadership. Fortum makes a great first Finnish multinational to achieve the Fair Tax Mark,” said Paul Monaghan, Chief Executive, Fair Tax Foundation
The Fair Tax Mark accreditation scheme is the global gold standard of responsible tax conduct. It seeks to encourage and recognise organisations that pay the right amount of corporation tax at the right time and in the right place. Tax contributions are a vital part of the broader social and economic contribution made by businesses, helping the communities in which they operate to deliver valuable public services and build infrastructure that paves the way for growth. Accredited businesses include listed PLCs, co-operatives, social enterprises, and large private businesses.
Fortum will publish its next Tax Footprint report during the week 7 in 2024.
Fortum News Desk: +358 40 198 2843, newsdesk [at] fortum [dot] com (newsdesk[at]fortum[dot]com)