Triodos Bank’s Cox: ‘Joining a community of like-minded businesses helps set a new standard’
Fair Tax Leaders features senior professionals from across the Fair Tax Mark business community.
In this special edition for Fair Tax Week, Triodos Bank Head of Tax Gillian Cox shares her journey to a career in tax, how she created a standalone tax team and why the Fair Tax Mark aligns with the bank’s values.
Triodos Bank were the first international bank to secure the Fair Tax Mark. They are headquartered in the Netherlands, with substantial operations in the UK, Spain, Belgium and Germany.
Tell us about your professional journey. What first drew you to work in this field and how did you come to work in your current role?
I first became interested in tax while studying for an Accounting & Finance degree. I enjoyed the technical aspects of it and briefly considered going straight into tax after finishing my degree, but my ambition had been to pursue a career in accounting and I felt nervous about changing direction at that stage.
After seven years in manufacturing and a couple in life assurance, I realised I needed to work for an organisation that was aligned with my values. This led me to Triodos Bank and I’ve been here for almost 17 years now. In that time, I have led the Finance & Reporting and Regulatory Reporting teams and for the past four years the Tax team.
What I enjoy the most about tax is the variety of work – the tax landscape is always changing!
How has the role of the tax or finance team changed in this time, especially in relation to stakeholder expectations around fair tax and corporate transparency?
Throughout my career, I have seen tax and finance teams experience increased complexity in tax legislation and a huge shift in expectations regarding tax governance, transparency and corporate responsibility, plus greater accountability is expected at senior leadership and board level.
At Triodos Bank UK, tax activities were historically incorporated into existing teams. In 2022 I recognised the need to create a standalone tax team within the CFO office, shifting the focus from general tax compliance to being a strategic partner to the business. What this means now is that as well as looking after tax compliance, my team support strategic initiatives, translate complex tax rules into compliant operational processes, embed good governance and responsible tax practices across the UK business and provide regular updates to the senior leadership team and UK board.
My team also supports the lending and customer due diligence teams with customer tax risk assessments, this ensures the Bank does not support companies that are involved in aggressive tax avoidance practices.
What drives your business to pursue responsible tax conduct and gain the Fair Tax Mark?
The Bank’s Group-wide mission is to make money work for positive change – helping to create a society that protects and promotes quality of life and has human dignity at its core. This mission applies to every aspect of the Bank’s operations – who we lend to, our choice in suppliers – the mission is the driver for decision making, and there is a sustainable and ethical lens built into the organisation.
The Bank’s approach to tax is no different – it must be conducted in a way that supports the mission and it does this by committing to transparent, fair and responsible tax practices, which are reflected in the Bank’s Group-wide position on tax.
The Bank is committed to complying with all laws and regulations (including the spirit of the law), paying a fair share of tax in the countries where economic activities occur, being transparent in its activities and acting with integrity towards its stakeholders.
These principles are also applied to our lending and investment decision-making, ensuring responsible tax practices are considered when deciding how to use our customers’ money.
Transparent tax reporting is also important to the Bank, with the Group’s Annual Report disclosing country-by-country reporting data.
What would your advice be to other professionals who are thinking of applying for the Fair Tax Mark?
I would encourage others to go for it! Triodos Bank N.V (headquartered in the Netherlands) and the wider Group are incredibly proud to be the first international bank to achieve the award – by joining a community of like-minded businesses, you help to set a new standard, normalising responsible tax practices and driving positive change.
The application process also provides valuable insights into your company’s maturity and highlights where improvements can be made.
What are your thoughts on the future of fair tax and corporate transparency?
The focus on corporate responsibility, transparency and paying a fair share of tax will continue to increase, driven by rising stakeholder expectations and expanding legislation. Country-by-country reporting and changes coming in under the Economic Crime and Corporate Transparency Act 2023 are recent examples of this.
I understand how challenging it can be for tax teams to stay on top of these demands, but it’s important for businesses to recognise the need for more responsible tax practices and greater transparency. By doing so, they contribute to society, drive positive change and build trust and credibility with stakeholders.
What one sentence would your team use to describe you?
Detail-oriented, approachable and an active listener who values diverse strengths within the team.
