Coventry Building Society has today secured its first Fair Tax Mark accreditation, and joins the growing movement of responsible businesses who are proud to ‘say what they pay with pride’.
The second largest building society in the UK, it was founded in 1884 and currently holds £53bn in assets. By securing the Fair Tax Mark, Coventry Building Society can now demonstrate leading edge responsible tax conduct to its 2 million members and 2,800 colleagues.
The Fair Tax Mark is an independent certification, which recognises organisations that demonstrate they are paying the right amount of corporation tax in the right place, at the right time. Businesses carrying the Fair Tax Mark include brands such as Timpson, Lush, and Richer Sounds, FTSE listed companies including SSE and Marshalls Plc., as well as co-operatives, family businesses and social enterprises.
As part of the accreditation process, Coventry Building Society highlighted their commitment to operating within both the letter and spirit of the tax laws that apply to its operations, shunning aggressive tax avoidance. They also excelled in the areas of transparency and remuneration disclosures.
Thomas Crane, General Counsel and Company Secretary at The Coventry Building Society, said:
“This is an excellent accreditation to be awarded, particularly in a world where consumers are increasingly focusing on whether businesses are doing the right thing.
“Paying tax is a way of contributing to society, enabling essential services to be paid for. The Coventry accepts its responsibility to pay its fair share of taxes at the right place and right time, and receiving the Fair Tax Mark demonstrates this as well as our clear and transparent tax practices.”
Graham Drummond, Head of Communications, Fair Tax Foundation, said:
“We’re thrilled that Coventry Building Society has gained the Fair Tax Mark. Serving millions of savers and borrowers across the UK, this accreditation has a huge impact and further solidifies their reputation as a trusted and transparent provider of financial products.
The strength of our independent accreditation means Coventry Building Society can prove they do the right thing when it comes to tax. Our polling* shows that the UK public would rather shop or work for a business that can show it is paying its fair share of tax, so the Fair Tax Mark will instil pride in their thousands of employees and boost customer confidence.”
*Polling commissioned by the Fair Tax Foundation from ICM has recently found that two thirds of the public would rather shop with (66%) or work for (68%) a business that can prove it is paying its fair share of tax. Over three quarters (77%) of the public believe that all companies, whatever their size, should have to publicly disclose the taxes they do or don’t pay in the UK.
* 2021 ICM Omnibus: a nationally representative omnibus survey of c.2,000 adults across GB between 15th and 17th May 2021.