Electricity North West, the power network operator for the North West of England, has secured its first Fair Tax Mark certification, joining the growing movement of progressive businesses who are proud to say what they pay with pride.
The electricity distributor, which serves diverse communities from the Lake District to Manchester city centre, has met the Fair Tax Mark’s tasking criteria and demonstrates its commitment to responsible tax conduct and transparency.
The Fair Tax Mark is an independent certification scheme, which recognises organisations that demonstrate they are paying the right amount of corporation tax in the right place, at the right time. In total, more than 50 businesses have now been certified. These include national brands such as Timpson, 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, Electricity North West not only made its parent company Report and Accounts newly publicly available, but discloses a subsidiary-by-subsidiary report of income, profit and taxes – demonstrating their commitment to leading-edge tax transparency. Their tax policy has been updated, and confirmation of governance and annual compliance is now disclosed. Robust levels of current tax payment are evident, with all activities and subsidiaries wholly tax resident in the UK and no related party debts in operation.
Paul Monaghan, Chief Executive, Fair Tax Mark, said: “We are pleased that Electricity North West has joined the Fair Tax movement, and are proudly saying what they pay. Their certification means that customers, suppliers and staff can clearly see they have a transparent and responsible approach to tax.”
“It is estimated that annually, due to corporate profits being shifted to tax havens, corporate tax revenue losses in the UK amount to at least £7bn. In these challenging times, just think of the nurses, doctors and teachers we could employ if that tax was paid as it should be?”
David Brocksom, Electricity North West CFO, said: “We invest almost £1m a day in the North West keeping power flowing to 2.5m homes and businesses through our network of underground cables and overhead lines. Our infrastructure is critical to the region and we’re proud to achieve the Fair Tax Mark, acknowledging the transparency we have around the taxes we pay as a good corporate citizen while continuing to invest heavily for a low carbon future.”