Ørsted first Danish multinational to gain Fair Tax Mark
Ørsted has been awarded the Fair Tax Mark, becoming the first Danish multinational company to secure accreditation to the global gold standard of responsible tax conduct.
Ørsted develops, constructs, and operates offshore and onshore wind farms, solar farms, energy storage facilities, renewable hydrogen and green fuels facilities, and bioenergy plants. Listed on Nasdaq Copenhagen, Ørsted is a market leader in offshore wind and supplies green power to more than 15 million people.
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.
As part of the accreditation process, Ørsted has demonstrated exemplary financial transparency, including publicly accessible information on beneficial ownership and public Country-by-Country reporting. Ørsted has also published a tax policy with strong commitments against artificial business structuring, the abuse of tax havens and aggressive tax planning.
Karl Berlin, Head of Tax at Ørsted said:
“This accreditation illustrates our commitment to sustainable tax practices. Together with our transparency initiatives our stakeholders can feel reassured that the company is, indeed, acting responsibly.”
Daniel Lerup, CFO of Ørsted, said:
“Our core business revolves around sustainable, renewable energy, and our commitment to sustainability touches all aspects of our conduct. . Public expectations of companies continue to evolve, and we are delighted that our open and transparent approach to tax has been recognised by the Fair Tax Foundation awarding us the Fair Tax Mark.”
Paul Monaghan, Chief Executive, Fair Tax Foundation, said:
“We are delighted to announce that Ørsted is the first Danish multinational to achieve the Fair Tax Mark. Their commitment to the spirit, as well as letter, of the law is demonstrated through their dedication to financial transparency, providing extensive public information detailing their tax disclosures, governance, related party transactions, shareholders and more. It’s heartening to see Ørsted take pride in the contribution their tax makes to society as they pursue their vital vision of a world powered by green energy.”
Christian Hallum, Tax Justice Lead at Oxfam IBIS and member of the Fair Tax Foundation’s board of directors, said:
“At a time when many are struggling to pay their bills it is important that responsible businesses demonstrate their commitment to fair tax. That is why we are excited to congratulate Ørsted on becoming the first Danish company to receive the Fair Tax Mark accreditation. Ørsted has been a leader on responsible tax in Denmark for several years, and with the news today they continue to push the bar. We hope many more companies will follow their good example.”