Ørsted’s Rasmussen: ‘The Fair Tax Mark reassures stakeholders we act responsibly’

Fair Tax Leaders features senior professionals from across the Fair Tax Mark business community.

Here, Ørsted Head of Tax Pernille Nygaard Rasmussen shares how to bring key parts of your business on board with tax transparency and why mutual trust is so important for creating fair tax systems.

Ørsted are a global leader in offshore wind and one of the largest renewable energy companies in the world. They were first certified with the Fair Tax Mark in 2022 using our Global Multinational Business Standard.

What first drew you to work in this field and how did you come to work in your current role?

With a solid educational background in commercial law and economics, my academic journey was driven by an interest in industrial economics and competition law. However, it was during a student job in tax that I first discovered a profound fascination with its complexity and societal importance. This newfound passion steered my professional career, dedicating the next 16 years to specialising in the field of taxation.

Before stepping into my current role as Head of Tax for Ørsted, I served as Region CFO for Ørsted’s APAC activities, based in Taipei. This broader role was an incredible learning experience from a career perspective but also allowed me to experience Taiwan’s culture, kind-hearted people, and beautiful nature. However, the world of tax continues to call me back, and when this position became available, it felt natural to return to Copenhagen and rejoin Ørsted’s tax team.

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?

In the years I have worked with tax it has changed from a primary focus on the effective tax rate and less commercial or external focus to today where the focus is to be close to the business and transparent to the public. I strongly believe that mutual trust and listening to each other is critical for creating effective and fair tax systems that supports the society we want to have for future generations.

What drives your business to pursue responsible tax conduct and gain the Fair Tax Mark?

Our core business revolves around sustainable, renewable energy, and our commitment to sustainability touches all aspects of our conduct. The Fair Tax Mark illustrates our commitment to sustainable tax practices and reassures our stakeholders that we indeed act responsibly. It is also the foundation for the mutual trust between us, the authorities / governmental bodies and the public, which I believe is so important.

What would your advice be to other professionals who are thinking of applying for the Fair Tax Mark?

The Fair Tax Mark is an acknowledgment of your level of tax transparency. The advice would be to assess where you want to be and establish which key stakeholders you should onboard on the journey. This could be executive management, sustainability and communication departments, and the tax department. Ensure stakeholders appreciate the implications of transparency, including opportunities, limitations, and costs. When you have the necessary buy-in, integrate the transparency agenda with your business operations.

While gathering all necessary data might require some initial resources, it is primarily a one-time investment. Once the foundation is established, it becomes significantly easier to build upon. Additionally, the Fair Tax Foundation serve as a valuable partner in understanding public expectations. I greatly value the insightful dialogue and collaboration with their team.

What are your thoughts on the future of fair tax and corporate transparency?

In the networks I engage with, this topic is already a priority and is likely to gain even more global attention. Unfortunately, I still encounter mistrust from individuals, politicians and governmental bodies, leading to implementation of multiple layers of documentation requirements and anti-avoidance legislation adding to complexity, uncertainty and administrative burdens. I hope we can foster mutual trust through transparency and open dialogue. This allows us to learn from each other and collaboratively develop fair and effective tax systems that support crucial societal goals, such as the green transformation.

What one word or phrase would your team use to describe you?

I had to ask my team. The answer was: “Disciplined with a keen critical sense”.