This is a guest blog post from Susan Davy, CEO of Pennon Group.
Pennon Group is a sponsor of Fair Tax Week 2022.
Transparency and societal contribution are key to operating as a responsible business. As a top FTSE 250 UK-focussed company, we take this responsibility seriously and a big part of this is ensuring we pay the right amount of tax, in the right way, at the right time.
It is the taxes paid by businesses and individuals which help fund vital public services, investment in skills, development and infrastructure to support future growth, which ultimately benefits us all.
We’re proud that Pennon received its reaccreditation as a Fair Tax Mark organisation for the fourth year running, achieving our best score to date. We were also the first water and waste business to be awarded the Fair Tax Mark in 2018.
As of today, there are more than 75 businesses with this accreditation, with seven in the FTSE 250 who have this independent certification.
The Fair Tax Mark is awarded by the Fair Tax Foundation, providing accreditation to businesses paying their fair share of corporation tax and reporting on their tax practices transparently. Achieving the Mark demonstrates that we are paying the right amount of corporation tax at the right time.
We’re proud to be taking the lead in this area and hope to inspire other companies to apply for the accreditation, improving the tax transparency not only of the sector in which we operate, but also of organisations across the UK.
It’s this transparent approach which will inspire trust from our customers, our colleagues and stakeholders.
Pennon’s total tax contribution in 2021/22 was over £95m and we are proud to get recognition that we are doing this in the right way.
Understanding our role in society is crucial in maximising the value we create for stakeholders and we are proud that our ongoing commitment to do the right thing, in the right way continues to deliver sustainable results. Our commitment to maintaining the highest standards is demonstrated through our strong and improving environmental, social and governance performance metrics.
Transparency remains a critical component of our approach, recognising that openness will help us demonstrate how we are being efficient and effective in achieving the best result for our customers, communities and shareholders.
More information on our commitment to tax transparency is available on our site.