Triodos Bank Becomes First International Lender to Earn Fair Tax Mark
Bristol-based ethical bank Triodos has achieved a significant milestone by becoming the first international lender to receive the prestigious Fair Tax Mark certification. This globally recognised standard, awarded by the Fair Tax Foundation, highlights the bank's dedication to responsible tax conduct and financial transparency.
Commitment to Ethical Tax Practices
To secure the Fair Tax Mark, companies must demonstrate they pay the appropriate amount of corporate income tax in the correct location and at the proper time, adhering to both the letter and spirit of tax laws. This requires firms to avoid corporate tax avoidance strategies, such as the artificial use of tax havens, and maintain complete transparency regarding their profits and tax contributions.
Triodos Bank joins an exclusive group of organisations that have earned this certification, including well-known companies like cosmetics retailer Lush, Network Rail, and the Co-op. The accreditation covers Triodos Bank and all its subsidiaries, such as Triodos Investment Management and Triodos Bank UK.
Leadership Perspectives on the Achievement
Kees van Kalveen, chief financial officer of Triodos Bank, expressed immense pride in receiving the Fair Tax Mark. He stated, "This certification reflects our long-standing commitment to responsible tax conduct and transparency. We believe tax should be paid where real economic value is created, and that businesses must contribute fairly to the societies they operate in."
Paul Monaghan, chief executive of the Fair Tax Foundation, praised Triodos for its exemplary approach. He remarked, "We are immensely impressed with Triodos's commitment to responsible tax conduct, not just through their operations, but also through their investment and lending decision-making. They are exemplars of 'total transparency', providing a breakdown of income, profits, and taxes paid on a country-by-country basis."
Bank Background and Recent Developments
Triodos Bank, headquartered in the Netherlands, operates internationally with significant presence in Bristol, UK, as well as in Spain, Belgium, and Germany. The bank's ethical principles align closely with the fair tax business movement, emphasising making money work for positive societal change.
This announcement follows a notable leadership change at Triodos, with the appointment of former HSBC executive Mark Clayton as chief executive a year ago. Clayton brings extensive experience from his 23-year career at the High Street lender, where he held various senior roles and led large teams within the retail banking division.
The Fair Tax Mark certification underscores Triodos Bank's position as a leader in ethical banking, setting a benchmark for transparency and responsible financial practices in the international banking sector.
