Christian Aid welcomes today’s announcement by John McDonnell at the Labour Party Conference, of his intention to bring together “institutions from churches to trade unions and pensions funds” to launch a shareholder campaign demanding that companies sign up to the Fair Tax Mark standards.
Toby Quantrill, Global lead on Economic Justice at Christian Aid said:
“Companies and politicians of all stripes have more to do to win public trust that they are serious about making sure every business pays their taxes.
“Shareholder pressure is one key way of bringing pressure onto companies to increase their transparency and demonstrate that they pay their fair share of taxes. Any shareholder with a conscience needs to be reassured that the companies they invest in are operating ethically.
“The Fair Tax Mark requires multinational companies to report publicly on the business they do, the profits they make and the taxes they pay in every country where they operate. Providing this information is of vital public interest so that citizens of every country can understand whether these global companies are making a fair contribution back into the societies the are working in and profiting from.”
Christian Aid has been actively campaigning for tax justice for over a decade. When companies find ways to dodge their taxes they reduce the amount available to governments to spend on key services such as health, education and security. Developing countries are the most vulnerable to this kind of behaviour, losing an estimated $100 – 300 billion every year.