Dutch fund ABP, UK investor Epworth Investment Management and four shareholder membership groups have come out in support of a move by Norges Bank Investment Management (NBIM) - manager of Norway’s $1trn sovereign wealth fund - to dump seven companies as a result of their tax policies.
The divestment was announced earlier this week by NBIM CEO Nicolai Tangen, who said in an interview with Reuters that the decision to exit the companies was due to “aggressive tax planning and cases where companies do not give information of where, and how, they pay tax”. He declined to reveal which companies were affected by the exercise.
Responding to the announcement, a spokesperson for ABP - the largest pension fund in the Netherlands - said that it “welcomed responsible tax behaviour being implemented in the policy of organizations”.
“For ABP responsible tax behavior means complying with the letter and spirit of the law,” she said.
In a statement provide…