Novozymes, the world leader in biological solutions, joins a growing list of companies in endorsing The B Team Responsible Tax Principles.
Together with its customers, partners and stakeholders around the world, Novozymes works to improve industrial performance while preserving the planet’s resources and building better lives. The company is uniquely dedicated to the difference-making potential of enzymes, microbes and biotechnology.
Novozymes recognizes the societal benefit of tax—an investment in public goods—and the key role it plays in the economic and social development of communities in which it operates. Its tax policy and tax payments support local governments in their implementation of the United Nations Sustainable Development Goals (SDGs), directly and indirectly.
For Novozymes, openness and transparency about its tax policy and tax affairs towards investors, policy makers, employees and the general public is an expression of responsible business. Novozymes follows the OECD Guidelines for Multinational Enterprises in setting internal transfer prices and uses bilateral advance pricing agreements (APAs) to provide assurance with respect to the tax outcome of Novozymes’ international transactions.
Tax is also integral to good corporate citizenship and corporate governance, with Novozymes Board of Directors both approving its tax policy and holding themselves to account for it. Novozymes Chief Financial Officer (CFO) is responsible for tax risk management, which is overseen by the Audit Committee.
“It is essential to the long-term sustainability of Novozymes to have a responsible approach to tax,” said Chief Financial Officer Lars Green. “We seek to add economic, environmental and social value to the world, as reflected in our purpose, strategy and targets. We warmly welcome and support The B Team Responsible Tax Principles.”
About The B Team Responsible Tax Principles
Developed by multinational businesses with input from civil society, investors and representatives from international institutions, The B Team launched its Responsible Tax Principles at the Tax & SDG Conference at UN Headquarters in New York in February 2018. The B Team Responsible Tax Principles are a blueprint for raising the bar on how businesses approach tax. They are the first consolidated effort from a group of cross-sector, cross-regional companies to articulate best practice in seven key areas of tax, from corporate governance to transparency to relationships with authorities.