Resources

FACT Sheet: Endorsements for Country By Country Reporting

Disclosing key financial information (e.g. profits, revenues, taxes, number of employees, etc.) on a country-by-country basis is essential to better inform taxpayers, investors, policymakers, academics, and other stakeholders. Support for this requirement is widespread, with endorsements from various investors, unions, small business associations, and NGOs. The list can be read below or downloaded here.

Download as PDF

August 21, 2020

Analysts

  • David Gonzales, VP-Senior Accounting Analyst, Corporate Finance Group, Moody’s Investors Service, Inc.24

Business (Large):

  • Anglo American Plc 12
  • BHP Billiton 16
  • ENI 21
  • Equinor 25
  • Repsol 17
  • Rio Tinto 15 
  • Royal Dutch Shell 13
  • Vodafone Group Plc 14

Business (Small):

  • *American Sustainable Business Council 7, 22, 23
  • *Main Street Alliance 4,7, 22, 23
  • *National Small Business Network 7, 22, 23
  • *Small Business Majority 7, 22, 23
  • *South Carolina Small Business Chamber of Commerce 9

Investors (Firms, with Over $100 Trillion in Assets under Management):

  • Accountancy Europe 10,11,12
  • *ACTIAM 8
  • *Æquo, Shareholder Engagement Services8,12
  • *American Federation of State, County and Municipal Employees (AFSCME) 8,12
  • Australian Council of Superannuation Investors (ACSI) 12
  • Australian Shareholder’s Association 12
  • *Bâtirente 8
  • BMO Global Asset Management 1,3
  • *Boston Common Asset Management 1,2,3,8,12
  • *Canadian Labour Congress – Employee Pension Plan 8
  • Cheshire Pension Fund 12
  • *Church Commissioners for England 8,12
  • *Clean Yield Asset Management 8
  • CLP Holding Limited 12
  • *Congregation of Sisters of St. Agnes 8
  • *CorpGov.net8
  • Change to Win Investment Group 1,2,3
  • *CtW Investment Group 8,12
  • *Dana Investment Advisors 8
  • *Decatur Capital Management 2,8,12
  • *Domini Impact Investments LLC 1,2,3,8,12
  • *Dominican Sisters ~ Grand Rapids 8
  • Dutch Association of Investors for Sustainable Development (VBDO) 11
  • Eumedion 12
  • *Etica Sgr – Responsible Investments 1,3,8,12
  • Fondo de Pensiones de Empleados de Telefónica 12
  • *First Affirmative Financial Network 1,2,8,12
  • *Franciscan Sister of Perpetual Adoration 1,3,8 
  • *Friends Fiduciary Corporation 1,2,8,12
  • *Fund for Constitutional Government 8
  • *Harrington Investments, Inc. 1,2,8,12
  • Hermes EOS 11,12
  • Illinois State Treasurer’s Office 1,11
  • *Interfaith Center on Corporate Responsibility 1,2,3,8,12
  • *Investor Advocates for Social Justice 3,8
  • Ircantec 1,12
  • JLens Investor Network 1,2,3,12
  • Legal & General Investment Management (LGIM) 11,12
  • *Legal & General Investment Management America (LGIMA) 8
  • LGPS Central Limited 12
  • Lincolnshire Pension Fund 12
  • *Local Authority Pension Fund Forum 1,3,8,12
  • LUCRF Super 12
  • *Maryknoll Fathers and Brothers 1,2,3,8,12
  • *Maryknoll Sisters 3,8
  • *Mercy Investment Services, Inc. 8
  • MFS Investment Management 11
  • *Middletown Works VEBA 8
  • Midwest Coalition for Responsible Investment 1
  • *Miller/Howard Investments, Inc. 1,2,8,12
  • *Missionary Oblates/OIPTrust 1,2,3,8,12
  • *Natural Investments 1,2,8,12
  • *NEI Investments 8
  • *Newground Social Investment 8
  • New York City Office of the Comptroller 1,12
  • The New York State Common Retirement Fund 2,12
  • Norges Bank Investment Management (NBIM) 12
  • *NorthStar Asset Management, Inc 8
  • *Northwest Coalition for Responsible Investment 1,8
  • PenSam 12
  • Pension Fund of Early Childhood and Youth Educators (PBU) 12
  • Pension Plan for the Employees of the Canadian Labour Congress 1,8
  • Pensions Caixa 2 Pension Fund 12
  • PFA 12
  • PKA 12
  • *The Province of Saint Joseph of the Capuchin Order 3,8
  • Principles for Responsible Investment 10,11  
  • Rathbone Greenbank Investments 1,12
  • Repsol II, Fondo de Pensiones 12
  • *RRSE (Regroupement pour la Responsabilité Sociale des Entreprises) 8
  • *Reynders, McVeigh Capital Management, LLC 8
  • Royal London Asset Management 11 
  • Scherman Foundation 2,12
  • School Sisters of Notre Dame Cooperative Investment Fund 1
  • *Seventh Generation Interfaith Coalition for Responsible Investment 1,2,3,8,12
  • *Shareholder Association for Research and Education 1,8,12
  • Sisters of Charity of Saint Elizabeth 1,2,12
  • *Sisters of St. Dominic of Caldwell, NJ 1,2,8,12
  • *Sisters of St. Francis of Philadelphia 2,8,9,12
  • *Sisters of the Incarnate Word and Blessed Sacrament8
  • *Skye Advisors LLC 8
  • *Stewart R. Mott Foundation 1,2,8,12
  • *Sustainalytics 8
  • The Sustainability Group of Loring, Wolcott & Coolidge 1
  • Trillium Asset Management 1
  • Tri-State Coalition for Responsible Investment 1,2,12
  • TWU Superannuation Fund 12
  • Tyne and Wear Pension Fund 12
  • UAW Retiree Medical Benefits Trust 1,2,3,12
  • U Ethical 12
  • UFCW Pension Plan for Employees 3
  • *UNISON8
  • *Unitarian Universalist Association 8
  • *UNITE HERE 8
  • Unite Pension Scheme 12
  • United Food and Commercial Workers International Union Pension Plan for Employees 1
  • Ursuline Sisters of Tildonk, U.S. Province 1
  • *Vert Asset Management 8
  • Vision Super Pty Ltd 1,8,12
  • Wallace Global Fund 2,12
  • *Zevin Asset Management 1,2,3,8,12

Investors (Individuals):

  • Joel Kanter, President, Windy City Inc. 19
  • Josh Kanter, President, Chicago Financial, Inc. 19
  • Art Lipson, CIO, Western Investment LLC 19
  • Terence Meehan, Chairman and CEO, Azimuth Trust 19
  • Morris Pearl, former Managing Director, BlackRock Inc. 18
  • Jonathan Ruga, CEO, Sentry Financial 19
  • Whitney Tilson, former Managing Partner, Kase Capital Hedge Fund  19

Labor Unions:

  • ACFO-ACAF 12
  • *AFL-CIO 1,2,3,4,6,8,9,12
  • *American Federation of State, County and Municipal Employees (AFSCME) 1,2,3,6,8,12
  • American Federation of Teachers 3
  • *Communications Workers of America (CWA) 6,8,9
  • CCOO (Federación de Servicios) 12
  • CCOO FP 12
  • CCOO INDUSTRIA 12
  • FNV 12
  • IndustriALL Global Union 12
  • *International Association of Machinists and Aerospace Workers 9
  • International Association of Sheet Metal, Air, Rail and Transportation Workers (SMART)1
  • International Brotherhood of Electrical Workers 1
  • *International Brotherhood of Teamsters 1,2,3,8,9,12
  • *International Federation of Professional and Technical Engineers 9
  • International Transport Workers’ Federation 12
  • International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (UAW) 6,9
  • International Union of Food, Agricultural, Hotel, Restaurant, Catering, Tobacco and Allied Workers’ Association (IUF) 12
  • *National Education Association 1,8,9
  • Public Services International 10,11,12
  • Australian Manufacturing Workers Union 12 
  • *Service Employees International Union (SEIU) 9,12
  • South African Democratic Teachers’ Union (SADTU) 12
  • *Union Veterans Council, AFL-CIO 9
  • *UNITE HERE International Union 1,8
  • *United Auto Workers (UAW) 9
  • *United Steelworkers (USW) 8,9
  • United Voice 12

NGOs:

  • *Academics Stand Against Poverty 9
  • *Accountability Lab 9
  • ActionAid International 12
  • *Advocacy for Principled Action in Government 6,9
  • *Africa Faith & Justice Network 9
  • *AfricaFocus Bulletin 9
  • ALTSEAN – Burma 5
  • *American Family Voices 9
  • *Americans for Democratic Action (ADA) 6,9
  • *Americans for Financial Reform 6,9
  • *Americans for Tax Fairness 5,6,9
  • *Asia Initiatives 5,9
  • Australasian Centre for Corporate Responsibility (ACCR) 12
  • BEPS Monitoring Group 12
  • *Campaign for America’s Future 9
  • Canadians for Tax Fairness 12
  • *Center for American Progress 5,9
  • Center for International Corporate Tax Accountability & Research (CICTAR) 12
  • Center for International Environmental Law (CIEL) 6
  • Center of Concern 4
  • *Center for International Policy 9
  • *Center for Popular Democracy 9
  • *Citizens for Responsibility and Ethics in Washington (CREW) 9,12
  • Citizens for Tax Justice 4
  • *Coalition on Human Needs 4,9
  • *Color of Change 9
  • *Congregation of Our Lady of the Good Shepherd, U.S. Provinces 6,9
  • *Consumer Action9
  • *Consumer Federation of America 9
  • *Corporate Accountability Lab 9
  • *Crude Accountability 9
  • *Demand Progress 9
  • *Democrats.com 9
  • Diakonia 12
  • *EarthRights International 9
  • *Economic Policy Institute 4,6,9
  • *ESG Transparency Initiative 9
  • European Network on Debt and Development (Eurodad) 4,12
  • *Fair Share 4,9
  • *Faith Action Network – Washington State 6,9
  • *Financial Accountability & Corporate Transparency (FACT) Coalition 4,5,6,9,11,12
  • *Financial Transparency Coalition 9,12
  • *Foundation Earth 9
  • *Friends of the Earth U.S. 6,9 
  • Fund for Constitutional Government 1,8
  • *Gender Action 6,9
  • *Global Alliance for Tax Justice 9
  • *Global Financial Integrity 4,5,6,9
  • *Global Justice Program 9
  • Global Witness 4
  • *Government Accountability Project 9
  • *Greenpeace USA 6,9
  • *Health Care for America Now 6,9
  • *Heartland Initiative 9
  • The Independent Commission for the Reform of International Corporate Taxation (ICRICT) 12
  • *Institute for Policy Studies — Program on Inequality and the Common Good 6,9
  • *Institute on Taxation and Economic Policy 5,6,9
  • *International Campaign for Responsible Technology 9
  • *International Corporate Accountability Roundtable 9
  • *International Labor Rights Forum 9
  • *International Rights Advocates 9
  • Jubilee East Bay 4
  • *Jubilee USA Network 4,6,9
  • Kairos Europe 4
  • *Liberty Shared 9
  • Methodist Tax Justice Network 4
  • *Mining Watch Canada 6,9 
  • *MomsRising 9
  • *National Advocacy Center of the Sisters of the Good Shepherd 6,9
  • *National Employment Law Project 9
  • *National Organization for Women 6,9
  • *National Women’s Law Center 9
  • Natural Resource Governance Institute 12
  • *NETWORK Lobby for Catholic Social Justice 4,6,9
  • *New Rules for Global Finance 4,9
  • *Open Contracting Partnership 9
  • *Open the Government 9
  • *Our Revolution 9
  • *Oxfam International 8,11,12
  • *Oxfam America 4,6,8
  • *Patriotic Millionaires 4,5,6,9
  • *Pax Advisory 9
  • *Peace Education Center 9
  • *Poligon Education Fund 9
  • *Progressive Change Institute 9
  • *Project Blueprint 9
  • *Project Expedite Justice 9
  • *Public Citizen 4,5,6,9
  • Publish What You Pay Norway 12
  • *Publish What You Pay US 4,9
  • Publish What You Pay Global Council 12
  • *Revolving Door Project 6,9
  • *Rights CoLab 9
  • *Rights and Accountability in Development (RAID) 9
  • *RootsAction.org 6,9
  • *Shadow World Investigations 9
  • *Strong Economy for All Coalition 9
  • *Sustentia 9
  • *Take on Wall Street 5,6,9
  • *Tax Justice Network 4,9,10,11
  • *Tax Justice Network – Africa 9
  • Tax Justice Network – Norway 4
  • *Tax Justice Network – USA 4,6,9
  • *Tax March 5,6,9
  • Tax Research UK 11
  • *The Arc of the United States 9
  • *The Shareholder Commons 9
  • *The Society of African Missions, Inc. 9
  • Transparency International 6
  • *United Cerebral Palsy National 9
  • *United Church of Christ, Justice and Witness Ministries 9
  • *U.S. Public Interest Research Group (PIRG) 4,9
  • ValueCSR 6
  • Vienna Institute for International Dialogue and Cooperation (VIDC) 4
  • *Working America 9

Scholars

  • J. Clifton Fleming, Jr., Brigham Young University 20
  • Leslie Robinson, Dartmouth College 20
  • Daniel Shaviro, New York University 20
  • Jeremy Bearer-Friend, New York University 20
  • Kimberly Clausing, Reed College 20
  • David Hasen, University of Florida 20
  • Reuven Avi-Yonah, University of Michigan 20
  • Victor Fleischer, University of San Diego 20
  • Ed Kleinbard, University of Southern California 20
  • Omri Marian, University of California at Irvine 20
  • Eric Zolt, University of California at Los Angeles 20
  • Richard Eccleston, University of Tasmania 12 
  • Lachlan Johnson, University of Tasmania 12 
  • Fred Gale, University of Tasmania 12
  • Hannah Gregory Murphy, University of Tasmania 12  
  • Calvin H. Johnson, University of Texas at Austin 20
  • Jeffery Kadet, University of Washington 20
  • Jeffrey Gramlich, Washington State University 20
  • Krishen Mehta, Yale University 20

Notes:

Notes:

1.  “Investors Representing More Than $1Trillion in Assets Under Management Sent A Letter to FASB Supporting Country-by-Country Reporting,” FACT Coalition. May 31, 2019. Available at https://thefactcoalition.org/investors-representing-more-than-1-trillion-in-assets-under-management-sent-a-letter-to-fasb-supporting-country-by-country-reporting/.

2. “Letter From More Than Two Dozen Institutional Investors in Support of the GRI Exposure Draft on “Tax and Payments to Governments,” FACT Coalition. March 15, 2019. Available at https://thefactcoalition.org/letter-from-more-than-two-dozen-institutional-investors-in-support-of-the-gri-exposure-draft-on-tax-and-payments-to-governments/.

3. “Investors Send Letter to the OECD in Support of Country-by-Country Reporting,” FACT Coalition. March 6, 2020. Available at https://thefactcoalition.org/investors-send-letter-to-the-oecd-in-support-of-country-by-country-reporting/.

4. “Letter to FASB from FACT and 26 Other Groups Urging Country-by-Country Reporting,” FACT Coalition. September 30, 2016. Available at https://thefactcoalition.org/letter-fasb-fact-26-groups-urging-country-country-reporting/.

5. “Letter From NGOs in Support of the GRI Exposure Draft on ‘Tax and Payments to Governments,’” FACT Coalition. March 15, 2019. Available at https://thefactcoalition.org/letter-from-ngos-in-support-of-the-gri-exposure-draft-on-tax-and-payments-to-governments/.

6. “36 Groups Urge World Leaders to Increase Tax Transparency,” FACT Coalition. March 6, 2020. Available at https://thefactcoalition.org/wp-content/uploads/2020/03/NGO-CbCR-Letter-to-OECD-20200306-FINAL.pdf.

7. “Small Business Groups Write Letter to the OECD in Support of Increased Tax Transparency,” FACT Coalition. March 6, 2020. Available at https://thefactcoalition.org/small-business-groups-write-letter-to-the-oecd-in-support-of-increased-tax-transparency/.  

8. “Investors Urge Support for Disclosure of Tax Havens and Offshoring Act,” FACT Coalition. July 14, 2020. https://thefactcoalition.org/investors-urge-support-for-disclosure-of-tax-havens-and-offshoring-act/   

9. “102 Groups Support Disclosure of Offshoring Act (H.R. 5933),” FACT Coalition, July 13, 2020. https://thefactcoalition.org/102-groups-tell-congress-support-public-country-by-country-reporting/ 

10. “First Global Standard for Tax Transparency,” GRI, December 5, 2019. https://www.globalreporting.org/information/news-and-press-center/Pages/First-global-standard-for-tax-transparency.aspx 

11. “Backing for GRI’s Tax Standard” GRI, December 5, 2019. https://www.globalreporting.org/information/news-and-press-center/grinews/Pages/Backing-for-GRIs-Tax-Standard.aspx 

12. “Strong Backing for Tax Transparency from Investors,” GRI, March 28, 2019. https://www.globalreporting.org/information/news-and-press-center/Pages/tax-transparency-investors.aspx 

13. “The Beginning of the End of Tax Secrecy,” Wall Street Journal, December 20, 2019. https://www.wsj.com/articles/the-beginning-of-the-end-of-tax-secrecy-11576837708

14. Remarks by Andy Cale, Vodafone, at “GRI Tax Standard Launch Event,” Global Reporting Initiative, January 16, 2020. https://secure.emincote.com/client/gri/gri001 

15. “Rio Tinto Discloses the Details of the $7.6 Billion Taxes Paid in 2019,” Rio Tinto, April 8, 2020. https://www.riotinto.com/en/news/releases/2020/Rio-Tinto-discloses-taxes-paid-2019.

16. “Tax and Transparency,” BHP Billiton, 2020. https://www.bhp.com/our-approach/operating-with-integrity/tax-and-transparency/

17. “Our Latest Tax Reports,” Repsol, 2020. https://www.repsol.com/en/sustainability/responsible-tax-policy/tax-contribution-by-country/index.cshtml

18. Morris Pearl, “How Companies Like Apple Dodge Taxes and Their Own Investors, “ New York Times, September 21, 2016. https://www.nytimes.com/2016/09/21/opinion/how-companies-like-apple-dodge-taxes-and-their-own-investors.html

19. “File Reference No. 2016-270: Comments on the Exposure Draft for the Proposed Accounting Standards Update to Income Taxes (Topic 740),” Investor Letter to the Financial Accounting Standards Board (FASB), 2017. https://www.fasb.org/cs/BlobServer?blobkey=id&blobnocache=true&blobwhere=1175835611714&blobheader=application%2Fpdf&blobheadername2=Content-Length&blobheadername1=Content-Disposition&blobheadervalue2=507253&blobheadervalue1=filename%3DDISFR_TAX.ED.051.INDIVIDUAL_INVESTORS_SEE_LISTED.pdf&blobcol=urldata&blobtable=MungoBlobs.

20. Academic Letter to Financial Accounting Standards Board (FASB), November 2017. https://www.fasb.org/cs/BlobServer?blobkey=id&blobnocache=true&blobwhere=1175835685516&blobheader=application%2Fpdf&blobheadername2=Content-Length&blobheadername1=Content-Disposition&blobheadervalue2=808410&blobheadervalue1=filename%3DDISFR_TAX.ED.052.SEE_LISTED.pdf&blobcol=urldata&blobtable=MungoBlobs.

21. “Tax Strategy,” ENI. https://www.eni.com/assets/documents/Tax-strategy_ENG.pdf. See also: https://www.eni.com/en-IT/just-transition/transparency.html

22. “Small Businesses Seek Increased Competition with Country – by – Country Reporting” FACT Coalition, August 4, 2020. https://thefactcoalition.org/small-business-backs-s-1609/

23. “Small Businesses Back the Disclosure  of Tax Havens and Offshore Act” FACT Coalition, July 15, 2020. https://thefactcoalition.org/small-businesses-support-the-disclosure-of-tax-havens-and-offshore-act-h-r-5933/

24. “U.S. Launch of the Global Reporting Initiative’s New Tax Transparency Standard,” FACT Coalition, December 5, 2019.  https://thefactcoalition.org/u-s-launch-of-the-global-reporting-initiatives-new-tax-transparency-standard/

25. “Equinox UK Group Tax Strategy November 2019,” Equinor, November 2019.  https://www.equinor.com/content/dam/statoil/documents/where-we-are/united-kingdom/equinor-uk-group-tax-strategy-2019.pdf