21 Dec 2020

Six Danish foundations and associations will from January 2021 join the Tax Code of Conduct developed by a group of institutional investors in 2019 for purposes of promoting responsible tax behavior in Denmark and abroad.

From 1 January 2021, the LEO Foundation, Novo Holdings, the Lundbeck Foundation, the Villum Foundation, the Velux Foundation and Realdania join the Tax Code of Conduct developed by ATP, Industriens Pension, PensionDanmark and PFA.

The Tax Code of Conduct contains a common set of principles and recommendations for responsible tax behavior regarding unlisted investments made via external asset managers.

After the recent additions, the Tax Code of Conduct has been adopted by 17 investors – 11 pension companies and six foundations and associations.

The core tax principles are:

  • As investors we do not tolerate aggressive tax planning
  • As investors we encourage external asset managers to adopt their own tax policies
  • External asset managers must monitor and manage relevant tax-related risks responsibly
  • As investors we encourage transparency concerning taxes
  • As investors we reserve the right to request additional reporting and to make spot checks to verify that external asset managers are not practicing aggressive tax planning