Tax Transparency Under the Spotlight: A New SfC Engagement Project

Corporate tax avoidance costs governments hundreds of billions of euros annually, draining vital public resources from infrastructure, healthcare, and education. With the steady implementation of the OECD Pillar Two 15% global minimum tax and mandatory public country-by-country reporting across the EU, the financial and reputational stakes have never been higher.  

Companies relying on aggressive tax planning face direct regulatory and financial exposure, while those that have started building robust tax governance and transparency frameworks are likely to face a reduction in the cost of equity capital and a strong positioning for long-term value creation. 

This year, our collaborative engagement campaign focuses on the tax practices of Euro Stoxx 50 companies. Using a system to assess quantitative and qualitative corporate tax risks, we have selected 12 companies that appear to have above-average tax risk exposure: UniCredit, Prosus, Stellantis, Anheuser-Busch, adidas, Infineon Technologies, Sanofi, Ferrari, Air Liquide, L’Oréal, AXA, and Intesa Sanpaolo. 

This comprehensive analysis and methodology draws on the internationally recognised expertise and criteria of the Fair Tax Foundation.  The campaign is actively coordinated by our members Ecofi and Sanso Longchamp AM, with the support of the whole SfC network.