FTSEcrecy: the culture of concealment throughout the FTSE
May 13th, 2014
The secrecy surrounding thousands of subsidiaries created in tax havens by leading UK companies has created a black hole at the heart of the FTSE100, a new Christian Aid report warns.
FTSEcrecy reveals an information void which threatens investors, customers and government regulators, because it leaves them without the facts they need to make good decisions about FTSE100 companies. Christian Aid’s new research found that FTSE100 companies have created 29,891 subsidiaries. But details of the subsidiaries’ turnover, assets, shareholder funds and number of employees are freely available in relation to only one-quarter (26 per cent) of them.