Financial Transparency Coalition

13 May 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 today. 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.

13 May 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 today. 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.

When accused of abusive tax avoidance, the first words out of a mouth of a large-company CEO are usually, "We have a fiduciary responsibility to our shareholders to avoid taxes." According to a new opinion from Farrer & Co, a major law firm in the UK, that may not be the case. The opinion, which applies only to the United Kingdom, states, "It is not possible to construe a director's statutory obligation to promote the success of the company as a positive duty to avoid tax." FTC Coordinating Committee member Tax Justice Network will be sending a letter to each...