Investors demand tax transparency from GN Store Nord

Against its will, the board of GN Store has to review whether the company has to provide tax reports on a country-per-country basis starting next year. This was the verdict at the firm's general assembly.

GN Store Nord Chairman of the Board of Directors Per Wold-Olsen. | Photo: Mik Eskestad/Jyllands-Posten/Ritzau Scanpix

The board of GN Store Nord with Chairman Per Wold-Olsen at the Helm opposed LD Pensions' and Akademikerpension's shareholder proposals that tax information should be made public on a country-by-country basis as per 2021. The proposal was supported by boards in many other C25 companies, such as Chr. Hansen, Coloplast, Carlsberg ans FLSmidth.

GN's board, however, could not pull a majority against the proposal of looking into the possibility of increasing the transparency of GN's tax payments. The board's motion to dismiss the proposal had no effect on the shareholders. The proposal was passed at the general assembly with two-thirds of the votes, and with the support of for example Danske Bank, Nordea and Vanguard.

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