UK: Christian Aid attacks 'responsible' firms over tax haven subsidiaries
Date: 15 May 2014
Christian Aid, the UK charity with a track record of attacking the CSR movement amongst businesses, has released a report accusing many of the key companies "that claim to be driving corporate responsibility" of secrecy because of subsidiaries in tax havens.
According to the group, the UK's 100 biggest plcs own around 30,000 subsidiaries, many of which operate in contexts that make it impossible to gather information about turnover, assets or shareholder funds.
Katharine Teague, co-author of the Christian Aid FTSEcrecy report, said: "Transparency won't guarantee well-behaved firms but it is a necessary condition for it. We were shocked by how little information is freely available about most companies' subsidiaries.”
Other commentators suggested that the Christian Aid publication was "old news", and said that many of the subsidiaries identified would be essentially defunct.
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