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Oecd Work on Mnes OECD WORK ON MNES [email protected] Analytical Database on Multinationals and their Individual Affiliates (ADIMA) Objective Provide statistics on the scale and scope of international activities of MNEs, taking a ‘whole of the MNE’ view Other OECD BEPS, UNCTAD World Investment Report, Eurogroups Initiatives Register (EGR), Traditional measures of internationalisation Challenges • Scale: Weaknesses in previous measures due to differences between existence and scale, or a lack of data availability • Scope: Digitalisation blurs the boundaries to activity • Dissemination: Privacy restrictions prevent data sharing Method Blending traditional with emerging data sources, in a Big Data framework similar to modern social media platforms. Focus on open data with careful data validation Output • A register of MNE affiliates • A set of indicators (at MNE and country level) • A timely monitoring tool of MNEs’ restructuring Use • Build on/contribute to other initiatives • Aid profiling work of NSOs and reduce asymmetries created by MNEs • Support narrative on trade-investment nexus and global value chains 2 ADIMA: A new approach to a register Annual Reporting TRADITIONAL PermID Business Register Serial Number EMERGING Website 3 Wal-Mart Stores: Using only traditional sources Network Graph Data Sources Annual Reporting TRADITIONAL Identifiers 120 100 80 60 40 20 0 Companies Websites Discovered Max 4 Wal-Mart Stores: With all other sources Network Graph Data Sources Annual Reporting TRADITIONAL PermID EMERGING Business Register Serial Number Identifiers 120 100 Website 80 60 40 20 0 Companies Websites Discovered Max 5 Headquartered in 17 countries, primarily OECD countries… CHINESE TAIPEI (TAIPEI) 1 Hon Hai Precision Industry Co Ltd LUXEMBOURG 1 ArcelorMittal SA JERSEY 1 Glencore PLC ITALY 1 Enel SpA INDIA 1 Reliance Industries Ltd SPAIN 1 Telefonica SA BRAZIL 1 Jbs SA AUSTRALIA 1 Wesfarmers Ltd RUSSIA 2 Gazprom PAO NK Lukoil PAO KOREA 2 Samsung Electronics Co Ltd Hyundai Motor Co SWITZERLAND 3 Nestle SA Roche Holding AG Novartis AG NETHERLANDS 4 Fiat Chrysler Automobiles NV Airbus SE Unilever NV Koninklijke Ahold Delhaize NV Total SA Carrefour SA Engie SA Peugeot SA Renault SA FRANCE 5 UNITED KINGDOM 6 Royal Dutch Shell PLC BP PLC Legal & General Group PLC Prudential PLC Tesco PLC Vodafone Group P GERMANY 10 Volkswagen ADaimler AG Bayerische Motoren Werke AG Siemens AG Deutsche Telekom AUniper SE Ceconomy AG BASF SE Deutsche Post Bayer AG Toyota Motor CorpHonda Motor Co LNissan Motor Co Ltd Nippon Telegraph and Telephone Corp Hitachi Ltd SoftBank Gr JAPAN 12 Aeon Co Ltd Sony Corp Panasonic Corp Marubeni Corp JXTG Holdings Inc Mitsubishi C UNITED STATES 48 0 10 20 30 40 50 60 Boeing Co Alphabet Inc Microsoft Corp Wal-Mart Stores Amazon.com Comcast Corp Pfizer Inc etc 6 Millions ,0.0 ,2.0 ,0.5 ,2.5 ,1.0 ,1.5 Nestle SA Food Jbs SA Unilever NV Archer Daniels Midland Co PepsiCo Inc ADIMA 100 employing ADIMA nearly 20.5 million… Mining Gazprom PAO NK Lukoil PAO Total SA Glencore PLC , oil Royal Dutch Shell PLC BP PLC and gas Exxon Mobil Corp Chevron Corp Marathon Petroleum Corp Phillips 66 JXTG Holdings Inc Chemicals Valero Energy Corp Wesfarmers Ltd BASF SE DowDuPont Inc Johnson & Johnson Novartis AG Pharmaceutical Computers Electronics Bayer AG Pfizer Inc Procter & Gamble Co Roche Holding AG ArcelorMittal SA Hon Hai Precision Industry Co Ltd International Business Machines Corp Siemens AG Samsung Electronics Co Ltd Hewlett Packard Enterprise Co Microsoft Corp Apple Inc Intel Corp HP Inc Hitachi Ltd General Electric Co Panasonic Corp Dell Technologies Inc Sony Corp Volkswagen AG Vehicles Toyota Motor Corp Daimler AG Fiat Chrysler Automobiles NV General Motors Co Honda Motor Co Ltd Peugeot SA Ford Motor Co Nissan Motor Co Ltd Renault SA Other Transport UtilitiesOther Transport Bayerische Motoren Werke AG Hyundai Motor Co Mitsubishi Corp United Technologies Corp Boeing Co Airbus SE Engie SA Enel SpA Uniper SE AmerisourceBergen Corp Aeon Co Ltd Tesco PLC Home Depot Inc Carrefour SA Koninklijke Ahold Delhaize NV Walgreens Boots Alliance Inc Wholesale/Retail Services Wholesale/Retail Amazon.com Inc Target Corp Lowe's Companies Inc Costco Wholesale Corp Ceconomy AG Wal-Mart Stores Inc Kroger Co Deutsche Post AG United Parcel Service Inc FedEx Corp Sysco Corp Nippon Telegraph and Telephone Corp AT&T Inc Deutsche Telekom AG Verizon Communications Inc Comcast Corp Telefonica SA Vodafone Group PLC SoftBank Group Corp Alphabet Inc Prudential PLC Legal & General Group PLC Anthem Inc Humana Inc Aetna Inc Reliance Industries Ltd Marubeni Corp CVS Health Corp UnitedHealth Group Inc McKesson Corp Cardinal Health Inc 7 Express Scripts Holding Co* Walt Disney Co 800,000 600,000 400,000 200,000 300,000 500,000 700,000 100,000 of of 100 largest MNEs (sorted by revenues, 2016) Employment of MNEs in Manufacturing - Food Food Nestle SA Jbs SA Unilever NV manufacturing …of which 10concentratedmillion in Archer Daniels Midland Co Mining PepsiCo Inc Gazprom PAO , oil NK Lukoil PAO Total SA and gas Chemicals Pharmaceutical Computer Chemicals and gas Glencore PLC Royal Dutch Shell PLC BP PLC Exxon Mobil Corp Chevron Corp Marathon Petroleum Corp Phillips 66 JXTG Holdings Inc Valero Energy Corp Wesfarmers Ltd BASF SE DowDuPont Inc Johnson & Johnson Novartis AG Bayer AG Pfizer Inc Procter & Gamble Co Roche Holding AG ArcelorMittal SA Hon Hai Precision Industry Co Ltd International Business Machines… Siemens AG Samsung Electronics Co Ltd Hewlett Packard Enterprise Co Microsoft Corp Apple Inc s Intel Corp HP Inc Hitachi Ltd General Electric Co Panasonic Corp Dell Technologies Inc Sony Corp Volkswagen AG Electronics Vehicles Vehicles Electronics Toyota Motor Corp Daimler AG Fiat Chrysler Automobiles NV General Motors Co Honda Motor Co Ltd Peugeot SA Ford Motor Co Nissan Motor Co Ltd Renault SA Other Other Bayerische Motoren Werke AG Transport Hyundai Motor Co Mitsubishi Corp United Technologies Corp Boeing Co Airbus SE 8 ADIMA: INDICATORS ADIMA: New approaches to MNE indicators • Annual Reports are manually collected in a harmonised way for key variables • Geographic segments are taken where available, however: – Segments are not uniform in annual reports – Disclosure is not compulsory – Ambiguity in definition of location of sale/customer • New approaches needed for an estimation of country level sales and register component can aid these estimates 10 Key Financial Indicators 11 ADIMA: MONITOR ADIMA: A new approach to monitoring MNEs for restructuring • Validation of the network graph creates a list of potential restructurings and events • Furthermore: – Can use sources such as Wikipedia hits to look for increases in interest – Then analyse news monitoring services with Natural Language Processing to identify events of interest 13 Early Warning System: General Electric in 2018 • Wikipedia view counts can help identify significant events 14 Early Warning System: News services can help to determine false positives • Event 1: 17th January: GE “General Electric shares fall the most in two months on Tuesday, fourth-quarter results to be hit by $6.2 billion insurance portfolio charge” • Event 2: 17th-21st April: CFM Intl., GE Aviation “CFM Intl deploying some 40 technicians to assist Southwest in engine inspections” • Event 3: 20th June: GE “Walgreens Boots Alliance To Replace GE In Dow Jones Industrial Average” • Event 4: 26th-27th June: GE, GE Health, Baker Hughes “General Electric shares gain the most since April 2015 as company announces health care unit spin - off , Baker Hughes stake sale” • Event 5: 1st-2nd October: GE “John Flannery Out As General Electric Chairman And CEO” • Event 6: 30th October: GE, CFM Intl. “GE slashes its dividend to a penny , says it reorganizing its struggling power business” 15 Simulating the impacts of the Baker Hughes separation General Electric Companies within Baker Hughes Structure: (inc Baker Hughes) US (11), Unknown (4), Malaysia (1), Luxembourg (1), Netherlands(1) Baker Hughes (A GE Company) Hughes Christensen LLC Baker Hughes Inteq Geomechanics International Inc Baker Hughes Malaysia Sdn GE Oil & Gas International Sarl Bhd Baker Hughes - Druck, Inc. Baker Hughes bakerhughesdirect.com Baker Hughes Reservoir Gaffney Cline And Associates Software B.V. Inc BAKER HUGHES NIGERIA Gaffney Cline & Associates Ltd BAKER ATLAS DUBAI Lufkin Industries LLC 3% Share of PageRank 6% Share of Wikipedia Hits BJ Services Company LLC Lufkin Canada Holdings I Ltd 16 ADIMA: Future Plans • Database release soon • Further expansion of coverage: – Methodologies are global in their nature, can be applied to any company. – Data structure is flexible will look to include further sources of data (public & private) – Limiting factor is data input and validation • Working with countries to develop validation tools 17 BEPS Country by Country Reporting (BEPS Action 13) • New type of transfer pricing documentations that shows MNE group’s allocation of income, taxes, and business activities on a tax jurisdiction-by-tax jurisdiction basis • Required for MNEs with worldwide group revenue greater than EUR 750 million beginning with fiscal year 2016 • Filed with tax administration in country of MNE group’s ultimate parent and shared with other countries where the MNE group operates Country of ultimate parent entity provides aggregated and anonymised statistics of data collected on CbC reports to OECD 19 Template of CbC report (1) Overview of allocation of income, taxes and business activities by tax jurisdiction Name of the MNE group: XYZ Group Fiscal year concerned:
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