DOCSLIB.ORG

Inequality: an Investor Guide Social & Business Ethics

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

360 Report $CompanySectorName$ $StoryName$$ReportType$ Inequality: An investor guide Social & Business Ethics 7 April 2016 Inequality What’s it all about? From the Occupy movement to Piketty’s bestseller, Capital, inequality has become a pervasive economic theme since the financial crisis. In this report, we launch the Kepler Cheuvreux Inequality Footprint to highlight the risks to business and their influence on factors of socio-economic Main author inequality. Our focus covers not just wealth inequality but also the material Sudip Hazra Head of Sustainability Research impacts from corporate misconduct, the facilitation of social mobility, & Responsible Investment sustainable supply chains, underserved product areas and emissions [email protected] reduction which affect both shareholder value and levels of social and +33 1 70 81 57 61 income disparity significantly. The cross-sector framework includes the consumer, banking, capital goods, telco, extractives and pharma sectors. ESG research team Biographies at the end of the report IMPORTANT. Please refer to the last page of this report for keplercheuvreux.com “Important disclosures” and analyst(s) certifications. This research is the product of Kepler Cheuvreux, which is authorised and regulated by the Autorité des Marché Financiers in France. Social & Business Ethics 360 in 1 minute Key findings of the report Wage inequality already a shareholder issue The CEO Pay Ratio could be hailed as the inequality metric of our time. Through the SEC’s disclosure requirement on a median wage to CEO pay multiple, inequality of income is being established as an indicator for investors. Sectors with large low-wage contingents are responding to numerous forms of wage pressure, whether regulatory (UK “Living Wage” law), or as responses to business pressures (e.g. Walmart and McDonald’s in the US). Gender pay disclosure requirements are also gradually gaining momentum. • Indirect sphere of influence on inequality remains neglected Corporate conduct has systematic impacts on numerous forms of inequality beyond direct transfers of capital. Inequality can be influenced through practices in hiring which enable social mobility, supply chain requirements, product and service range and business ethics. The wage share of value added in many regions has fallen despite productivity rises. In absolute terms, the consumer spending upon which certain segments of earnings growth may depend may be impacted. • Market opportunities for underserved populations Access to medicine, the digital divide, bottom of the pyramid markets: increasing access to underserved consumers presents a long-term opportunity in numerous sectors and bridges socio- economic disparity. • Increased wealth doesn’t have to mean increased emissions The largest GHG emitters have been the richest nations, while the future impact is felt most by the poorest through rising sea levels and extreme weather events. Companies positioned in emissions reduction and adaptation technologies have a key role in levelling this global inequality implicit in climate change. • Asset owners and listed firms - the world’s wealth redistributors Large global companies are both repositories for global wealth creation and instruments of its distribution, through large direct employee bases, often much larger dispersed supply chains, tax payments to national and local governments and above all returns to executives and owners of capital. The inequality theme could become a major long-term concern for both asset owners and managers, and responsible investment will be central in the manner in which capital is allocated. 2 keplercheuvreux.com Social & Business Ethics Kepler Cheuvreux Business Ethics Series Kepler Cheuvreux’s Business Ethics research combines a top-down approach, taking into account regulatory changes and trends in litigation, and breaks these down into company-specific impact analyses, highlighting company positioning in the most relevant areas. In a series of recent reports that have spanned corruption, anti- trust, tax avoidance, conflict minerals and soft law for investors, we focus on the material impacts of business ethics issues from several angles applied to the listed equity domain. Beyond this, the objective is to provide frameworks for investors to constructively engage with companies that are part of their investment processes. We draw on the expertise of 75+ Kepler Cheuvreux analysts and our global network of partners and specialists including NGOs, academics and industry experts. Antitrust & cartels: from cooperation to collusion: Document link Tax me if you can: game over: Document link Corruption indices: from disclosure to risk exposure: Document link Soft law liability & violation : Document link 3 keplercheuvreux.com Social & Business Ethics With thanks to: High Pay Centre, London – Paul Marsland Oxfam - Rachel Wilshaw, Ruth Mhlanga, Radhika Sarin, Kaori Shigya ShareAction - Lisa Nathan 4 keplercheuvreux.com Social & Business Ethics Thematic context in six charts Chart 1: Reducing inequality - key impacts Chart 2: Rising spotlight of inequality - media hits since 2000 Source: Kepler Cheuvreux Source: Bloomberg Chart 3: Productivity disconnected from wage gains Chart 4: Interconnected investor risks from inequality 118 Labour productivity 115 index 112 109 106 103 Real wage index 100 Source: ILO Source: WEF Chart 5: Lifestyle emissions tied to inequality Chart 6: Staff costs adjusting in VA distribution of banks 60% 150% 40% 100% 20% 0% 50% -20% -40% 0% Tax / Op. Profit Investment / Op. Profit Dividends / Op. Profit Staff costs / Added Value eq. (RHS) Source: Oxfam Source: Kepler Cheuvreux 5 keplercheuvreux.com Social & Business Ethics Contents Kepler Cheuvreux Business Ethics Series 3 Thematic context in six charts 5 Stakeholders: inequality in their own words… 9 Executive summary 10 Banks 12 Consumer sectors 12 Healthcare 13 Extractives 13 Capital goods 13 Telecoms & ICT 14 Reduced inequality need not conflict with shareholder returns 15 Risks and opportunities overlap 16 An opportunity for asset owners 19 Responsible investment has a central place in Piketty’s R>G observation 20 Is there a fiduciary duty to reduce inequality? 20 Inequalities of wealth and income 22 US and UK inequality outliers among OECD countries 22 Lower-income households: greatest impact on inequality 23 Middle-class consumers: narrowing the gap 23 Negative impact on economic growth 25 “The rich are different from you and me…” 25 From minimum wages to living wages 26 Living wage: Motivating employees and shareholders? 27 The pay ratio: a metric for our times? 28 Broadening the context: inequality’s multiple forms 32 Income and social disparities: beyond economic indicators 32 Capturing intangibles: Social Progress index 32 Distributing value: a changing balance 34 Does corporate philanthropy still have a place? 34 Value-added distributions: Kepler Cheuvreux universe 37 Measuring net impacts: a framework 39 The inequality portfolio is a set of interlinked thematics 39 Enabling social mobility and human capital 42 Automation creates value but also extremes of wealth 42 6 keplercheuvreux.com Social & Business Ethics Non-standard work in low-paid sectors 43 Education and training - the key to social mobility 43 Diversity - casting the widest net for talent 44 Youth opportunity and long-term human capital impact 45 Business ethics, misconduct and socio-economic impacts 49 Snowball effects of systemic impacts resulting from misconduct on inequality 49 Accountability for transactions – lax KYC propels inequality 50 Tax minimisation – aggressive forms sustain wealth disparities 50 Corporate bribery: distributing wealth upwards 51 Squeezing the poor: anti-competitive behaviour 51 Tax: inequality’s pivot point 52 Income inequality increases business human rights risk 55 European migration: emerging risks 58 We follow the rules (that we make): influence and lobbying 61 Shareholders and unions: a shared concern? 63 Environmental impacts: unequal exposure 67 Resilience to climate change impact correlate to levels of inequality 71 Underserved and lower-income consumers 72 Low-cost products and the supply chain squeeze 72 Sector analysis 77 Private banking and luxury goods 77 Banks 78 Telecoms, ICT and the digital economy 89 Consumer sectors 94 Food & beverages 99 Healthcare 104 Extractives 112 Capital goods 119 Appendix 124 Investor engagement guide 125 Inequality Footprint Screening 126 Green Impact Universe 128 Research ratings and important disclosures 132 Legal and disclosure information 135 7 keplercheuvreux.com Social & Business Ethics 8 keplercheuvreux.com Social & Business Ethics Stakeholders: inequality in their own words… Bank Chief Executive Officers “There might be an Einstein or a Steve Jobs out there, and if we fail to give them a chance to realise their potential, it hurts our economy—and our society… we would like to see more collaboration between government and business. We’re all talking about improving income inequality and expanding opportunity…It is true that income inequality has kind of gotten worse…you can take the compensation of every CEO in America and make it zero and it wouldn’t put a dent into it.” Jamie Dimon, CEO, JP Morgan “It’s not a business issue. This is a moral and society issue. Businesses work on behalf of their shareholders with proper governance, regulated by a regulator. This is a broader society issue.” Morgan Stanley CEO, James Gorman ”We've done a better job in this country at creating wealth than we
Recommended publications
  • Competition and Regulation 2020

    Competition and Regulation 2020

    COMPETITION AND REGULATION • 2020 • COMPETITION AND REGULATION • Editorial board of the series • Pál Valentiny (chairman), Institute of Economics, Centre for Economic and Regional Studies Ferenc László Kiss (honorary editor in chief) Csongor István Nagy, University of Szeged Zombor Berezvai, Hungarian Competition Authority COMPETITION AND REGULATION • 2020 • Editors PÁL VALENTINY • ZOMBOR BEREZVAI • CSONGOR ISTVÁN NAGY INSTITUTE OF ECONOMICS CENTRE FOR ECONOMIC AND REGIONAL STUDIES Budapest • 2020 The publication of the Hungarian volumes had been financially supported by the Hungarian Competition Authority Editors Pál Valentiny • Zombor Berezvai • Csongor István Nagy Copyright © Institute of Economics Centre for Economic and Regional Studies, Budapest, 2020 ISSN 1789-9702 Published by: Institute of Economics Centre for Economic and Regional Studies 1097 Budapest, Tóth Kálmán utca 4. Online available at http://www.mtakti.hu/publikacio/publikacio-kategoria/ verseny-es-szabalyozas/ Publisher: Imre Fertő Copy editor: Anna Patkós Design, page layout: Anikó Környei CONTENTS FOREWORD 7 COMPETITION POLICY 11 Tünde Gönczöl • Antitrust hipsters and their critics 13 Gergely Csorba • Should European competition policy change in reaction to global challenges? Lessons from the Siemens–Alstom merger and its impact 43 Pál Valentiny • Market and government failures. The changing relationship between industrial policy and competition policy interventions 62 Borbála Tünde Dömötörfy – Barnabás Sándor Kiss – Judit Firniksz • Ostensible Dichotomy? By object and by effect restraints in EU competition law, with special regard to the Budapest Bank case 91 Csongor István Nagy • Why is leniency policy less effective in Hungary: is there a regulatory answer? 115 REGULATION 131 Zombor Berezvai • The impact of retail regulation on consumer prices 133 Zoltán Pápai – Péter Nagy • Dancing with hands and feet tied.
  • FINANCE Offshore Finance.Pdf

    FINANCE Offshore Finance.Pdf

    This page intentionally left blank OFFSHORE FINANCE It is estimated that up to 60 per cent of the world’s money may be located oVshore, where half of all financial transactions are said to take place. Meanwhile, there is a perception that secrecy about oVshore is encouraged to obfuscate tax evasion and money laundering. Depending upon the criteria used to identify them, there are between forty and eighty oVshore finance centres spread around the world. The tax rules that apply in these jurisdictions are determined by the jurisdictions themselves and often are more benign than comparative rules that apply in the larger financial centres globally. This gives rise to potential for the development of tax mitigation strategies. McCann provides a detailed analysis of the global oVshore environment, outlining the extent of the information available and how that information might be used in assessing the quality of individual jurisdictions, as well as examining whether some of the perceptions about ‘OVshore’ are valid. He analyses the ongoing work of what have become known as the ‘standard setters’ – including the Financial Stability Forum, the Financial Action Task Force, the International Monetary Fund, the World Bank and the Organization for Economic Co-operation and Development. The book also oVers some suggestions as to what the future might hold for oVshore finance. HILTON Mc CANN was the Acting Chief Executive of the Financial Services Commission, Mauritius. He has held senior positions in the respective regulatory authorities in the Isle of Man, Malta and Mauritius. Having trained as a banker, he began his regulatory career supervising banks in the Isle of Man.
  • Narrative Report on Panama

    Narrative Report on Panama

    NARRATIVE REPORT ON PANAMA PART 1: NARRATIVE REPORT Rank: 15 of 133 Panama ranks 15th in the 2020 Financial Secrecy Index, with a high secrecy score of 72 but a small global scale weighting (0.22 per cent). How Secretive? 72 Coming within the top twenty ranking, Panama remains a jurisdiction of particular concern. Overview and background Moderately secretive 0 to 25 Long the recipient of drugs money from Latin America and with ample other sources of dirty money from the US and elsewhere, Panama is one of the oldest and best-known tax havens in the Americas. In recent years it has adopted a hard-line position as a jurisdiction that refuses to 25 to 50 cooperate with international transparency initiatives. In April 2016, in the biggest leak ever, 11.5 million documents from the Panama law firm Mossack Fonseca revealed the extent of Panama’s involvement in the secrecy business. The Panama Papers showed the 50 to 75 world what a few observers had long been saying: that the secrecy available in Panama makes it one of the world’s top money-laundering locations.1 Exceptionally 75 to 100 In The Sink, a book about tax havens, a US customs official is quoted as secretive saying: “The country is filled with dishonest lawyers, dishonest bankers, dishonest company formation agents and dishonest How big? 0.22% companies registered there by those dishonest lawyers so that they can deposit dirty money into their dishonest banks. The Free Trade Zone is the black hole through which Panama has become one of the filthiest money laundering sinks in the huge world.”2 Panama has over 350,000 secretive International Business Companies (IBCs) registered: the third largest number in the world after Hong Kong3 and the British Virgin Islands (BVI).4 Alongside incorporation of large IBCs, Panama is active in forming tax-evading foundations and trusts, insurance, and boat and shipping registration.
  • Rural Depopulation and Public Service Provision In

    Rural Depopulation and Public Service Provision In

    RURAL DEPOPULATION AND PUBLIC SERVICE PROVISION IN GERMANY How is public service provision in depopulated, rural regions in Germany organized and what can be learned from good practices in this field? Bachelor Thesis Author: Anna Lou Dremel (s1089439) May, 2013 Supervisors: Gert-Jan Hospers Ann Morissens European Studies School of Management and Governance Rural depopulation and public service provision in Germany May, 2013 Abstract The topic of this paper is the organization of public service provision in rural regions in Germany that are facing a decrease in size and a change in structure of their population. The decrease in population is due to rural depopulation. Especially young people are moving away from villages to urban centers, looking for better job opportunities. The change in population comes from the demographic change. Higher life expectancies and lower birth rates lead to an increase in the average age and elderly people are in need of different infrastructure and services than are the young. As a consequence the provision of public services is harder to maintain for the state and is in need of adaptation to the changed requirements. To do so many innovative projects already exist, initiated, managed, financed and supported by different actors or through their cooperation. The main actors generally involved are state, market and civil society. Their relationship and shifts in responsibility are captured under 4 labels, socialization, privatization, active citizenship and social entrepreneurship. Public services are categorized into technical, retail, social and cultural infrastructure. For each type of infrastructure two projects are introduced. The paper is aiming at analyzing the organization of the projects regarding the actor involved and the strategy used and identifying certain patterns necessary for good transferability.
  • SIPS Transnational Partnership Sustainable Business Concepts for the Social Economy 2007

    SIPS Transnational Partnership Sustainable Business Concepts for the Social Economy 2007

    SIPS Transnational Partnership Sustainable Business Concepts for the Social Economy 2007 sharing identifying promoting supporting 1 2 SIPS CONFERENCE BOOK SIPS Transnational Partnership 3 SIPS Transnational Partnership ISBN 978-952-5716-02-3 ISBN 978-952-5716-04-7 (PDF) Layout and Cover Design: Markku Böök Published by SESF Development Partnership, VATES Foundation, Finland Printed by Savion Kirjapaino Oy, Finland, 2007 4 Contents Foreword ............................................................................. 7 Marjatta Varanka The Members of the Transnational Development Partnership..................................................... 8 Kari Karhu Business Models Described by the Working Groups ..................................... 11 Mike Berriman and Petra Dreyer Learning Points of the Study Visits ..................................... 21 Kari Karhu Expanding Values; A guide to Social Franchising in the Social Enterprise sector ............................................ 24 Toby Johnson, Keith Richardson and Guy Turnbull European Social Franchising Network................................. 52 Giovanna Maranzana Appendices ....................................................................... 55 1. Community Renewable Energy - Developing renewable energy and community profits ............................... 55 2. CAP Märkte - a chain of neighbourhood supermarkets employing disabled people ......................................................................... 58 3. Welfare Italia - the mark of good care, Comunità Solidali...........................
  • FIFA's Unintended Role in Illuminating Jurisdictional Gaps of International

    FIFA's Unintended Role in Illuminating Jurisdictional Gaps of International

    Brooklyn Journal of International Law Volume 41 Article 15 Issue 3 SYMPOSIUM: Reconsidering the Tax Treaty 2016 Free Kick: FIFA’s Unintended Role in Illuminating Jurisdictional Gaps of International Criminal Courts Travis L. Marmara Follow this and additional works at: https://brooklynworks.brooklaw.edu/bjil Part of the Criminal Law Commons, International Law Commons, and the Transnational Law Commons Recommended Citation Travis L. Marmara, Free Kick: FIFA’s Unintended Role in Illuminating Jurisdictional Gaps of International Criminal Courts, 41 Brook. J. Int'l L. (2016). Available at: https://brooklynworks.brooklaw.edu/bjil/vol41/iss3/15 This Note is brought to you for free and open access by the Law Journals at BrooklynWorks. It has been accepted for inclusion in Brooklyn Journal of International Law by an authorized editor of BrooklynWorks. FREE KICK: FIFA’S UNINTENDED ROLE IN ILLUMINATING JURISDICTIONAL GAPS OF INTERNATIONAL CRIMINAL COURTS “There can be no peace without justice, no justice without law and no meaningful law without a Court to decide what is just and lawful under any given circumstance.”1 INTRODUCTION he Fédération Internationale de Football Association T(FIFA) is more than just the governing body of the world’s most popular sport.2 For perspective, the organization has more member associations than the General Assembly of the United Nations.3 Due to the popularity of soccer,4 FIFA yields almost limitless power, and its position in the international community allows it to influence matters outside of the sport.5 In fact, FIFA itself proclaims: “[W]e have a responsibility that goes beyond the development of football and the organisation of our competitions.
  • S.-E. Bärsch, Taxation of Hybrid Financial Instruments and the Remuneration Derived Therefrom in an International and Cross-Bor

    S.-E. Bärsch, Taxation of Hybrid Financial Instruments and the Remuneration Derived Therefrom in an International and Cross-Bor

    Annex S.-E. Ba¨rsch, Taxation of Hybrid Financial Instruments and the Remuneration 325 Derived Therefrom in an International and Cross-border Context, DOI 10.1007/978-3-642-32457-4, # Springer-Verlag Berlin Heidelberg 2012 Table A.1 Tax treaties concluded between EEA/EU/OECD member states up to 2011a EEA/EU/OECD member states AT AU BE BG CA CH CL CY CZ DE DK EE ES FI FR GR HU IE IT JP KR LT LU LV MT MX NL NO NZ PL PT RO SK SL SW TR UK US EEA/EU/ AT xxxxx—xxxxxxxxxxxxxxxxxx xxxxxxxxxxxxx OECD AU x x—x x——xx x—xxx—xxxxx———xx x x xx—xx—x—x x member BE xx xxxxxxxxxxxxxxxxxxxxxx x xxxxxxxxxxxx states BG x—x x x—xxx x xxxxx xxxxxxx x x—x x—xxx xx x x x x CA xxxx xxxxxxxxxxxxxxxxxxxx x xxxxxxxxx—xx CH xxxxx x—xxxxxxxxxxxxxxxx—xxxxxxxxxx—xx CL —— x — x x ———x —x—x——x——x———— x — x x x x———x — x — CY x—x x x—— x x x———xx xxx—————x ——x—x—x xx x—x x CZ xxxxxx—x xxxxxxxxxxxxxxxx xxxxxxxxxxxxx DE xxxxxx—xx xxxxxxxxxxxxxxx xxxxxxxxxx—xx DK xxxxxxxxxx xxx—xxxxxxxxxx x xxxxxxxxxxxx EE x—xxxx——xxx xxxxxxx—xxxxx—xx—xxxxxxxxx ES xxxxxxx—xxxx xxxxxxxxxxxx xxxxxxxxxxxxx FI xxxxxx——xxxxx xxxxxxxxxxx xxxxxxxxxxxxx FR xxxxxxxxxx—xxx xxxxxxxxxx x xxxxxxxxxxxx GR x—xxxx—xxxxxxxx xxx—xxxxx xxx—xxxxxxxxx HU xxxxxx—xxxxxxxxx xxxxxxxx—xx—xxxxxxxxx IE xxxxxxxxxxxxxx—xx xxxx—xx x xxxxxxxxxxxx IT xxxxxx—xxxxxxxxxxx xxxxxx x xxxxxxxxxxxx JP x x x x x x——x x x—xxx—xxx x—x——x x x x x—x x—x x x x KR x x x x x x x—x x x xxxx x xxxx x x x x x x x x xx x x x x x x x LT x—xxxx——xxxxxxxxxxx—x xxx—xx—xxxxxxxxx LU x—xxxx——xxxxxxxxxxxxxx xx x xx—xxxxxxxxx LV x—xxxx——xxxxxxxxxxx—xxx
  • Will Tax Havens Survive in the New International Legal Environment? A

    Will Tax Havens Survive in the New International Legal Environment? A

    View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by RMIT Research Repository Will Tax Havens Survive in the New International Legal Environment? A thesis submitted in fulfilment for the degree of Doctor of Philosophy John Andrew McLaren LL.B. (Tas), MBA (Mon), LL.M (Mon) Graduate School of Business and Law College of Business RMIT University December 2010 DECLARATION I certify that: Except where due acknowledgement has been made, this thesis is mine alone. The work has not been submitted previously, in whole or part, to qualify for any other academic award. The content of the thesis is the result of work that has been carried out since the official commencement date of the approval of the research programme. John Andrew McLaren ii ACKNOWLEDGEMENTS The author wishes to thank Professor Margaret Jackson, the principal supervisor, for her wise counsel, diligence, patience and forbearance. In particular, Professor Jackson has provided encouragement, support and mentoring all needed to complete this thesis. I would also like to acknowledge the support and encouragement provided to me by Dr Tom Rowles, Professor Clive Morley, David Jones and John Passant. I acknowledge the professional assistance provided to me by Barbara Stubbs from Rockhampton for her work in standardizing the headings throughout the thesis, compiling the table of contents, the production of the bibliography, and general editorial support. The following chapters of the thesis have been published as follows: Chapter seven was published as: John McLaren, ‘The Distinction between Tax Avoidance and Tax Evasion has become blurred in Australia: Why has it happened? (2008) 3(2) Journal of the Australasian Tax Teachers Association 141 .
  • TAX HAVENS: Yesterday, Today and Tomorrow

    TAX HAVENS: Yesterday, Today and Tomorrow

    TAX HAVENS: Yesterday, today and tomorrow. JOSÉ LUIS NEBOT RODRÍGUEZ [email protected] 2016/2017 TUTORA: MARÍA JESÚS MUÑOZ-TORRES 1 INDEX SUMMMARY. .3 INTRODUCTION . 4 ORIGIN OF TAX HAVENS . 7 When and where they appeared. Why did they appear? EVOLUTION OF TAX HAVENS . .8 Expansion. Role in wars and interwar period Role in global economy WHY DO THEY STILL EXIST AND DON’T DISAPPEAR? . 20 Government backing. CONCLUSION . 23 BIBLIOGRAPHY . .25 2 SUMMARY: Tax havens have existed since tax existed, for this they have always gone hand in hand. Evading tax has, since the times of greeks and romans, been a worry and will for individuals; recently companies have also fallen into this. Tax havens have been a refuge for wealth in times of uncertainty and have found in capitalism an ally to grow and expand. The aim is to review the birth, evolution and survival of tax havens; the characteristics that have allowed them to evolve and survive are worth mentioning and studying. Furthermore, it is of significant importance exploring the different entities supporting and backing tax havens. KEY WORDS: Tax heaven Offshore banking Finance Lobbying Capital mobility 3 INTRODUCTION: Taxation has always been something both individuals and institutions have been looking to avoid; for centuries in fact, tax havens have existed to ease and able this. However, this is not the only reason why they have existed, exist and will exist. During periods of high political and economic instability, money was moved and deposited in tax heavens for both economic and physical safety. Tax havens can be thought of countries, cities, islands or offshore regions where impositions are lower or even inexistent.
  • Panama Papers Expose Latin America’S Networks of Financial Secrecy Johanna Marris

    Panama Papers Expose Latin America’S Networks of Financial Secrecy Johanna Marris

    University of New Mexico UNM Digital Repository NotiSur Latin America Digital Beat (LADB) 5-6-2016 Panama Papers Expose Latin America’s Networks of Financial Secrecy Johanna Marris Follow this and additional works at: https://digitalrepository.unm.edu/notisur Recommended Citation Marris, Johanna. "Panama Papers Expose Latin America’s Networks of Financial Secrecy." (2016). https://digitalrepository.unm.edu/notisur/14423 This Article is brought to you for free and open access by the Latin America Digital Beat (LADB) at UNM Digital Repository. It has been accepted for inclusion in NotiSur by an authorized administrator of UNM Digital Repository. For more information, please contact [email protected]. LADB Article Id: 79973 ISSN: 1060-4189 Panama Papers Expose Latin America’s Networks of Financial Secrecy by Johanna Marris Category/Department: Region Published: 2016-05-06 The International Consortium of Investigative Journalists (ICIJ) will release on May 9 a full, interactive database consisting of 11.5 million documents from the Panamanian law firm Mossack Fonseca. The clients named in the database, who were exposed by media outlets across the world on April 3 (SourceMex, Apr. 13, 2016), have been the subject of a scandal that has revealed the extent of politicians’ involvement in the offshore financial industry. The anonymous leak to the ICIJ contains evidence of more than 214,000 offshore companies created by Mossack Fonseca for its clients since the firm was founded in Panama City in 1977. In the documents, 140 politicians from more than 50 countries are connected with offshore companies. The scandal has led to resignations of top ministers and the launch of investigations into many other public figures.
  • International Financial Transparency

    International Financial Transparency

    Working Paper 17/2020 29 July 2020 International financial transparency Aitor Pérez International financial transparency Working Paper 17/2020 - 29/7/2020 - Elcano Royal Institute International financial transparency Aitor Pérez | Senior Research Fellow, Elcano Royal Institute | @aitor_ecoper Index Summary........................................................................................................................... 2 Introduction ....................................................................................................................... 3 (1) History and definition of financial transparency .......................................................... 4 The origins of financial transparency: the fight against drug trafficking ....................... 4 Raising awareness of certain risks of financial globalisation ....................................... 7 The blacklist of tax havens ........................................................................................... 7 9/11 and financial transparency .................................................................................... 7 The agenda against corruption and the recovery of public assets .............................. 8 Tax information in times of crisis .................................................................................. 8 The Financial Transparency Coalition .......................................................................... 9 Illicit financial flows and the 2030 agenda .................................................................
  • Mergers & Acquisitions

    Mergers & Acquisitions

    Mergers & Acquisitions 201 Seventh Edition 8 Editors: Michael E. Hatchard & Scott V. Simpson GLOBAL LEGAL INSIGHTS – MERGERS & ACQUISITIONS 2018, SEVENTH EDITION Editors Michael E. Hatchard (Retired Partner), Skadden, Arps, Slate, Meagher & Flom (UK) LLP Scott V. Simpson, Skadden, Arps, Slate, Meagher & Flom (UK) LLP Production Editor Andrew Schofi eld Senior Editors Suzie Levy Caroline Collingwood Group Consulting Editor Alan Falach Publisher Rory Smith We are extremely grateful for all contributions to this edition. Special thanks are reserved for Michael E. Hatchard & Scott V. Simpson for all of their assistance. Published by Global Legal Group Ltd. 59 Tanner Street, London SE1 3PL, United Kingdom Tel: +44 207 367 0720 / URL: www.glgroup.co.uk Copyright © 2018 Global Legal Group Ltd. All rights reserved No photocopying ISBN 978-1-912509-10-2 ISSN 2048-6839 This publication is for general information purposes only. It does not purport to provide comprehensive full legal or other advice. Global Legal Group Ltd. and the contributors accept no responsibility for losses that may arise from reliance upon information contained in this publication. This publication is intended to give an indication of legal issues upon which you may need advice. Full legal advice should be taken from a qualifi ed professional when dealing with specifi c situations. The information contained herein is accurate as of the date of publication. Printed and bound by CPI Group (UK) Ltd, Croydon, CR0 4YY May 2018 CONTENTS Preface Michael E. Hatchard & Scott V. Simpson Austria Hartwig Kienast, Horst Ebhardt & Jiayan Zhu, Wolf Theiss Rechtsanwälte GmbH & Co KG 1 Belgium Christel Van den Eynden & Wim Dedecker Liedekerke Wolters Waelbroeck Kirkpatrick 7 Bolivia Jorge Luis Inchauste & José Carlos Bernal, Guevara & Gutiérrez S.C.