At the start of 2024 I took part in a webinar with the Fair Tax Foundation and Westminster Council to discuss why it’s important to consider tax when thinking more broadly about being a responsible business.
I’ll start by saying I’m not a tax expert – this webinar was much more about what being a responsible business is about and why it’s important to think about how a company behaves when it comes to its role in society. And our role in society is clear – we’re part of the infrastructure and our products contribute to our cities and towns. So investing in those cities and towns is crucial and that starts with paying our fair share of tax.
I’m proud to say that Marshalls has been accredited with the Fair Tax Mark since 2015. Having this accreditation means we pay the right amount of tax, at the right time, in the right place. We’re committed to transparency and having the Fair Tax Mark tells our stakeholders that we’re serious about being a responsible business.
Getting accreditation from the Fair Tax Foundation is not easy. It all starts with our annual financial accounts which are approved by external auditors. The accounts are then passed on to the Fair Tax Foundation who check that everything is in line with their expectations and accreditation criteria. It’s a rigorous process which is aligned to our overall disclosure and reporting strategy.
It’s also a great opportunity for us to receive feedback and ways to improve. And that’s really important to us. By going through the Fair Tax Mark accreditation process, we’re able to identify our areas for development and that acts as a roadmap for improvement for us.
There is so much more focus on corporate ethics and we think the Fair Tax Mark sets us apart. It helps build trust and credibility with our customers and investors, as well as partners and other stakeholders. It’s also an important message to our colleagues that we take our commitment to ethical practices seriously.
You can find more information on our sustainability initiatives page.