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OSLO, April 7 Norway's $915 billion sovereign
wealth fund, the world's biggest, called on Friday for companies
around the world to be more transparent about their tax
Norwegian lawmakers last year ordered the fund, which
invests the proceeds of Norway's vast offshore oil and gas
production, to be more involved in global efforts to combat tax
Norges Bank Investment Management (NBIM), which runs the
fund, said that taxes should be paid where economic value is
generated, that a company's board is responsible for its tax
arrangements and that public country-by-country tax reporting is
a core element of transparency.
With stakes in about 9,000 companies globally, owning on
average 1.3 percent of all listed equities, the Norwegian fund
is among the world's most influential investors which from time
to time it publishes "expectations documents" in a bid to
influence corporate behaviour.
"The purpose of these expectations is to express how Norges
Bank Investment Management, as a financial investor, expects
multinational enterprises to exhibit appropriate, prudent and
transparent tax behaviour," it said of Friday's tax document.
(Reporting by Terje Solsvik and Camilla Knudsen; editing by
David Clarke and Alexander Smith)