Investors managing more than $350 billion in assets have demanded that Microsoft release more transparent tax and financial information, as the tech giants face increasing scrutiny over their tax affairs globally. world.
A shareholder resolution on tax transparency had been filed with Microsoft ahead of its annual investor meeting this year, said the action’s organizer, UK proxy advisers Pensions & Investment Research Consultants (PIRC).
Investors including Nordea, AkademikerPension and the Greater Manchester Pension Fund have backed the resolution, the PIRC said.
The resolution calls on the company to publish country-by-country financial and tax information outside of its home market of the United States so that investors can assess whether it pays fair taxes and identify the risks posed by tax reforms.
It also requires Microsoft to produce a tax transparency report that complies with the tax standard of the Global Reporting Initiative, a standards body.
A similar resolution has also been filed with tech giant Cisco, the PIRC said.
Investors voted on a tax transparency resolution at Amazon’s May investor meeting, but it and other investor-led resolutions failed to gain enough support to pass.
Microsoft and Cisco were not immediately available for comment.
(Reporting by Iain Withers; Editing by Bradley Perrett)