Action Aid has a new report out this morning detailing the tax haven subsidiaries of FTSE 100 companies, building on work first done here. The full list is as follows (formatted by the Guardian):
|
FTSE100 company
|
Sector
|
Total number of offshore companies
|
Number of companies in tax havens
|
% of companies in tax havens
|
|---|---|---|---|---|
|
The composition of the FTSE100 changes regularly. This data is based on the index as it was composed on 26 July 2011. Since that date, two groups have been replaced in the official index. Source: ActionAid UK 2011
|
||||
| 3I GROUP | INVESTMENT & FINANCE | 124 | 25 | 20.16% |
| ADMIRAL GROUP | INSURANCE | 20 | 2 | 10.00% |
| AGGREKO | SUPPORT SERVICES | 56 | 14 | 25.00% |
| AMEC | OIL & GAS | 123 | 25 | 20.33% |
| ANGLO AMERICAN | MINING | 833 | 201 | 24.13% |
| ANTOFAGASTA | MINING | 73 | 16 | 21.92% |
| ARM HOLDINGS | MANUFACTURING | 26 | 7 | 26.92% |
| ASSOCIATED BRITISH FOODS | FOOD & DRINK | 453 | 105 | 23.18% |
| ASTRAZENECA | PHARMACEUTICAL & CHEMICAL | 255 | 53 | 20.78% |
| AUTONOMY CORPORATION | SOFTWARE | 77 | 16 | 20.78% |
| AVIVA | INSURANCE | 374 | 83 | 22.19% |
| BAE SYSTEMS | ENGINEERING | 509 | 122 | 23.97% |
| BARCLAYS | BANKS | 1,069 | 297 | 27.78% |
| BG GROUP | OIL & GAS | 300 | 62 | 20.67% |
| BHP BILLITON | MINING | 452 | 102 | 22.57% |
| BP | OIL & GAS | 1,568 | 556 | 35.46% |
| BRITISH AMERICAN TOBACCO | TOBACCO | 731 | 181 | 24.76% |
| BRITISH SKY BROADCASTING GROUP | MEDIA | 110 | 24 | 21.82% |
| BT GROUP | UTILITIES | 572 | 142 | 24.83% |
| BURBERRY GROUP | RETAILERS | 93 | 20 | 21.51% |
| CAIRN ENERGY | OIL & GAS | 80 | 17 | 21.25% |
| CAPITAL SHOPPING CENTRES GROUP | REAL ESTATE | 138 | 27 | 19.57% |
| CARNIVAL | TRAVEL & LEISURE | 85 | 17 | 20.00% |
| CENTRICA | UTILITIES | 268 | 62 | 23.13% |
| COMPASS GROUP | SUPPORT SERVICES | 597 | 144 | 24.12% |
| DIAGEO | FOOD & DRINK | 430 | 98 | 22.79% |
| ESSAR ENERGY | OIL & GAS | 51 | 10 | 19.61% |
| EURASIAN NATURAL RESOURCES CORPORATION | MINING | 163 | 28 | 17.18% |
| EXPERIAN | SUPPORT SERVICES | 20 | 7 | 35.00% |
| FRESNILLO | MINING | 14 | 0 | 0.00% |
| G4S | SUPPORT SERVICES | 737 | 184 | 24.97% |
| GKN | ENGINEERING | 221 | 44 | 19.91% |
| GLAXOSMITHKLINE | PHARMACEUTICAL & CHEMICAL | 420 | 97 | 23.10% |
| GLENCORE INTERNATIONAL | MINING | 46 | 10 | 21.74% |
| HAMMERSON | REAL ESTATE | 250 | 50 | 20.00% |
| HARGREAVES LANSDOWN | INVESTMENT & FINANCE | 13 | 0 | 0.00% |
| HSBC | BANKS | 1,528 | 537 | 35.14% |
| ICAP | INVESTMENT & FINANCE | 264 | 59 | 22.35% |
| IMI | ENGINEERING | 268 | 60 | 22.39% |
| IMPERIAL TOBACCO GROUP | TOBACCO | 388 | 92 | 23.71% |
| INMARSAT | WIRELESS TELECOMMUNICATIONS SERVICES | 72 | 16 | 22.22% |
| INTERCONTINENTAL HOTELS GROUP | TRAVEL & LEISURE | 254 | 53 | 20.87% |
| INTERNATIONAL AIRLINES GROUP | TRAVEL & LEISURE | 54 | 12 | 22.22% |
| INTERNATIONAL POWER | UTILITIES | 488 | 108 | 22.13% |
| INTERTEK GROUP | SUPPORT SERVICES | 203 | 38 | 18.72% |
| INVESTEC | INVESTMENT & FINANCE | 314 | 71 | 22.61% |
| ITV | MEDIA | 238 | 45 | 18.91% |
| J SAINSBURY | RETAILERS | 89 | 20 | 22.47% |
| JOHN WOOD GROUP | OIL & GAS | 30 | 7 | 23.33% |
| JOHNSON MATTHEY | PHARMACEUTICAL & CHEMICAL | 107 | 21 | 19.63% |
| KAZAKHMYS | MINING | 62 | 15 | 24.19% |
| KINGFISHER | RETAILERS | 187 | 31 | 16.58% |
| LAND SECURITIES GROUP | REAL ESTATE | 322 | 79 | 24.53% |
| LEGAL & GENERAL GROUP | INSURANCE | 186 | 30 | 16.13% |
| LLOYDS BANKING GROUP | BANKS | 1,525 | 455 | 29.84% |
| LONMIN | MINING | 62 | 14 | 22.58% |
| MAN GROUP | INVESTMENT & FINANCE | 127 | 26 | 20.47% |
| MARKS AND SPENCER GROUP | RETAILERS | 131 | 27 | 20.61% |
| NATIONAL GRID | UTILITIES | 309 | 68 | 22.01% |
| NEXT | RETAILERS | 46 | 9 | 19.57% |
| OLD MUTUAL | INSURANCE | 639 | 150 | 23.47% |
| PEARSON | MEDIA | 411 | 95 | 23.11% |
| PETROFAC INC. | OIL & GAS | 85 | 19 | 22.35% |
| PRUDENTIAL | INSURANCE | 543 | 136 | 25.05% |
| RANDGOLD RESOURCES | MINING | 38 | 8 | 21.05% |
| RECKITT BENCKISER GROUP | HOUSEHOLD PRODUCTS | 211 | 38 | 18.01% |
| REED ELSEVIER GROUP | MEDIA | 548 | 139 | 25.36% |
| RESOLUTION | INSURANCE | 20 | 4 | 20.00% |
| REXAM | SUPPORT SERVICES | 306 | 63 | 20.59% |
| RIO TINTO | MINING | 799 | 196 | 24.53% |
| ROLLS-ROYCE GROUP | ENGINEERING | 323 | 79 | 24.46% |
| ROYAL DUTCH SHELL | OIL & GAS | 1,276 | 390 | 30.56% |
| RSA INSURANCE GROUP | INSURANCE | 220 | 43 | 19.55% |
| SABMILLER | FOOD & DRINK | 367 | 83 | 22.62% |
| SCHRODERS | INVESTMENT & FINANCE | 158 | 27 | 17.09% |
| SCOTTISH AND SOUTHERN ENERGY | UTILITIES | 247 | 48 | 19.43% |
| SERCO GROUP | SUPPORT SERVICES | 118 | 24 | 20.34% |
| SEVERN TRENT | UTILITIES | 100 | 20 | 20.00% |
| SHIRE | PHARMACEUTICAL & CHEMICAL | 102 | 20 | 19.61% |
| SMITH & NEPHEW | MANUFACTURING | 160 | 27 | 16.88% |
| SMITHS GROUP | ENGINEERING | 261 | 55 | 21.07% |
| STANDARD CHARTERED | BANKS | 317 | 74 | 23.34% |
| STANDARD LIFE | INSURANCE | 190 | 34 | 17.89% |
| TATE & LYLE | FOOD & DRINK | 120 | 25 | 20.83% |
| TESCO | RETAILERS | 575 | 143 | 24.87% |
| THE BRITISH LAND COMPANY | REAL ESTATE | 675 | 171 | 25.33% |
| THE CAPITA GROUP | SUPPORT SERVICES | 359 | 80 | 22.28% |
| THE ROYAL BANK OF SCOTLAND GROUP | BANKS | 1,303 | 406 | 31.16% |
| THE SAGE GROUP | SOFTWARE | 180 | 30 | 16.67% |
| THE WEIR GROUP | ENGINEERING | 194 | 35 | 18.04% |
| TULLOW OIL | OIL & GAS | 75 | 16 | 21.33% |
| UNILEVER | HOUSEHOLD PRODUCTS | 696 | 172 | 24.71% |
| UNITED UTILITIES GROUP | UTILITIES | 106 | 21 | 19.81% |
| VEDANTA RESOURCES | MINING | 62 | 16 | 25.81% |
| VODAFONE GROUP | WIRELESS TELECOMMUNICATIONS SERVICES | 387 | 90 | 23.26% |
| WHITBREAD | TRAVEL & LEISURE | 250 | 51 | 20.40% |
| WM MORRISON SUPERMARKETS | RETAILERS | 85 | 19 | 22.35% |
| WOLSELEY | MANUFACTURING | 41 | 9 | 21.95% |
| WPP | MEDIA | 2,686 | 611 | 22.75% |
| XSTRATA | MINING | 378 | 84 | 22.22% |
| Totals | ||||
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The basic conclusion to be drawn here is: “they’re all at it”.
Although I could infer some commercial justification for many of these companies having tax haven operations (even if not the scale), I wonder why WPP needs such a huge number. Small wonder it has been such an outstandingly and vociferously bad UK corporate citizen when it comes to tax obligations.