Tax revenue is an important part of a well-run society and a foundation for i.a. an efficient welfare, education, climate adaption and environmental protection. This applies not only to countries with a high standard of living, but also countries with a somewhat lower standard of living. 

Accordingly, we focus on ensuring that both the pension fund and the companies that we invest in pay the correct tax. No more, no less. 

As a pension fund we must obviously avoid double taxation which will affect the return for the members' savings. But P+ does not engage in investment structures that are arranged for the purpose of aggressive tax planning. 

We are in dialogue with listed companies about tax on an ongoing basis. And before we invest in so-called alternative investments like infrastructure, real estate and unlisted shares, we assess if the fund's structure is set up responsibly, and if it complies with our principles. We invest i.a. not in holding companies that are registered or liable to pay tax in countries on the OECD's or the EU's lists of countries that do not comply with standards of fair taxation and exchange of information.

To ensure compliance with our principles, we conduct spot checks. This implies that we both control the company structure and the tax material underlying an investment manager's investment in a company or property.