Tax revenues are a central part of a well-functioning society and a foundation for, among other things, well-functioning welfare, education, climate adaption and environmental protection. This applies in countries with both a high and a lower standard of living. 

We therefore focus on ensuring that both we and the companies that we invest in pay the correct amount of tax. Neither more, nor less. 

As a pension fund, we must obviously avoid double taxation which would be detrimental to the returns on our members' pensions. But no investment structure in which P+ participates should be arranged for the purpose of aggressive tax planning. 

We are in ongoing dialogue with listed companies about tax. And before we invest in so-called alternative investments such as infrastructure, real estate and unlisted equities, we assess whether the fund's structure is set up responsibly and whether it complies with our principles. Among other things, we do not invest in holding companies that are registered or tax-liable in countries on the OECD's or the EU's lists of countries that do not comply with standards for fair taxation and exchange of information.

To verify whether the funds subsequently comply with our principles, we conduct regular spot checks. This involves checking both the company structure and the tax documentation underlying a fund manager's investment in a company or property.