Our approach to tax is based on these principles:
- DNV is dependent upon society’s trust
- DNV shall not participate in tax planning or financial transactions which can damage this trust
- DNV is to comply with the letter and spirit of tax law in all countries in which we operate
- All Group company transactions are to be made on an arm’s length basis as set out under the OECD Guidelines
- Tax cost and risk assessments are to be integrated in all core business considerations, both strategic and in day-to-day operations
- DNV is committed to being fully compliant with tax laws in the countries that we operate and will provide sufficient information and economic context when reporting to and negotiating with tax authorities.
Tax governance, control and risk management
Tax is an integral part of the broader regulatory compliance landscape, and we aim to manage tax and other regulatory topics in a consistent and holistic manner in line with our strategy. This ensures efficiency and transparency across different legal domains and different parts of our organization.
DNV’s Group Tax team reports to DNV’s CFO, and is responsible for the governance of our strategic and compliance-related tax management.
Tax matters are governed at Group Tax level and managed by Global Shared Services Tax. Both functions interact closely with our business areas.
Group Tax is involved in any process that may affect DNV’s legal structure or taxable presence. This may include the introduction of new services or products, changes in operational business or funding models or relocation of functions.
We have global processes in place for tax, including bidding and contracting, reporting, controversy management, mergers and acquisitions and legal restructuring. These are embedded in our enterprise management framework, which aims to ensure that all legal entities and all transactions are regulatorily compliant and effective in enabling and carrying out business operations.
We actively work to be up to date and aligned with leading organizations in this area, such as Norges Bank Investment Management.
This policy was last updated March 2024, and is generally reviewed every year.