Denmark’s Biggest Foundations Warn Asset Managers on Tax Tricks

Dec. 21, 2020, 1:32 PM

Denmark’s $62-billion Novo Nordisk Foundation has joined a growing number of major investors that say they will drop firms that exploit tax loopholes.

The foundation, which holds major stakes in Novo Nordisk and Novozymes, is among six of Denmark’s biggest foundations to have signed on to a “tax code of conduct” developed last year by the country’s pension industry in the wake of a series of scandals.

Read more: Funds With $270 Billion Warn Asset Managers to Clean Up Tax Act

The “growing coalition” will lend more clout to “our dialog with external asset managers and allow us to ...

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