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Greensill Tax Strategy Report
31st December 2019
High level overview
Greensill specialises in providing effective and comprehensive working capital solutions to corporates globally. We are focused on having the broadest and most robust sources of capital, leveraging technology and data to develop innovative finance solutions and partnering with leading electronic platforms.
Tax strategy statement
“Greensill was formed on the simple belief that access to working capital should be easier, better priced and more readily available”
Greensill exists to help provide working capital solutions to different sized businesses around the globe, confronting our clients’ greatest needs to create new and innovative solutions to seemingly insurmountable challenges. This operating model has grown at a considerable pace and has led to Greensill becoming a market leading provider of working capital finance.
Wherever we intend to expand our operations, Greensill seeks and obtains appropriate tax advice in each related territory. We are committed to properly managing our reporting requirements, to act in accordance with the relevant tax laws and regulations in each territory and to pay the correct amounts of tax when it is rightly required. This is managed from Greensill’s operations in the UK.
This tax strategy statement sets out how Greensill’s UK tax affairs (and those of the global group) are managed. This statement has been approved by the Directors and is subject to periodic review, and is published in accordance with the requirement under Section 161 and paragraph 16(2) Schedule 19 of the UK Finance Act 2016 for the year ended 31 December 2019.
“Changing finance to change the world”
In line with our strategy to help support business globally, Greensill always seek to treat the relevant jurisdictions in which we operate equally. Greensill will always aim to fulfil our commitment to pay the right amount of tax, at the right rate, in the right place and at the right time.
Greensill seeks to ensure that our engagement with HMRC (and other relevant tax authorities) is professional, open and honest, and undertaken in the spirit of cooperation. We aim to make fair, accurate and timely disclosure of all tax returns and correspondence for all the territories that we operate in.
Greensill is committed to making full disclosure to HMRC (and other relevant tax authorities of any inadvertent errors or omissions that are discovered in our tax filings in a timely manner.
Greensill’s wider operations facilitate transactions across the globe. When undertaking these transactions our approach is to be tax compliant and to operate in a tax efficient manner; Greensill does not engage in artificial tax arrangements lacking economic or commercial substance.
“Unlocking capital so that the world can put it to work”
Our Head of Tax has overall responsibility for the oversight and management of the tax affairs of Greensill on a group-wide basis and is responsible for reporting to the Group Finance Director and Board regarding tax compliance and material tax uncertainties.
We aim to maintain robust controls and procedures in line with the following criteria:
- Greensill’s policies regarding tax compliance and strategy are authorised by the Board;
- The key policy document used by Greensill is our ‘terms of reference’ which is reviewed periodically;
- Our Risk Committee has been appointed to identify monitor and manage key business risks, including those that are tax-related.
- Day-to-day management of the Greensill’s tax affairs are delegated to Greensill’s Head of Tax and her team, who report directly to the Board.
- Specialist tax advice is sought where appropriate.
Greensill is only ever prepared to accept as much risk as our Risk Committee determine to be appropriate. The Board and audit committee receive reports on all significant tax matters and developments.
Greensill Capital Modern Slavery Act 2015 Statement
for year ending 31 December 2019
This statement is made pursuant to Section 54 of the Modern Slavery Act 2015 on behalf of Greensill Capital (UK) Limited (“Greensill”), to whom the requirements apply.
Greensill is the market-leading provider of working capital finance for companies globally. Greensill uses the financial markets to unlock capital on terms that fit the requirements of our clients.
As a business we are committed to operating responsibly and to the highest standards of ethics and integrity. Greensill does not tolerate any form of slavery, human trafficking or other similar work environments or practices and is committed to maintaining and improving the processes it has in place to help ensure that these abuses do not occur in its own operations.
We also expect the same high standards from our contractors, suppliers and other business partners – we will not work with anyone or organisation that has been or is found to be knowingly involved in modern slavery.
Globally, Greensill has continued its efforts on raising awareness around Environmental, Social and Governance concerns within the organisation. Under the Board’s oversight, we have started to implement a reputational risk framework to ensure appropriate concerns are highlighted and escalated to senior management. Any credible allegations regarding clients and third parties are investigated and will be reported under this framework.
Greensill is strengthening its procurement approach to the engagement of suppliers and service providers through a consistent assessment process. Looking forward, Greensill will investigate introducing clauses relating to modern slavery and human trafficking in supplier contracts. As part of our client due diligence process, our Financial Crime teams undertake due diligence exercises on client relationships which incorporate negative media checks.
Greensill has committed to investment in its support areas across the three lines of defence to ensure that our policies and procedures are appropriately developed and communicated to all relevant staff. During 2019, the Whistleblowing policy was implemented to ensure employees have an independent escalation process to speak up.
This statement was approved on the behalf of the Greensill Board of Directors by: Al Eadie
Date: 2nd January 2020.