Company information
Schréder’s Tax Governance, Control and Risk management
The Group Tax Function proactively identifies, evaluates, and monitors potential tax risks and draws on the expertise of other departments that are committed to sharing knowledge and/or documentation on existing procedures and processes to enable the Group Tax Function to review, analyse, improve and/or correct said procedures and processes with the purpose of limiting or eliminating the risk of non-compliance. Schréder’s internal controls framework notably foresees an Approval Process for Intercompany Transactions that aims to review transactions from a tax, legal, financial, and accounting perspective and to proactively evaluate and prevent non-compliance. Schréder entities and managers are required to follow the Transaction Approval Process of the planned intercompany transactions before getting final approval from the management as well as throughout the implementation phase.
We intend to implement a robust tax risk management and governance framework Ultimate responsibility for tax strategy and compliance resides with the Board of Directors of Schréder SA, which ensures that the appropriate framework is in place to oversee the identification and management of tax risks. In line with the Group Tax policy, the day-to-day responsibility for Tax matters including compliance and tax risk management lies with the Group Finance and Tax Functions. The Group Finance and Tax Functions report to the Group Chief Financial Officer (CFO). The CFO is a member of the Schréder Executive Team with executive responsibility for tax matters. The CFO regularly informs the Audit Committee and the Board of Directors of Schréder SA about the group’s tax position, important tax matters including tax planning, tax controversies, significant tax return positions, etc.
The Group Tax Function also manages tax compliance and tax risks mitigation through frequent contacts and reviews with local finance departments and internal and external auditors. External advisors are consulted when deemed appropriate, for example, to ensure the Group pays the right amount of tax in relation to significant transactions, or where there is uncertainty in the interpretation of tax legislation. Compliance-related risks are also managed through reviews and audits performed by the Group’s Internal Audit Function (see section on Internal Audit).
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