The Devro group of companies (we, Devro, the Group) strives to comply with both the spirit and the letter of all relevant tax laws and regulations in the countries where it operates, and it is committed to a transparent and open approach to reporting on tax. Our policy is to file all tax returns on time, and to pay tax as it falls due.
The Group has a low risk tolerance for uncertain tax positions in the jurisdictions in which it operates. We do not undertake any aggressive or unreasonable tax planning schemes for the purpose of tax avoidance, and broadly aim to align tax payments to revenue generation. We do not knowingly help others avoid their tax obligations.
Devro’s approach is to develop open and straightforward relationships with the tax authorities in the jurisdictions in which it trades, including the HMRC in the UK.
Our commitments on taxation are enshrined in both our Global Business Conduct Statement and Business Conduct Policy to which managers across the business must verify their compliance on an annual basis. Tax is a regular agenda item for the Audit Committee, which meets four times a year, and reports to the main Board. Tax compliance risks are managed through the Group’s risk management framework, overseen by its Risk Committee, and supported by its global Finance function.
This tax strategy has been prepared in accordance with the requirements of section 161 of the UK’s Finance Act 2016 and of subordinate legislation (collectively the Legislation). Our ultimate parent company, Devro plc, considers this strategy to meet its responsibilities under the Legislation for the financial year ending 31 December 2020.