Tax footprint

Sampo Group is committed to compliance with the spirit as well as the letter of the tax laws and regulations in the countries in which it has operations. The Group acts transparently and responsibly in all tax matters and works closely with the tax authorities to ensure all tax payments are fair and follow legislation. The Sampo Group Code of Conduct provides the group-level guidance principles regarding taxes. The Code of Conduct is reviewed annually and approved by Sampo’s Board of Directors.

Tax matters are embedded in Sampo Group’s finance function and are, therefore, within the responsibility of the Group CFO. The Group CFO informs the Board of key strategic tax topics when necessary. The day-to-day responsibility for tax-related matters is upheld by the individual Group companies and their finance and tax specialists. Furthermore, internal governance models, mandatory legal and regulatory requirements, and supervision carried out by the financial supervisory authorities ensure that Sampo Group maintains a high level of tax compliance.

Sampo Group’s approach to tax risk management is consistent with and embedded in overall risk management. The Group actively identifies, assesses, monitors, and manages tax risks to ensure that they remain in line with the business and strategic objectives, taking into account the company’s appetite towards tax risks. Sampo Group can face reputational risks, operational risks, and business risks if it fails to pay its taxes effectively and accurately.

Sampo Group supports the work at national and international level for a better and fairer tax system, to improve the balance between the various interests of society, politics, and business. The Group companies are members of various industry associations (e.g. Finance Finland, Insurance Sweden, Finance Norway, Insurance and Pension Denmark, the Confederation of Finnish Industries, and Association of British Insurers). Sampo Group seeks to influence policy and legislation and engage in dialogue regarding taxes primarily through active participation in the work of industry associations.