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In December 2020 Ethical Consumer viewed the Hoovers family tree for NIBE Industrier AB. The company had several subsidiaries in jurisdictions considered tax havens by Ethical Consumer at the time of writing, which were considered at high risk of being used for tax avoidance strategies due to the company type. They were:

Backer Asia Limited, a holding company in Hong Kong.
SnowCliff AG and Schulthess Maschinen AG, holding companies in Switzerland.

An internet search using the search terms "Nibe tax policy statement country" found no country-by-country financial information or reporting (CBCR), nor clear public tax statement confirming that it was this company's policy not to engage in tax avoidance activity or to use tax havens for tax avoidance purposes, nor did the company provide a narrative explanation for what each group entity located in a tax haven is for, and why it is not being used for purposes of tax minimisation.

Given that Nibe had two or more high risk subsidiaries in jurisdictions on Ethical Consumer's tax haven list and no country-by-country financial information, adequate policy statement and narrative explanation, the company received Ethical Consumer's worst rating for likely use of tax avoidance strategies and lost a full mark under Anti-Social Finance.

Reference:

Generic Hoovers ref (2020)