On 14th June 2021, Ethical Consumer viewed a list of Olam International Limited's subsidiaries on the D&B Hoovers corporate database.
This showed that the company had multiple subsidiaries in jurisdictions considered by Ethical Consumer to be tax havens at the time of writing. Ethical Consumer disregarded the fact that the company had its UHC and subsidiaires in Singapore, considered to be a tax haven, because Olam was a Singaporean company.
Two of these were holding companies, which was considered a high-risk company type for likely use of tax avoidance, including:
tt Timber International AG in Switzerland
Olam Holdings B.V. in the Netherlands
No country-by-country reporting could be found. A UK Tax Strategy was found which was dated 2018.
However, this was not considered to be adequate, as it did not appear that the company had provided a clear public tax statement confirming that it was this company’s policy not to engage in tax avoidance activity nor 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 how it is not being used for purposes of tax minimisation. It also specifically only referred to Olam's UK tax policies.
Overall, Olam International Limited received a Worst Ethical Consumer rating for likely use of tax avoidance strategies and lost a whole mark in the Tax Conduct category.