Approach to Tax - Being a Socially Responsible Taxpayer
Principal Financial Group, Inc. (“Principal”) has built an organizational reputation on the fundamental values of customer focus, employee empowerment, financial strength, and operational excellence. Acting with integrity is at the core, so the mantra “do the right thing” appropriately guides our approach to the organization’s management of global tax affairs.
The Principal Global Code of Conduct states: “We’re committed to transparency in our financial reports. Our reports and accompanying disclosures are truthful, complete, fairly presented, timely and understandable.” Consequently, Principal has adopted this Statement of Global Tax Policy and Principles of Conduct directly applicable to tax matters.
Principal is a socially responsible taxpayer embracing and enlisting organizational values to maintain a tax strategy striving to be tax compliant. Management of taxation is effectively delivered in a way to help customers achieve their financial goals, align with the long-term interests of stakeholders, and secure more sustainable societies. Further, although not addressed herein, products offered to customers are not knowingly provided to assist or encourage their abuse of tax laws and/or guidance thereunder.
Ultimately, paying the right amount of tax in all the right places is unquestionably critical to shaping a more secure and stable society for future generations. Therefore, Principal strives to be an ethical corporate tax citizen, paying its fair share of tax within the respective laws of each tax jurisdiction where business is conducted. This is achieved through the following approach.