Panama Papers: ESG rating agency monitors 24 banks

ESG rating agency Vigeo Eiris is monitoring closely 24 banks linked to the ‘Panama Papers’ case and will re‐evaluate their scores as much as necessary.

Those firms are listed as having created offshore companies in Panama for their clients through the law firm Mossack Fonseca.

“These events emphasise the need for external monitoring systems to address the tangibility of the information that companies publish on their own tax policies and tax payments, and that of their clients,” the ESG rating agency stated.

Also Vigeo Eiris, which examines listed banks’ ESG processes since 2007, stressed than less than one bank out of three reports publicly on internal procedures dedicated to the prevention of tax evasion.

Another observation is that less than one retail bank out of ten describes the measures taken to raise awareness among its clients against tax evasion.

“On the criteria “transparency of tax reporting and explanation of the company’s presence in offshore financial centers”, the banking sector’s average scores are weak: 39.8/100 for diversified banks in Europe and 29.3/100 in North America,” Vigeo Eiris noted.

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