Tax & Cost, Transparency & Fairness: Marathon Oil, Responsible Tax Practices

EOS has been engaging since 2021 with Marathon Oil to improve disclosure on taxes paid, in line with the Extractive Industries Transparency Initiative (EITI) and with a particular focus on its operations in Equatorial Guinea, a high human rights risk region. However, the company decided to end its stated support for the EITI initiative and exited the countries where the initiative is endorsed. While EOS questioned this decision, the company failed to reinstate its membership. In a meeting in 2023, EOS have asked the company to align its reporting with the GRI tax standard and disclose itemised payments to all governments at the national, state, and local levels. While the engagement so far hasn’t been promising, EOS will continue to push the company on responsible taxation.

At the time of publication (May 2024) Danone were held in our Passive Developed Equities and Passive Smart Beta Equities portfolios.