A tax expert, Professor Richard Murphy from City, University of London has joined the Technical Committee of the Global Reporting Initiative (GRI) project.
He will provide expertise to develop new standards for the ways businesses report their payments to governments which will be incorporated into the GRI Standards.
According to GRI, there is increasing pressure on big organisations to reveal more about their payments to governments.
“Greater transparency can be one tool to help ensure public and stakeholder confidence that companies employ fair tax strategies and demonstrate their contributions to society in the regions where they operate”, stated the project proposal, which hopes to provide guidance that goes beyond any new legal rules.
Professor Murphy is credited as the creator of country-by-country reporting, which is now being promoted by the OECD to improve tax transparency for multinational corporations.