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Sovereign Wealth and Superannuation Funds Lobby OECD for Tax Exemption

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BEPS tax

The Organization for Economic Co-operation and Development (OECD) is attempting to limit multinational tax avoidance and offshore tax evasion by having created the base erosion and profit sharing (BEPS) project. A 15-point action plan on BEPS has been developed and tax reform could take effect on January 1, 2017. The political momentum for adopting all the BEPS action points has garnered significant steam. This noble effort to rein in tax avoiders could have unintended consequences for pensions and public funds. Public funds are concerned of the proposed application of the Principal Purpose Test (PPT) and Limitation on Benefit (LOB) rules. Lobbying groups argue that the risk of treaty abuse by sovereign funds and pensions is low. Superannuation funds and sovereign wealth funds from Australia and New Zealand are carefully urging the OECD to exclude their investor class from new rules that target BEPS.

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ADIA Seeks to Sell KIC Headquarters

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The Abu Dhabi Investment Authority (ADIA) is seeking to sell the building that houses the headquarters of the Korea Investment Corporation (KIC). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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BMO and OTPP Test Blockchain Canadian Dollar Debt Deal

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The Bank of Montreal (BMO) and the Ontario Teachers’ Pension Plan (OTPP) participated in a landmark blockchain Canadian-dollar debt transaction. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Just Group Acquires Corinthian Pension Consulting

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Just Group plc acquired a 75% ownership stake in the holding company of Corinthian Pension Consulting Limited (Corinthian Pension Consulting). Operating in the institutional world for over 12 years, Corinthian Pension Consulting provides advisory services to defined-benefit pension scheme trustees and scheme sponsors undertaking bulk scheme exercises. The remaining 25% will be retained by current shareholders of Corinthian Pension Consulting. Robert MacGregor will continue to lead Corinthian Pension Consulting, as its Chief Executive Officer. Furthermore, Corinthian Benefits Consulting Limited and Corinthian Affinity Solutions Limited will continue to operate as before, becoming part of a newly formed holding company, Corinthian Group Holdings Limited.

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