Britain-based proxy advisers Pensions & Investment Research Consultants (PIRC) sought more transparent tax and financial information from Microsoft Corp (NASDAQ: MSFT) and Cisco Systems, Inc (NASDAQ: CSCO), Reuters reports. The resolution urged Microsoft to disclose financial and tax information country-by-country outside the U.S. to help investors assess its fairness and identify any risks posed by tax reforms. It also sought a tax transparency report from Microsoft in line with the tax standar
Investors managing more than $350 billion of assets have demanded that Microsoft publish more transparent tax and financial information, as tech giants face growing scrutiny globally over their tax affairs. A shareholder resolution on tax transparency had been filed to Microsoft ahead of its annual investor meeting this year, said the organiser of the action, Britain-based proxy advisers Pensions & Investment Research Consultants (PIRC).