States Want Tax-Dodging Companies Ousted From S&P 500

A coalition of state officials demanded that Standard & Poor's remove ten companies from the S&P 500 because all ten have moved their legal addresses to locations considered offshore tax havens.

The coalition is led by led by California Treasurer Phil Angelides and backed by the state treasurers of Connecticut, Maine, Massachusetts, Wyoming, Kentucky, Colorado, Oregon, Iowa, and the comptroller-elect of New York.

The companies named in the request are Schlumberger, Carnival Corporation, Transocean Inc., McDermott International, Noble Drilling Corporation, Cooper Industries, XL Capital Ltd., Ace Limited, Tyco International and Ingersoll-Rand.

The move follows the introduction of shareholder resolutions last month at Tyco, Ingersoll-Rand and McDermott, demanding that the companies return their legal headquarters to the U.S. The resolutions were co-sponsored by CalPERS (California Public Employees Retirement System) and supported by the California State Teachers Retirement System.

S&P spokeswoman Rebecca Hill said that it will resist the pressure to delist the ten firms. "We believe these companies are leading companies in the U.S. market, and it would be a disservice to investors if these companies were to be excluded." She said, however, that S&P will examine the request later.

You may like these other stories...

We've probably all worked for soul-sucking managers who expect employees to spend their workdays tethered to the office with no other life obligations or desires. But that's not what the "When Work Works"...
A new report from global consulting and outsourcing company Accenture PLC found that internal complexity is the most significant challenge CFOs of large companies are currently encountering.The top four issues pertaining to...
Read more from Allan Boress here and in the Truth Be Told About Business Development archive. I've always been enamored with the concept of what it took to motivate employees and owners, all the way back to my...

Already a member? log in here.

Upcoming CPE Webinars

Oct 9In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards.
Oct 15This webinar presents the requirements of AU-C 600, Audits of Group Financial Statements (Including the Work of Component Auditors).
Oct 21Kristen Rampe will share how to speak and write more effectively by understanding your own and your audience’s communication style.
Oct 23Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.