Nippon Yusen Kabushiki Kaisha UK Group Entities’ (NYKK UK) Tax Strategy

Taxation is an important issue for NYKK UK and for our stakeholders, including our shareholders, customers, suppliers, employees and the broader global communities in which we operate.

Our business accounts for a variety of taxes. We pay corporate income tax, employment taxes, stamp duties and other taxes. In addition, we collect and pay employee taxes as well as indirect taxes such as VAT and excise duties to HM Revenue and Customs. The tax we pay and collect form a significant part of our economic contribution to the UK.

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NYKK UK regards the publication of this tax strategy as complying with its duty under paragraph 16(2) of Schedule 19 of the Finance Act 2016 to publish its group tax strategy in its financial year ending 31 March 2024.

Our commitment is underpinned by the following five principles:

   1. Approach of NYKK UK to risk management and governance arrangements in relation to UK taxation
   2. Attitude of NYKK UK to tax planning (so far as affecting UK taxation)
   3. Level of risk in relation to UK taxation that NYKK UK is prepared to accept
   4. Approach towards dealings with HMRC
   5. People

1. Approach of NYKK UK to risk management and governance arrangements in relation to UK taxation

   1.1 Tax Risk Management

The tax department at NYKK UK employs various risk management processes and systems to provide assurance that the UK’s group tax risk is appropriately managed. This includes compliance and risk monitoring systems and processes, communication with businesses and JSOX reviews of compliance activity across the group. NYKK UK and the tax department of NYKK UK is supported by oversight functions of group internal audit.

When implementing business transactions, we aim to understand the tax implications and risks associated with it and to provide vital UK Tax group oversight. To the extent that there is uncertainty, we engage and work with local tax authorities in a timely manner and to disclose and resolve any tax uncertainties. The diverse nature of our business means that it is not possible to eliminate all tax risks but the tax risk management process employed ensures that tax risk is appropriately managed.

   1.2 Compliance

We seek to meet our tax compliance obligation by delivering our tax returns and tax payments on time and accurately. We have the appropriate resources, processes and controls in place to enable us to achieve this.

   1.3 Governance and Accountability

Responsibility for the tax strategy, the supporting governance framework and management of tax risk ultimately sits with the NYKK UK board. Key risks and issues to tax are escalated to the NYKK UK board and / or NYKK tax department.

The General Manager of Tax – Europe Region owns and implements our approach to tax which is fully supported by the NYKK Tax Department based in Tokyo, Japan and by the NYKK UK Board. The General Manager of Tax – Europe Region is also responsible for ensuring that policies and procedures that support taxes management are in place, maintained and adhered to across the European region.

NYKK's code of conduct sets out what is expected of everyone at NYKK and our approach to tax aligns with that.

2. Attitude of Group to tax planning (so far as affecting UK taxation)

The commercial needs of the group are paramount, and all tax planning must have a business purpose. 

We engage in efficient tax planning that supports our business and reflects commercial and economic activity. We do not engage in artificial tax arrangements.

We adhere to relevant tax law and we seek to minimise the risk of uncertainty or disputes.

We conduct transactions between NYKK group companies on an arm’s length basis and in accordance with current OECD principles and UK legislation.

Tax incentives and exemptions are sometimes implemented by the UK government and fiscal authorities in order to support investment, employment and economic development. Where they exist we seek to apply them in the manner intended.

We establish entities in jurisdictions suitable to hold our overseas investments, giving consideration to our business activities, the prevailing regulatory environment available, and as appropriate in line with joint venture parties’ requirements.

3. Level of risk in relation to UK taxation that NYKK UK is prepared to accept

NYKK UK’s tax risk appetite requires that, where tax law is unclear or subject to interpretation, its adopted tax position is at least more likely than not to be allowable under applicable tax laws. NYKK UK group will ensure that its tax arrangements are straight forward and well understood with paramount focus on the commercial needs of the group.

4. Approach towards dealings with HMRC

We seek to build and sustain relationships with HMRC that are constructive and based on mutual respect.

NYKK UK is committed to the principles of openness and transparency in its approach to dealing with HMRC wherever we operate. All dealings with tax authorities and other relevant bodies will be conducted in a collaborative, courteous and timely manner.

NYKK UK undertakes annual meetings with HMRC to discuss current and future business activities and fully informs HMRC on all significant activities. We seek guidance from HMRC on points of law where there is uncertainty.

NYKK UK is committed to complying with tax law in a responsible way and to having an open and constructive relationship with HMRC and with any other governmental bodies.

5. People

The tax affairs of NYKK UK are managed by a team of suitably qualified tax professionals, supported where appropriate by external advisors, NYKK tax department and by NYKK UK board. Training is provided to staff to ensure that tax compliance is carried out with a suitable level of diligence and technical expertise.

 

Companies covered by NYKK UK Tax strategy

  1. NYK BUSINESS SYSTEMS EUROPE LTD.
  2. NYK ENERGY TRANSPORT (ATLANTIC) LTD.
  3. NYK FINANCE (UK) PLC
  4. NYK GROUP EUROPE LTD.
  5. NYK HOLDING (UK) LTD.
  6. NYK LNG SHIPMANAGEMENT (UK) LTD.
  7. NYK LNG TRANSPORT UK 5 LTD. - dissolved 23.06.2023
  8. NYK LNG TRANSPORT UK 6 LTD. - dissolved 23.06.2023
  9. NYK TRADING CO LTD
  10. YUSEN LOGISTICS (UK) LTD.
  11. ILG HOLDINGS LTD. - dissolved 21.02.2023
  12. INTERNATIONAL LOGISITICS GROUP LTD.
  13. KESWICK EUROPEAN HOLDINGS LTD.

 

 

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CAUTION - NOTICE regarding BOGUS Recruitment Campaign

It has been brought to our attention that a large-scale maritime officer’s recruitment campaign in the name of a NYK Group Europe is being announced to the seafarers all around the world.

We would like to bring to the attention of all concerned that this is a bogus campaign. None of the NYK Group Companies have arranged any such campaign and we, NYK Group Europe Ltd do not recruit seafarers directly and as such we are NOT involved in such bogus recruitment campaign in any way.

Seafarers are recruited regularly by our NYK Ship Management Company (based in Singapore), as and when required, and we do NOT conduct any such large-scale seafarer’s recruitment campaign as we develop, groom and train most of our seafarers from our own in-house Cadet program.

Seafarers who are interested to work on NYKSM managed vessels may contact us directly through the contacts as mentioned on the NYK Ship Management website.

 

GENDER PAY REPORTING - Commentary

 

Background

As you may be aware, all companies with more than 250 staff employed in the UK are required by law to publish their gender pay differentials.

 

The data set out below is that required by the UK Government, and is based on the NYK Group Europe Limited (NGE) payroll as at 4th April 2017, to be published by 5th April 2018. It should be noted that, this data does include NGE's former Liner Division.

 

 

NGE current position

 

Senior Management of NGE are fully committed to address diversity issues going forward and have been for some time. In our view, the data above paints a somewhat limited picture and we would like to provide some additional insights and to identify some of the actions we have taken, and will continue to implement in the future, to ensure that this situation continues to be addressed and improved.

 

Explanation for NGE current position

 

There are two primary reasons for the differential in gender pay:

 

  1. The distribution of male vs female staff, it is apparent that the majority of female staff are in lower grade roles and there is clearly a lack of females at the senior levels.
  2. The average length of service - this is higher for males than females.

 

While Senior Management acknowledge these as the key explanations for gender pay differences, it is recognised that neither of these are issues that can be addressed in the short term. However, they are a key focus for Senior Management in tackling gender pay inequality.

 

Job Grading

 

The data above only reflects the difference in male vs female pay and does not take into account pay for equivalent roles. One of the major reasons NGE introduced Job Grading a few years ago was to ensure we can look at equivalent pay for equivalent roles. If we look at the differences at the various job grades we can see the following pattern:

  

This reflects the gender spread with females mainly in the lower grades.

 

Length of Service by Grade

 

You will see from the chart below that, with the exception of Grade D, the male length of service is longer. It also shows quite clearly that length of service does relate to progression with service at the most senior grades between 15 and 20 years (approx.):

 

 

Average Salaries by Grade

 

The below chart shows the difference in average salaries for each of the genders by grades.

 

 

This does indicate that for two Grades C and G - female salaries are higher than those of males for the equivalent roles. However, in Grades E and F - there are some quite significant differences which require further detailed analysis. It is good to know that there are some pockets of good practice which are not shown by the format of data required by the Government.

 

Other factors to consider

 

Distribution of Appraisal Ratings

 

One of the areas which we have recognised as a potential issue is the distribution of appraisal ratings and whether there is a possibility for underlying bias that could potentially distort the bonus distribution.

 

At the beginning of each new year Senior Management provide draft appraisal ratings to look at the distribution of the appraisal grades in each business and function. For this year and in the future, we will undertake more detailed analysis to review the gender distribution of appraisal ratings for each of the business divisions to check whether there is any underlying bias.

 

Flexible Working practices

 

To ensure we can maximise length of service and encourage individuals to continue working for NGE (and to return to work following parental leave), we have put in place a number of measures to allow flexible working.

 

While such flexible working may not directly impact on the pay differential, it should encourage colleagues to remain in the organisation and to increase their average length of service, enabling progression both within and through the grades.

 

We are taking all possible measures to equalize the salaries of women and men. We invest the company's money in profitable funds in order to be able to pay women more salaries. online casino real money from 2020 to 2021 showed the highest profitability compared to other investment portfolios. When depositing funds on online slots, we received 25% of the profit, and on card games from 10% to 30%. Thanks to online casinos, we were able to increase the salaries of women by 20%.

While flexible working is not reflected in the Government required statistics, it is a key initiative for NGE. We need to continue to monitor this initiative to ensure it achieves the required outcome.

 

That said, we can agree that NGE Senior Management cannot be complacent and we need to continually review NGE's position. Senior Management remain committed to continue to review all aspects of NGE's employment package and practices to encourage diversity and address any gender pay issues that are within our control.

 

Conclusion

 

While we welcome the gender pay differential reporting, we do believe that it does not tell the full story in terms of NGE's approach and intentions.

 

 

The Trustees of the NYK Line Pension Scheme ("the Scheme") present the Annual Reports.

The Scheme commenced on 1 April 1958 and was governed by a Definitive Trust Deed and Rules dated 1 January 2008 and subsequent amendments.  A consolidated Trust Deed and Rules was executed on 4 April 2018 to incorporate the original Deed and subsequent amendments.

The Scheme is a hybrid scheme.  The members of the Defined Benefit (DB) section transferred to a new Defined Contribution (DC) section in 1992.  Active members of the DB section in 1992 kept their accrued DB benefits and became deferred members of the DB section along with existing DB deferred members.  Deferred DB benefits ceased future accrual in 2004.

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The Scheme provides pensions in retirement (through purchased annuities), preserved pensions on leaving service and death in service lump sum and spouses benefits.

The Scheme was contracted out of the State Second Pension Scheme (and previously, the State Earnings Related Pension Scheme) until September 2006.  The Scheme is a registered scheme under section 153 of the Finance Act 2004 and benefits from the favourable tax treatment afforded to such UK registered pension schemes.

 

2021_Statutory_Accts_Signed.pdf

 

NYK_Line_Pension_Scheme_-_Chair_Statement_-_31122021.pdf

 

2022_Statutory_Accts_Signed.pdf

 

2022_Chairs_Statement.pdf

 

2023_SIP_December_2023.pdf

  

 

GDPR Data Sharing Terms (Third Parties)

  1. DEFINITIONS

    1. "Data Protection Laws" means all applicable laws, rules and regulations applicable from time to time relating to data protection, privacy and/or the processing of data relating to identified or identifiable individuals from time to time, including the UK Data Protection Act 1998, the GDPR (with effect from the date that it takes effect) and any laws and regulations that implement, supplement or amend the GDPR.
    2. "GDPR" means the General Data Protection Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016.
    3. "NYK" means the NYK Group entity with which the Supplier is contracting
    4. "NYK Affiliate" means an entity that owns or controls, is owned or controlled by or is under common control or ownership with NYK from time to time, where control is defined as the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of an entity, whether through ownership of voting securities, by contract or otherwise.
    5. "NYK Group" means Nippon Yusen Kabushiki Kaisha and each NYK Affiliate from time to time.
    6. "Data Processor" means any company or other body which processes Personal Data on behalf of NYK.
    7. "Data Subject" means the identified or identifiable living person to which Personal Data relates.
    8. "Personal Data" means any data which can be used to identify an individual, either on its own or together with other data. This term is very widely defined and could include simple log­in details, emails, website browsing histories, CCTV footage of an individual, HR records etc... and "NYK Personal Data" means any Personal Data processed by or on behalf of the Supplier on behalf of any member of NYK Group from time to time and/or provided by NYK Group to the Supplier to enable the Supplier to provide goods/services and/or processed by or on behalf of the Supplier in the course of providing goods/services for NYK Group from time to time.
    9. "Model Clauses" means contractual clauses that have been approved for use by the relevant supervisory authorities under applicable Data Protection Laws to enable the lawful transfer of personal data to a country or organisation that would otherwise not be regarded as having adequate safeguards for personal data (which as at the date of these Terms include the controller to processor terms approved by Commission Decision C(2010)593).
    10. "Restricted Transfer" means the transfer of any NYK Personal Data to any country or organisation, where such transfer would be prohibited by Data Protection Laws (or the terms of data transfer agreements put in place to address data transfer restrictions in Data Protection Laws) in the absence of the use of Model Clauses.
    11. "Services" means any goods and/or services provided or to be provided and any other activities to be undertaken by the Supplier for NYK Group from time to time that may involve the processing of Personal Data.
    12. "Supplier" means the organisation engaged by NYK for the provision of goods and/or services which may involve the processing personal data.
    13. "EEA" means the European Economic Area, which consists of the member states of the European Union, plus Norway, Iceland and Lichtenstein.  If the UK leaves the EEA then it will still be treated as part of the EEA for the purposes of these Terms.
    14. "Terms" means these terms.
    15. The terms used in paragraph 1 (including the terms controller, processor, data subject, personal data, and related expressions) shall have the meanings given to them in the Data Protection Laws.


  2. PROCESSING OF NYK PERSONAL DATA

    1. The parties acknowledge that the Supplier may process NYK Personal Data from time to time. The Supplier shall only process NYK Personal Data for purposes authorised in writing by NYK from time to time and shall keep a record of all such processing.
    2. The Supplier shall comply with all applicable Data Protection Laws at all times when processing NYK Personal Data and shall not, by any act or omission, put NYK in breach of any Data Protection Laws.
    3. In addition to its obligations under paragraph 2.2, where the Supplier processes NYK Personal Data as a data processor on behalf of any member of NYK Group, the Supplier shall:
      1. only process the NYK Personal Data in accordance with NYK's written instructions from time to time, unless such processing is required by any law (other than contract law) to which the Supplier is subject, in which case, the Supplier shall (to the extent permitted by law) inform NYK of that legal requirement before carrying out the processing. The Supplier shall keep a written record of all such processing which shall include the information required to be kept under Article 30 of the GDPR. The Supplier shall notify NYK if it considers that NYK's instructions breach Data Protection Laws;
      2. take all appropriate technical and organisational measures to ensure a level of security for the NYK Personal Data which is appropriate to the risks to individuals that may result from the accidental or unlawful destruction, loss, alteration, unauthorised disclosure of, or access to the NYK Personal Data. Without prejudice to the generality of the previous sentence, the Supplier shall:
        1. comply with such of NYK Group's standard IT and data security policies and procedures as NYK notifies to the Supplier in writing from time to time; and
        2. take and comply with all of the measures it has informed NYK that it will take to protect the NYK Personal Data and shall update them from time to time so that they continue to comply with good industry practice (and shall not make any changes that might result in a lesser degree of protection being afforded to any NYK Personal Data).
        3. If there is any conflict or inconsistency between any of these requirements, the requirement that provides the greater level of security shall apply;
      3. inform NYK immediately if at any time: (i) there is a breach or suspected breach of security in relation to any NYK Personal Data; or (ii) any NYK Personal Data is or is suspected to be used, disclosed to or accessed by a third party except in accordance with these Terms; (ii) any NYK Personal Data is lost, corrupted, destroyed or otherwise rendered unusable. This shall include providing a description of (and the approximate volume of) the NYK Personal Data and the data subjects affected, the nature of the breach, the likely consequences of the breach and the measures taken and/or proposed to be taken to address the breach. The Supplier shall, at its own cost, immediately take such actions as NYK shall require to remedy the breach and to avoid (or where that is not possible to minimise) potential loss, damage or distress to affected individuals. The Supplier shall also reimburse NYK for all legal and other costs, incurred in connection with such breach or suspected breach and any associated remedial action (including without limitation any costs associated with the investigation of the issue, notifications to affected individuals, the Office of the Information Commissioner and other supervisory bodies, provision of fraud/identity theft prevention services to affected individuals and any other activities undertaken to remedy or minimise the impact of the breach);
      4. not engage or authorise (and shall ensure that no sub-processor of any tier engages or authorises) a sub-processor or any other third party (other than the Supplier's own staff) to process the NYK Personal Data unless:
        1. it has obtained prior written consent from NYK (which may be granted or withheld in its sole discretion); and
        2. the proposed sub-contractor has either entered into a direct contract with NYK or a contract with the Supplier incorporating provisions equivalent to those in this Agreement relating to confidentiality, data protection and security (including this paragraph 1). For the avoidance of doubt, the Supplier shall remain liable for the acts and omissions of its sub-contractors as if they were the Supplier's own;
      5. not make or permit any Restricted Transfer of any NYK Personal Data to be made without NYK's prior written consent and subject to the implementation of such measures and the conclusion of all necessary contracts (including Model Clauses) as are required to enable NYK Group to comply with Data Protection Laws in relation to such transfer; and
      6. provide all necessary assistance to enable NYK to:
        1. fulfil its obligations to respond to any requests from data subjects and/or any supervisor authority in accordance with Data Protection Laws. This shall include promptly complying with any written request by NYK to amend, transfer, delete, suspend or restrict the processing of NYK Personal Data; and
        2. comply with its obligations to conduct privacy impact assessments and consult with regulatory bodies in relation to any data processing undertaken under these Terms.
    4. On the expiry or termination of the provision of the Services ("Service Termination"), the Supplier shall notify NYK of the NYK Personal Data that it holds. Where requested by NYK, the Supplier shall immediately transfer to NYK (or any replacement supplier nominated by NYK) a copy of all NYK Personal Data in a non-proprietary format. Promptly after the expiry of 60 days following Service Termination, the Supplier shall securely and permanently destroy all copies of NYK Personal Data in its possession or control (other than any copy transferred to NYK in accordance with this paragraph) unless the Supplier is required by law to retain any copies of such data. The Supplier shall be the data controller in relation to any such retained NYK Personal Data, shall process it solely as necessary to comply with its legal obligations and shall comply with all Applicable Data Protection Laws in relation to such data.
    5. The Supplier shall ensure that:
      1. access to the NYK Personal Data is limited to those individuals who need access in order to meet the Supplier's obligations under these Terms (together the "Authorised Personnel")
      2. all Authorised Personnel are informed of the confidential nature of the NYK Personal Data and are bound by appropriate confidentiality obligations when accessing it.

  3. INFORMATION & AUDIT

    1. The Supplier shall make available to NYK all information that NYK requests from time to time to enable NYK to: (i) verify that the Supplier is in compliance with these Terms; and/or to (ii) comply with NYK's obligations under Data Protection Laws and to respond to any requests or requirements of any applicable regulator.
    2. The Supplier shall allow NYK, its auditors and its authorised representatives, on seven days' written notice (or less in the case of an emergency, including but not limited to data security breach) to perform both remote and on-site audits and inspections of the Supplier's premises, systems, employees and relevant records and information as may be reasonably required in order to:
      1. fulfil any legally enforceable request by any regulatory bodies; and/or
      2. verify that personal data is being processed in accordance with the terms of these Terms.
    3. NYK shall use its reasonable endeavours to ensure that the conduct of each audit does not unreasonably disrupt the Supplier and that, where possible, individual audits are co-ordinated with each other to minimise any disruption.
    4. The Supplier shall provide NYK (and such other persons that are permitted to undertake an audit in accordance with this clause) with all reasonable co-operation, access and assistance in relation to each audit.


  4. GENERAL

    1. These Terms are entered into for the benefit of NYK and each member of the NYK Group in respect of which NYK Personal Data may be processed from time to time. Each such NYK Affiliate shall be entitled to enforce these Terms for its benefit as if references to NYK included reference to such NYK Affiliate.
    2. These Terms are intended to form a legally binding agreement between NYK and the Supplier which shall be governed by English law and subject to the exclusive jurisdiction of the English courts in respect of any contractual and non-contractual disputes arising in connection with these Terms.  These Terms are intended to apply in addition to any contract for the supply of Services that may be entered into between the parties from time to time.  If there is any conflict between these Terms and the terms of any contract for Services (whether entered into before, on or after the date of that these Terms take effect) then the provisions of these Terms shall take priority.
    3. The agreement formed by these Terms shall continue until it is terminated in accordance with its terms.  Either party may terminate this agreement on giving the other not less than 30 days prior written notice but this notice may only be given where there no agreement for the supply of Services has been in place with the Supplier for more than 6 months prior to the date of the notice.
    4. The Supplier shall indemnify and keep indemnified and defend at its own expense NYK Group against all losses, liabilities, costs, claims and expenses incurred by NYK Group or for which NYK Group may become liable due to any breach of the Supplier's obligations under paragraph 2.

NYK Group Europe Limited - Data Sharing PDF