Tax Avoidance
Conduct Screen Corporate Misconduct
Corporate structure manipulation engineered to shed obligations to the public or harmed parties — tax inversions, spin-offs, or bankruptcy structures (e.g. Texas two-step) designed to evade tax exposure or liability rather than solve a genuine business problem.
13 companies currently excluded under this screen
Excluded Companies (13 total)
Showing 13 of 13 companies excluded under this screen.
| Ticker | Company | Reason |
|---|---|---|
| BATRA | ATLANTA BRAVES HOLDINGS INC | Atlanta Braves Holdings (BATRA) is a Liberty Media tracking stock. The tracking stock structure exists primarily as a tax avoidance mechanism, allowing Liberty Media to separate business units without... |
| CAT | Caterpillar | Caterpillar settled a long-running IRS tax dispute for $740M–$925M (September 2022) over offshore profit shifting through Swiss subsidiary CSARL — routing profits from US parts sales through Switzerla... |
| FNF | Fidelity National Financial Inc | Fidelity National Financial has employed corporate restructuring techniques that function to isolate and shed liabilities. The company’s acquisition of LandAmerica Financial Group’s two principal titl... |
| FWONA | Liberty edia Formula One Corp Ser | Liberty Media Formula One Group Class A (FWONA) shares are part of John Malone's Liberty Media tax-optimized corporate empire. The Formula One Group's parent company Delta Topco Ltd. is incorporated i... |
| FWONK | Liberty Media Formula One Corp Ser | Formula One Group is incorporated in Jersey (Channel Islands), which has a 0% corporate income tax rate. The Jersey incorporation serves no operational purpose — F1 is headquartered and operated from ... |
| JCI | Johnson Controls | Johnson Controls has engaged in corporate restructuring that shifted tax liabilities onto its shareholders. In 2016, the company executed a merger with Tyco International, a transaction structured as ... |
| LBRDA | Liberty Broadband Corp Series A | Liberty Broadband Corporation is a holding company whose corporate structure and recent transactions are engineered to manage and minimize tax obligations. The company is party to a tax sharing agreem... |
| LBTYK | Liberty global PLC class C | Liberty Global is engaged in ongoing tax litigation with the U.S. government concerning the use of intercompany transactions and loss allocations that regulators allege lack economic substance. The U.... |
| LILA | Liberty Latin America LTD Class A | Liberty Latin America, a telecommunications company spun out of Liberty Global, is structured through multiple offshore jurisdictions to minimize tax obligations. The company's corporate structure and... |
| LLYVA | Liberty Media Corp-Liberty Live | Liberty Media Corp - Liberty Live (Class A shares). Same parent entity as LLYVK. Liberty Live was split off from Liberty Media in 2023 as a tracking stock for the Live Nation stake. The split-off was ... |
| LLYVK | LIBERTY MEDIA CORP | Liberty Media Corporation is the parent entity of John Malone's empire of tracking stocks and tax-optimized corporate structures. Tax avoidance is the organizing principle of the Liberty architecture:... |
| NFLX | NETFLIX INC | Netflix operated a multi-country tax avoidance structure that routed European revenue through the Netherlands to minimize tax obligations, then concealed the scale of its local operations from tax aut... |
| TT | Trane PLC | Trane Technologies (formerly Ingersoll Rand) relocated its corporate domicile from Bermuda to Ireland in 2009 in a tax inversion, reducing U.S. tax exposure while maintaining its operational headquart... |
The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
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