VIRGIN GROUP FAQS

Here’s some more details about the Virgin Group. If you are a journalist and require further information,then please email press@virgin.com
1. What is your governance structure?
Virgin Group Holdings Limited is our ultimate group holding company (VGHL). VGHL is governed by a board ofdirectors which maintains oversight of all the commercial, financial and legal affairs of the Group, as definedby the Group’s delegation of authority. The Board is chaired by Richard Branson and includes Peter Norris(Chairman of the Virgin Group), Josh Bayliss (Group CEO), and two independent non-executive directors. TheLeadership Team (who comprise the board of Virgin Holdings Limited), implement the strategy and run theoperations of the Virgin Group, and also provide recommendations to the VGHL Board as necessary.
In accordance with UK company law, certain large private companies are required to apply and report against
a corporate governance code. Virgin Holdings Limited has voluntarily elected to apply the Wates Principles,
which are recommended for large private companies despite not being legally required to do so. Theseprinciples provide a framework and guidance around core principles of Purpose & Leadership, BoardComposition, Director responsibilities, Opportunity & Risk, Remuneration and Stakeholder relationships &engagement.
2. What is your stance on modern slavery?
Richard Branson and the Virgin Group support the global fight against labour abuse in supply chains and are
vocal champions of supply chain transparency. We have a zero-tolerance position towards slavery andhuman trafficking, wherever and in whatever form it may be encountered. Download and read ourstatements on modern slavery.
3. What is your tax strategy?
The Virgin Group believes that business has a wider responsibility to promote good and should not exist
purely for commercial profit. We understand that the tax we pay is an important part of our wider economic
and social impact and plays a key role in development, both inside and outside the UK. We regard it as a
critical element of our commitment to grow in a sustainable, responsible and socially inclusive way. We
focus on building shareholder value through commercial business activity and pay tax on commercial profits
in the jurisdiction that those profits are generated. We do not devise or implement aggressive tax planningarrangements. The Virgin Group publishes its tax strategy here.
In line with international tax principles the Virgin Group submits a Country by Country Report (CbCR) to theBVI, UK, Australian and South African tax authorities setting out by country worldwide revenue, profit before
tax, taxes paid and employee numbers. CbCR is a standard formulated by the Organisation for Economic Cooperation and Development. Under Action 13 of the base erosion and profit shifting (BEPS) package, all1

large multinational enterprises are required to prepare CbCR aggregated data forrevenue, profit, taxes paid and economic activity among tax jurisdictions in which theyoperate. This CbCR is shared with tax administrations for use in high-level transfer
pricing and BEPS risk assessments.
4. Why is Virgin Group Holdings based and registered in the British Virgin Islands?
Richard Branson is the sole shareholder of Virgin Group Holdings and is based in the BVI, having owned
Necker Island since 1978. Richard has worked with and been part of the local community for the last 40years, deciding with his family to move there on a permanent basis in 2005. In 2017, Virgin Unite establishedthe Unite BVI foundation, a charitable organisation working towards a prosperous future for the islands by
supporting local entrepreneurs, environmental conservation and education, health and social development
within the local community. Given Richard has lived in the BVI for many years now and has very strong ties
with the region, it makes sense for the Group’s holding company to be based there.

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