Global Tax 50 2015: Ian Read

International Tax Review is part of Legal Benchmarking Limited, 4 Bouverie Street, London, EC4Y 8AX

Copyright © Legal Benchmarking Limited and its affiliated companies 2025

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

Global Tax 50 2015: Ian Read

CEO, Pfizer

Ian Read

Ian Read is a new entry this year

Ian Read, chief executive officer of Viagra-maker Pfizer, makes the Global Tax 50 2015 as a representative of vocal taxpayers that adopt a proactive attitude to taxation, standing up to discuss tax policy issues openly and defending structures in use where necessary.

As a response to increasing transparency and increasing public interest, far too many corporate tax departments and decision-makers in the c-suite opt to bury their heads in the sand, staying below the parapet rather than engaging in constructive debate and explaining how provisions in the tax code impact taxpayer behaviour. But that is not Read's style.

The Scot spearheaded his company's $160 billion acquisition of Irish-headquartered Allergan – the record-breaking deal to create the world's largest drugmaker – in the face of much criticism over the motivation for the move. Political figures including US presidential hopeful Donald Trump denounced the deal as either 'disgusting' or 'unpatriotic', but Read used the transaction to shed light on the dire need for US tax reform.

"The US tax code is an urgent issue that we need to fix," says Read, who claimed during 2015 that US tax provisions left Pfizer (and other US-based companies) attempting to compete with foreign firms "with one hand tied behind our back".

Business groups piled in behind Read with statements of support after he stuck his neck out, highlighting his influence.

"Pfizer's merger deal is the latest, but not the last, effort by a US-headquartered company to use a self-help solution to compete in the global marketplace," says John Engler, president of the Business Roundtable group of American CEOs. "America's outdated tax system is once again pushing US headquarters through the exit door."

Pfizer was among the companies (mostly from the pharmaceutical sector, due to such companies being highly mobile) that brought the inversion debate into centre stage when it tabled a bid for UK-based AstraZeneca in 2014, leading to a political and public backlash which ultimately – together with AstraZeneca concerns over job losses – stymied the deal. But rather than admitting defeat and waiting for the US to update its tax code (which, let's face it, would be a test of anybody's patience), Read sought another potential target before pressing ahead with the Allergan deal in 2015.

Those on Capitol Hill trying to reform US tax legislation should take note: if at first you don't succeed, try, try again.

The Global Tax 50 2015

View the full list and introduction

The top 10 • Ranked in order of influence

1. Margrethe Vestager

2. Pascal Saint-Amans

3. Wang Jun

4. Arun Jaitley

5. Marissa Mayer

6. Will Morris

7. Ian Read

8. Pierre Moscovici

9. Donato Raponi

10. Global Alliance for Tax Justice

The remaining 40 • In alphabetic order

Brigitte Alepin

Andrus Ansip

Tamara Ashford

Mohammed Amine Baina

Piet Battiau

Elise Bean

Monica Bhatia

David Bradbury

Winnie Byanyima

Mauricio Cardenas

Allison Christians

Rita de la Feria

Marlies de Ruiter

Judith Freedman

Meg Hillier

Vanessa Houlder

Kim Jacinto-Henares

Eva Joly

Chris Jordan

Jean-Claude Juncker

Alain Lamassoure

Juliane Kokott

Armando Lara Yaffar

Liao Tizhong

Paige Marvel

Angela Merkel

Zach Mider

Richard Murphy

George Osborne

Achim Pross

Akhilesh Ranjan

Alan Robertson

Paul Ryan

Tove Maria Ryding

Magdalena Sepulveda Carmona

Lee Sheppard

Parthasarathi Shome

Robert Stack

Mike Williams

Ya-wen Yang

more across site & bottom lb ros

More from across our site

The OECD has vowed to continue working with the US despite the president effectively pulling the country out of the organisation’s global minimum tax deal
Norton Rose Fulbright highlights a Brazilian investment fund as a practical example of how new Dutch tax rules will require significant attention from foreign companies
Thomson Reuters now has ‘end-to-end capability’ for its tax workflow business, according to its president for tax accounting and audit professionals
Patrick O’Gara, who is rated as a ‘highly regarded practitioner’ by World Tax, had spent over 20 years at Baker McKenzie
If approved, it would become the first ‘big four’ firm to practise law in the US; in other news, Morrison Foerster hired a new global tax co-chair
The ‘birth date’ of the service, which will collect tariffs, duties and other foreign revenue, will be January 20
Awards
Submit your nominations to this year's WIBL Americas Awards by February 28
Awards
Research for the annual Women in Business Law Awards has begun – submit your entries by February 28
In-house counsel across a number of regions are unimpressed with their tax advisers’ CSR efforts, according to ITR+ research
Firms are starkly divided on the benefits of specialist tax litigation teams over generalist practices, ITR’s analysis also finds
Gift this article