Mr. Sorley McCaughey:

On the question of how a UN body would work, it is important to look at it from the perspective of what is available to developing countries at the moment in terms of their taxation systems and policies. The reality is that there is nothing at present which represents their concerns and needs. That is the starting point. A report issued last week by the Independent Commission for the Reform of International Corporation Taxation, ICRICT, referred specifically to this issue and how the OECD process, while it has established itself as the mechanism through which international taxation reform will happen, is not representing the needs of developing countries. There is a requirement for an international body. Everything in the world these days has an international representative body. This includes everything from football, via FIFA, through to whatever one wants to name.