We examine whether the public revelation of sensitive tax information leads exposed firms to adopt policies aimed at repairing their reputation with shareholders. Between April 2013 and October 2021, the International Consortium of Investigative Journalists (ICIJ) released leaked information for more than 800,000 offshore corporate entities located in tax haven jurisdictions, highlighting the secrecy surrounding these entities and their systematic use by multinational firms to avoid taxes. Using this setting, we study whether firms involved in the leaks improve their governance, increase investor remuneration, and reorganize their activities to restore shareholder trust relative to unaffected firms. Consistent with reputation repair policies, we find that after the leaks, firms appoint more directors, especially those in finance or accounting functions, pay higher dividends, and reduce their presence in tax havens. Additionally, we find a small increase in effective tax rates in the post-leak period, suggesting that firms’ reorganizational efforts result in a higher tax burden. Our results show that although data leaks significantly alter the cost-benefit trade-off of a tax strategy, their overall impact is beneficial to shareholders.