ICAEW.com works better with JavaScript enabled.

Wates corporate governance principles for large private companies

The Financial Reporting Council launched a consultation in June 2018, following the Government's 2016 Green Paper and BEIS Select Committee report of 2017 which identified the need for greater transparency and accountability in large private companies which were not currently covered by the UK Corporate Governance Code. The consultation was chaired by James Wates CBE, Chairman of the Wates Group. The Principles arising from the consultation were published in December 2018.

 

The Principles

The Wates corporate governance principles for larger private companies. Published 10th December 2018, reporting against these principles will take effect on 1 January 2019. The Principles were launched by the press release Wates Principles to improve corporate governance standards among private companies.

The principles aim to help those companies which are subject to the thresholds in The Companies (Miscellaneous reporting) Regulations 2018 and now have to report on their corporate governance arrangements. This new reporting requirement applies to all companies that satisfy either or both of the following conditions:

  • more than 2,000 employees;
  • a turnover of more than £200 million, and a balance sheet of more than £2 billion.

Useful links

FRC launches Wates Principles
Economia article from December 2018.

ICAEW says Wates principles don't meet Government aims
Economia article from September 2018.

Six governance principles for large private companies
Economia article on the consultation launch from June 2018.

Corporate governance reform green paper
Published by the Department for Business, Energy & Industrial Strategy in November 2016 (Government responses published August 2017).

BEIS Select Committee report on corporate governance
Published by the Business, Energy & Industrial Strategy select Committee in April 2017.

Corporate Governance Guidance and principles for unlisted companies
Guidance and principles published by the Institute of Directors in 2010.

Can't find what you are looking for?

If you're having trouble finding the information you need, ask the Library & Information Service. Contact us by telephone on +44 (0)20 7920 8620, by web chat or by email at library@icaew.com.

ICAEW accepts no responsibility for the content on any site to which a hypertext link from this site exists. The links are provided ‘as is’ with no warranty, express or implied, for the information provided within them. Please see the full copyright and disclaimer notice.

* Some of the content on this web page was provided by the Chartered Accountants’ Trust for Education and Research, a registered charity, which owns the library and operates it for ICAEW.