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FRC launches Wates Principles

The Financial Reporting Council (FRC) has launched The Wates Principles, a new code for corporate governance of large private companies.

Large private companies are encouraged to follow the six principles set out by the coalition group established by FRC and chaired by James Wates, chairman of privately-owned construction and development company Wates Group.

 The six principles include purpose and leadership, board composition, board responsibilities, opportunity and risk, remuneration, and stakeholder relationships and engagement.