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ICAEW says Wates principles don't meet government aims

The government needs to go back to the drawing board if it is to develop a credible long-term corporate governance regime for large private companies, ICAEW believes.

It should also appoint a new chair and executive sounding board since the six principles designed by Sir James Wates and the Coalition Group have failed to meet its stated aim of ensuring high standards of corporate governance among large private companies.

In a strongly-worded response to the recent consultation on the Wates principles, ICAEW says, “The point that large private companies can have the same impact as public companies has been lost, the hoped for benefits of an increase in international reputation will not be enjoyed, the public and investors will not be reassured and the trend of delisting by public companies will not be reduced”.