![\"publication](\"https:\/\/newsblogs.ihbc.org.uk\/wp-content\/uploads\/2019\/01\/Wates_publication_cover_180119.png\")
A new code for the corporate governance of large private companies has been launched, the \u2018Wates Principles\u2019, named after the Chair James Wates CBE, to provide a framework to help them not only meet legal requirements but to promote long term success in this vital sector.<\/h3>\n<\/p>\n
The Financial Reporting Council writes:<\/p>\n
These Principles are part of a number of changes made this year to the UK corporate governance framework. They have been developed by a coalition established by the Financial Reporting Council (FRC) and chaired by James Wates CBE. By explaining the application of these Principles large private companies will be able to meet their obligations under The Companies (Miscellaneous Reporting) Regulations 2018.<\/p>\n
James Wates CBE, Chairman, Wates Group said: \u2018I believe that good business, well done, is a force for good in society. The Wates Corporate Governance Principles are a tool for large private companies that helps them look themselves in the mirror, to see where they\u2019ve done well, and where they can raise their corporate governance standards to a higher level. Good corporate governance is not about box-ticking It can only be achieved if companies think seriously about why they exist and how they deliver on their purpose then explain \u2013 in their own words \u2013 how they go about implementing the principles. That\u2019s the sort of transparency that can build the trust of stakeholders and the general public.\u2019<\/p>\n
The six principles are:<\/p>\n
Reporting against these principles will take effect on 1 January 2019.<\/p>\n
Business Secretary, Greg Clark, said: \u2018The UK is rightly recognised as having a leading business environment and responsible business practices, which are fundamental to making the UK one of the best places in the world to work, invest and do business. These principles drawn up in consultation with businesses, investors and unions further strengthen our business framework.\u2019<\/p>\n
\u2018From defining a company purpose at board-level, to embracing a diversity of skills and backgrounds in the boardroom.\u00a0 I expect to see our bigger private businesses build on the work they are already doing and take action to support and adopt these practical steps to ensure our businesses continue to inspire public trust and confidence. I want to thank James, and those who contributed through the advisory group, for their work and commitment to this important step in ensuring the UK\u2019s business environment and corporate governance continues to be world leading.\u2019<\/p>\n
Stephen Haddrill, CEO, FRC said: \u2018The FRC is pleased to be leading this work with James. Large private companies impact widely on society and play an important role in the UK economy. Through promoting positive corporate behaviours these principles have the potential to help restore trust in business and contribute to long-term sustainable growth in the UK economy.\u2019<\/p>\n
Read more….<\/a><\/p>\n Download<\/a> the Wates Principles consultation feedback statement<\/p>\n For more background see PBC Today<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" A new code for the corporate governance of large private companies has been launched, the \u2018Wates Principles\u2019, named after the Chair James Wates CBE, to provide a framework to help them not only meet legal requirements but to promote long … Continue reading