FRC: James Wates CBE to chair work on corporate governance for large private companies

31 Jan 2018 12:50 PM

It was confirmed yesterday by the Business Energy and Industrial Strategy Secretary of State, Greg Clark, that James Wates CBE, Chairman of the Wates Group, will chair the Coalition Group that will develop new corporate governance principles for large privately-owned companies.

The Coalition Group of which the FRC is secretariat, was established in response to the Green Paper Consultation on Corporate Governance Reform. This is to encourage high standards of corporate governance and reflect the impact that large privately-owned companies have on society and the economy.

The principles will aim to promote:

• best practice in corporate governance and reporting arrangements,
• public trust and confidence through greater transparency in the manner in which large privately-owned companies conduct their business,
• strong corporate culture and integrity within large private businesses, encourage broader consideration of workforce and wider stakeholder representation and interests;
• investor, lender and creditor confidence to facilitate long-term value and improved productivity.

Speaking on the appointment, Sir Winfried Bischoff, Chairman of the FRC said:

“James Wates brings the background skills, experience and independence to lead the development of corporate governance principles for large privately owned companies. These principles will encourage greater transparency among private businesses by considering the needs of all stakeholders including, staff, customers, suppliers as well as shareholders for the further benefit of the UK economy.

We are pleased to be providing the secretariat for this group and look forward to working with James Wates and the Coalition.”

Notes to editors:

1. The Coalition Group comprises the FRC and senior representatives from the Institute of Directors, the Confederation of British Industry, the Institute for Family Business, the British Private Equity & Venture Capital Association, the Institute of Business Ethics, the Investment Association, the Climate Disclosure Standards Board, ICSA: the Governance Institute and the Trades Union Congress to develop and deliver the principles.
2. The Financial Reporting Council’s (FRC) mission is to promote transparency and integrity in business.  The FRC sets the UK Corporate Governance and Stewardship Codes and UK standards for accounting and actuarial work; monitors and takes action to promote the quality of corporate reporting; and operates independent enforcement arrangements for accountants and actuaries. As the competent authority for audit in the UK the FRC sets auditing and ethical standards and monitors and enforces audit quality.
3. All Press enquiries should be directed to:

• Peter Timberlake, Head of Communications, on telephone: 020 7492 2397/ 07768 502332, or email: p.timberlake@frc.org.uk.
• Rita Carolan, Communications Manager, on telephone: 020 7492 2307/ 07428 149096 or email: r.carolan@frc.org.uk.
• Alana Sinnen, Communications Manager, on telephone: 020 7492 2395/ 07949 005526 or email: a.sinnen@frc.org.uk