London, 23 February 2022 – The Chartered Governance Institute UK & Ireland (CGIUKI) welcomes publication today of a report from the Financial Reporting Council, conducted with the University of Essex, which shows that the Wates Principles are the most widely adopted corporate governance code used by large private companies.
Peter Swabey, Policy and Research Director at The CGIUKI said:
“It is very early to start assessing the impact of the Wates Corporate Governance Principles for large private companies, particularly given the impact of the pandemic.
“Many companies have only completed one reporting cycle, but this report offers encouraging early indications that most of these large private financial companies are seeking to go beyond mere compliance with the regulations and to offer meaningful reporting to their stakeholders about their governance.
“This report highlights the wide range of governance arrangements that these large private companies have in place. As such, it provides an excellent basis on which to build for reporting in future years as well as offering examples of good practice and guidance on how reporting might be improved.”
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Notes to Editors:
- The Chartered Governance Institute UK & Ireland is the professional body for governance and the qualifying and membership body for governance professionals across all sectors. Its purpose under Royal Charter is to lead ‘effective governance and efficient administration of commerce, industry and public affairs’ working with regulators and policy makers to champion high standards of governance and providing qualifications, training and guidance. As a lifelong learning partner, the Institute helps governance professionals to achieve their professional goals, providing recognition, community and the voice of its membership.
One of nine divisions of the global Chartered Governance Institute, which was established 130 years ago, The Chartered Governance Institute UK & Ireland represents members working and studying in the UK and Ireland and in many other countries and regions including the Caribbean, parts of Africa and the Middle East. Website: www.cgi.org.uk
- The Companies (Miscellaneous Reporting) Regulations 2018 (‘the Regulations’) require that large private companies provide a corporate governance statement for financial years beginning on or after 1 January 2019. This project is designed to understand levels of compliance, to investigate how many of the companies within scope applied the Wates Principles and how many applied an alternative corporate governance code or approach and, for companies applying the Wates Principles, to assess the quality of reporting in terms of extent of disclosure and to identify examples of good practice.