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James Wates launches corporate governance code

10 December 2018 | By Neil Gerrard

A new code for the corporate governance of large private companies, overseen by Wates Group chairman James Wates, has launched.

The Wates Principles, which were developed in coalition with the Financial Reporting Council (FRC), encourage companies to adopt better behaviours to secure trust and confidence in businesses.

They provide a framework to help companies not only meet their obligations under The Companies (Miscellaneous Reporting) Regulations 2018 but also to help promote their success, the FRC said.

The six principles are: 

 

 

Reporting against these principles will take effect on 1 January 2019.

James Wates said: “I 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’ve 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 – in their own words – how they go about implementing the principles. That’s the sort of transparency that can build the trust of stakeholders and the general public.”

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