Commenting on the launch of the Wates Corporate Governance Principles for Large Private Companies, Stephen Martin, Director General of the Institute of Directors, said:
“The Wates Principles represent the start of a new chapter for UK corporate governance. For the first time, large private companies will have their own code against which they can benchmark their governance practices.
“In an environment where boards are under scrutiny like never before, this should be seen as a great opportunity for large private businesses that employ thousands of people and represent a major part of the UK economy.
“With the help of the Wates Principles, they will be able to demonstrate that private companies can be just as committed to good governance as their listed counterparts. The aim of good governance is not creating work for the sake of it, it is to make sure that a board is functioning at the highest level possible, which is essential to long-term success.”