The UK Financial Reporting Council (FRC) has released review of corporate governance statements made in line with the Wates Principles.
Published in 2018, the Wates Principles set out six recommendations for improving corporate governance reporting at large private companies. The FRC assumed the responsibility for monitoring the application of the Principles at the end of 2024.
Mark Babington, FRC executive director of regulatory standards, stated: “We've engaged with both companies and users of governance reports to understand how we can better support meaningful disclosures. This review reflects that feedback, providing practical examples and clear guidance to help private companies tell their governance story more effectively.”
The review found strong reporting on risk management and stakeholder engagement, and highlighted disclosures on purpose, board composition and remuneration as areas for improvements.
In the review, the FRC has included practical guidance and examples of good practice reporting for each of the six principles.
