FRC to lead governance of Wates Principles for Large Private Companies
News types: Generic Announcement
Published: 16 December 2024
Following Sir James Wates CBE’s decision to step aside from his role as chair of the Wates Principles Coalition Group, effective 31 December 2024, the Financial Reporting Council (FRC) will assume governance of the Wates Corporate Governance Principles for Large Private Companies.
For seven years, Sir James successfully led a coalition of stakeholders who, in response to the Government's Corporate Governance Reform agenda in 2018, developed the Wates Principles, a comprehensive corporate governance reporting framework for large private companies. The principles provide companies with practical tools to support good governance, while building public trust through clear, meaningful reporting.
Sir James Wates CBE, said:
"I have been proud to serve as Chairman of the Wates Principles Coalition Group, which, with the support of the Financial Reporting Council, brought insight and wisdom to the development of the Wates Principles. I look forward to continuing to champion good governance across UK businesses and supporting the FRC in its important work in this regard. Thank you to the FRC, the Coalition Group and all stakeholders who have been so enthusiastically involved in our work.”
Richard Moriarty, CEO of the FRC, said:
"Thank you to Sir James for his dedicated leadership of the Wates Principles Coalition Group and the significant contribution he has made to improving corporate governance across UK businesses. Companies that follow the Wates Principles now contribute over £850 billion to the UK economy, and Sir James’s personal contribution to promoting good governance in this sector will have a lasting legacy. Building on this legacy, the FRC will continue to set high standards of corporate governance for large private companies in a proportionate manner that supports economic growth and protects the broader public interest.”