A consultation has been published by the FRC focusing on a set of six principles that private companies will be encouraged to follow. The principles are there to guide and encourage large private organisations to develop corporate governance practices.
In 2016 the UK government released a green paper that looked into the role that corporate governance plays in large organisations and the paper considered whether there were certain corporate governance standards that should be adhered to. As a result of this green paper, the Wates Corporate Governance Principles for Large Private Companies was created.
Now, the principles reported in the publication are available for public consultation, which is open until 7 September 2018. The final version of the publication will then be available in December 2018.
The six principles are:
- Purpose
- Composition
- Responsibilities
- Opportunity and Risk
- Remuneration
- Stakeholders
You can find out more about each of the principles, and more about the consultation here:
https://companylawandgovernance.com/2018/06/17/the-wates-corporate-governance-principles-for-large-private-companies/
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