FRC review shows encouraging early signs of reporting by large private companies, says CGI UK and Ireland


LONDON, UNITED KINGDOM, Feb. 23, 2022 / — The Chartered Governance Institute UK & Ireland (CGIUKI) welcomes today’s release of a report from the Financial Reporting Council, conducted with the University of Essex, which shows that the Wates Principles are the most widely adopted code of corporate governance by large private companies.

Peter Swabey, director of policy and research at CGI, said:

“It is very early to begin assessing the impact of Wates’ corporate governance principles for large private companies, particularly given the impact of the pandemic.

“Many companies have only completed one reporting cycle, but this report offers encouraging early indications that most of these large private financial firms are looking to go beyond mere regulatory compliance and offer meaningful reports to their stakeholders on their governance.

“This report highlights the wide range of governance arrangements put in place by these large private companies. As such, it provides an excellent basis on which to build for future years’ reporting, as well as examples of good practice and advice on how reporting could be improved.

For more information, please contact:
Jemima Broadbridge
Media Relations Manager
+44 (0)20 7612 7072
+44 (0)7376 198 649

Notes to editors:

1 The Chartered Governance Institute UK & Ireland is the professional governance body and the qualification and membership body for governance professionals in all sectors. Its purpose under the Royal Charter is to lead “effective governance and efficient administration of commerce, industry and public affairs” by working with regulators and policy makers to uphold high standards of governance and provide qualifications, training and advice. As a lifelong learning partner, the Institute helps governance professionals achieve their professional goals, providing recognition, community and the voice of its members.

One of nine divisions of the global Chartered Governance Institute, established 130 years ago, the Chartered Governance Institute UK & Ireland represents members working and studying in the UK and Ireland and many other countries and regions including the Caribbean, parts of Africa. and the Middle East.

Jemima Broadbridge
Media Relations Manager
+44 20 7612 7072

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