LNB News 16/12/2024
Document Information
Issue Date: 16 December 2024
Published Date: 16 December 2024
Jurisdiction(s): England, Northern Ireland, Scotland and Wales
The Financial Reporting Council (FRC) has announced it will take over the governance of the Wates Corporate Governance Principles for large private companies from 31 December 2024. This transition follows Sir James Wates CBE's decision to step down as chair of the Wates Principles Coalition Group after seven years of leadership. The Wates Principles were developed in response to the Government's 2018 Corporate Governance Reform agenda and provide a comprehensive reporting framework for large private companies. CEO of the FRC, Richard Moriarty, has stated that the FRC is committed to maintaining high standards of corporate governance in this sector, which contributes over £850bn to the UK economy. This change aims to continue promoting good governance practices whilst supporting economic growth and protecting the broader public interest.
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