The
Wates Corporate Governance Principles are a tool for large private companies that helps them look themselves in the mirror, to see where they’ve done well, and where they can raise their corporate governance standards to a higher level.The
Wates Principles were published in December 2018 and gives guidance to large private companies that willhave to report their corporate governance arrangements from 1 January 2019. They can also be applied by companies outside of those included in the new legislative requirement.
The Wates Principles encourage these companies to adopt a set of key behaviours to secure trust and confidence among stakeholders and benefit the economy and society in general. Wates became the first company to embed these principles in its financial reporting, within its Annual Review of 2018.
• A set of
six high level principles of corporate governance issued to help the largest private companies (more than 2,000 employees OR a turnover of more than £200 million and a balance sheet of more than £2 billion) meet the new legislative requirement to report on their corporate governance arrangements for periods commencing on or after 1 January 2019.
The six principles are:
- Purpose – An effective board promotes the purpose of a company, and ensures that its values, strategy and culture align with that purpose.
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