The Financial Reporting Council (FRC) has appointed a “Coalition Group” comprising the FRC, senior representatives from the Institute of Directors, the Confederation of British Industry, the Institute for Family Business, the British Private Equity & Venture Capital Association, the Institute of Business Ethics, the Investment Association, the Climate Disclosure Standards Board, ICSA: the Governance Institute, and the Trades Union Congress, to develop and deliver corporate governance principles for large private companies. James Wates CBE, Chairman of the Wates Group, will chair the Coalition Group. The principles will aim to promote:
• best practice in corporate governance and reporting arrangements,
• public trust and confidence through greater transparency in the manner in which large privately-owned companies conduct their business,
• strong corporate culture and integrity within large private businesses, encourage broader consideration of workforce and wider stakeholder representation and interests;
• investor, lender and creditor confidence to facilitate long-term value and improved productivity.