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FRC issues corporate governance principles for private companies

Paul Hodgson | December 12, 2018

The Financial Reporting Council (FRC) issued its long-awaited corporate governance standards for private companies on 10 December, which provides a framework to help the companies meet legal requirements and improve and disclose their governance.

The Wates Principles, as they are called, encourage private companies to adopt a set of key behaviours “to secure trust and confidence among stakeholders and benefit the economy and society in general,” according to the press release announcement.

By explaining the application of these Principles, large private companies will also be able to meet their obligations under The Companies (Miscellaneous Reporting) Regulations 2018, part of a package of new regulations that have been issued for private enterprises. These regulations require all companies of a significant size that are not currently required to provide a corporate governance statement to disclose...

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