James Wates CBE was appointed to chair the group, and the FRC published a consultation on the Wates Corporate Governance Principles devised by the Coalition in June 2018.
The Coalition has aimed to keep the principles as flexible as possible. However, if companies choose to adopt these principles, the proposed application is on an ‘apply and explain’ basis. There are six high level principles; purpose, composition, responsibilities, opportunity and risk, remuneration and stakeholders, with associated guidance providing further detail on why each principle is important.
Should companies want to go further than the Wates principles they can opt to comply with the UK Corporate Governance Code or the Quoted Companies Alliance Code. Some companies may also already comply with industry specific governance codes which would fulfil the criteria.
“In an environment where the bad apples of corporate behavior taint the reputations of the private sector as a whole, we need to press continually for more transparency and better corporate governance in our companies to rebuild trust with all our stakeholders,” says Sir James Wates CBE, Chairman, Wates Group of Companies and Chair of the Coalition Group of the Wates Principles.
Read the full report.