THE WATES CORPORATE GOVERNANCE PRINCIPLES FOR …

THE WATES CORPORATE GOVERNANCE PRINCIPLES FOR LARGE private COMPANIESDECEMBER 2018 Financial Reporting CouncilClimate Disclosure Standards Board With thanks for the participation and assistance of our coalition partnersCONTENTS1 Foreword12 Introduction33 The WATES Principles10 Principle OnePurpose and Leadership11 Principle TwoBoard Composition13 Principle ThreeDirector Responsibilities15 Principle FourOpportunity and Risk17 Principle FiveRemuneration19 Principle SixStakeholder Relationships and Engagement214 Acknowledgements23 The FRC s mission is to promote transparency and integrity in business. The FRC sets the UK CORPORATE GOVERNANCE and Stewardship Codes and UK standards for accounting and actuarial work; monitors and takes action to promote the quality of CORPORATE reporting; and operates independent enforcement arrangements for accountants and actuaries.

Private companies benefit from the privileges of limited liability status, but are not subject to the same level of reporting and accountability requirements as publicly listed companies. The traditional rationale for this is that private companies stem from private ownership and have no reliance on public equity markets to raise capital. However,

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  Principles, Governance, Private, Corporate, Companies, Corporate governance principles, Private companies

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