The CBI has commented on the appointment of James Wates CBE to chair a new working group of senior business leaders, industry groups and representatives from the Financial Reporting Council and Department for Business, Energy and Industrial Strategy.
The group, which includes the CBI, was invited to come together to develop a voluntary code of corporate governance principles for large privately-owned companies. The group was a key proposal in the Government's green paper reforms to enhance the public's trust in business in August 2017.
Josh Hardie, CBI Deputy Director-General, said:
“Great corporate governance underpins great businesses, regardless of ownership structure. James Wates CBE will be a powerful Chair and an important voice, helping to shape the approach for privately-owned companies.
“So many privately held companies demonstrate genuinely high standards so the development of a bespoke, voluntary code that builds on the wealth of experience that already exists will make a difference.
“The CBI welcomes the opportunity to work with James and the FRC coalition group to ensure that the proposals drive change for the better and reflect the diversity of privately-owned companies in the UK.”