Following the responses to a 2016 Green Paper on Corporate Governance Reform the UK Government concluded that a case had been made for more transparency and accountability for corporate governance in large privately held businesses. The Government invited the Financial Reporting Council (FRC) to work with a variety of partners to develop a set of corporate governance principles for such companies.
A Coalition Group (the Group) representing numerous interested parties was formed in January 2018. The Group was chaired by James Wates of the Wates Group a company captured by the definitions of large private company. Today the Group published, “The Wates Corporate Governance Principles for Large Private Companies”.