The Financial Reporting Council has issued the first in-depth assessment of the quality of reporting from private companies who have chosen to follow the Wates Principles.
The report, which was conducted with the Universities of Essex, Bristol and East Anglia – shows that the Wates Principles are the most widely adopted corporate governance code used by large private companies. And whilst there is lots to celebrate it is also sobering that the research team (Gaia, Baboukardos, Cuomo, Michelon and Soobaroyen) found that Principle One had the lowest disclosure score among the six Principles.
The good news is that we now have this data – so we can do something about it. Clarity on purpose is crucial to internal cohesion in any organisation. Learn more about how purpose plays a role across the 7 levels of Ethical Business Practice.
And help spread the word about the new Wates – so more boards both can and will take action.