IFB Welcomes New Corporate Governance Principles for Private Companies
10th December 2018
The Institute for Family Business, the UK’s family business organisation, has welcomed the new Wates Principles for Corporate Governance in Large Private Companies (published today).
IFB Executive Director Elizabeth Bagger, a member of the Coalition which developed the principles, commented:
“Good governance is an important part of a successful business, and we know that families care about having well-governed businesses. But not all businesses have the structures in place that they need to manage risk and take long term decisions.
“We hope that these new Principles will give all private businesses an opportunity to think about their governance arrangements, consider what they could be doing better, and take steps towards that. While many businesses will already meet high standards, they will benefit from the guidance which accompanies the Principles in helping them identify if there are areas where they could improve even further.
“When the Government launched its Corporate Governance reform proposals we highlighted the importance of taking into account the diversity of private businesses in the UK. That included ensuring family businesses had a voice in the process. As part of the Coalition we have worked tirelessly to ensure that these principles make sense for family firms, and take into account their unique structures.
“We strongly encourage family businesses to take some time to read these new principles and think about how they can help their business grow for generations to come”.