The Wates Principles introduce an approach to good corporate governance that offers sufficient flexibility for a diverse range of companies to explain the application and relevance of their corporate governance arrangements, without being unduly prescriptive.
There are six high level principles of corporate governance issued to help the largest private companies meet the new legislative requirement to report on their corporate governance arrangements for periods commencing on or after 1 January 2019.
It is a voluntary framework which adopts the “apply and explain” approach. Guidance is provided with each principle, not as requirements, but to help companies understand how they can apply the principles.
Richard Winfield has prepared a webinar: