New corporate governance principles for private companies is revealed as new reporting requirements are laid before Parliament.
New corporate governance principles for large private companies have been published, including a call on boards to undertake "meaningful engagement" with material stakeholders. The six new principles come as a result of a review undertaken by James Wates, chairman of construcution company Wates. The review was ordered by the government in the wake of scandals at high street retailer BHS. In a statement Wates said: "These principles will provide a flexible tool for companies of all sizes, not just those captured by the new legislative reporting requirement, to understand good practice in corporate governance and, crucially, adopt that good practice widely. The principles are about fundamental aspects of business leadership and performa