‘Happy’ New Year of new corporate governance requirements for private companies

United Kingdom

The Companies (Miscellaneous Reporting) Regulations 2018 came into force on 1 January 2019.

For the first time in the UK, some unquoted companies need to formalise their corporate governance arrangements and make additional disclosures in their annual reports for financial years beginning on or after 1 January 2019. The new voluntary Wates Corporate Governance Principles for Large Private Companies (Wates Principles), published by the UK’s Financial Reporting Council (FRC) in December, are designed as a framework to enable large private companies which are not already voluntarily complying with another corporate governance code to comply with these new statutory reporting requirements.

Click here for more detail regarding these Regulations.