Wates launches private sector governance principles

Contractor Wates has published new corporate governance principles for large private companies.

In a move designed to help large private companies look at how they can raise their corporate governance standards to a higher level, the document offers a structure for reporting on corporate governance that looks to boost private companies’ reputation within the communities in which they work.

“I believe that good business, well done, is a force for good in society,” said Wates chairman James Wates in the document’s foreword. “While not always recognised for it, business creates the jobs, economic growth, and tax revenue that society so desperately needs.

“Although most business leaders have an intuitive moral compass that guides them towards delivering this value, these Principles provide them with a framework for ensuring that their companies are well managed and aligned behind a clear purpose.”

The launch of the document comes at an important time for the private sector, particularly in the construction community, where faith in private partners remains brittle, particularly in the wake of the collapse of Carillion at the start of the year.