Leading privately-owned construction, development and property services company Wates Group, has today become the first company to adopt the corporate governance principles for private companies which bear its name.
The Wates Principles on Corporate Governance for Large Private Companies, named after the Groups chairman, Sir James Wates CBE, who spearheaded their creation, were launched in December to provide a framework around which private companies could raise their standards of governance and improve the publics trust and confidence in business.
The Principles are due to be adopted through new corporate governance reporting requirements by private companies in their 2020 reporting cycle, however, the Wates Group has adopted the disclosure a year early, outlining how these would have applied over the past year within its Annual Review for 2018, published today.
Within the document, which also reports on the Groups operational and financial performance in 2018, the company outlines how the six corporate governance principles would have been applied in its existing operations and corporate governance structures.
Wates Chairman, Sir James Wates CBE said:
We believe that good business, well done, is a force for good in society. By adopting the Wates Corporate Governance Principles a full year early, we at Wates are demonstrating our commitment to leading the way on improving standards across business and helping to restore public trust in the role of big business.
The Wates Group reported a turnover over of £1.601bn and profits of £35.9m (up 1% on 2017) as well as a record forward order book of £5.4bn across its three key sectors of construction, property services and residential development. It has also introduced a new Guiding Framework, underpinned by a new purpose of working together to inspire better ways of creating the places, communities and businesses of tomorrow.