The Private Equity Reporting Group (PERG), the body established to review the private equity industry’s conformity with the Walker Guidelines has published its tenth annual report on disclosure and transparency in private equity. Each year, a sample of approximately a third of portfolio companies that fall within the scope of the Guidelines are reviewed for compliance with the disclosure requirements. In 2017, compliance fell to 79%, against 86% the previous year. The PERG acknowledges that within the sample reviewed, all BVCA members and their portfolio companies are compliant with the Guidelines or have provided appropriate explanations. Non-compliance is unfortunately driven by non-BVCA members.