Walker Guidelines Monitoring Group publishes amendments

1 August 2014

The Guidelines Monitoring Group (“the Group”), the body established to review the private equity industry’s conformity with the Walker Guidelines, has published amendments to the Guidelines in response to new corporate reporting regulations implemented by the Government last year.

The Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013 necessitated amendments to the Guidelines as they removed the requirement for a business review in the directors’ report – which was the foundation for the enhanced disclosure requirements for portfolio companies – and moved this content, with a few additions, to a new report called the strategic report. The revisions to Part V and Annex D of the Guidelines are therefore focused solely on the requirements for portfolio companies and the enhanced disclosures required to be comparable to quoted companies.

Nick Land, Chairman of the Guidelines Monitoring Group, said:

“Narrative reporting changes being implemented in the UK provided the backdrop for the Group’s decision to amend the Walker Guidelines to guarantee their relevance, and to align them with our benchmark, the FTSE 350. Following a consultation period with the industry, we are pleased to launch the revised Guidelines which are accompanied by a feedback statement and a new edition of the Good Practice Guide with examples to support compliance. We expect the revised Guidelines will further the aims of the private equity industry and its commitment to be more transparent about its activities.”

Notes to Editors

  1. The revised Part V of the Guidelines can be found here.
  2. The feedback statement on the amendments can be found here.
  3. The new edition of the Walker Good Practice Guide can be found here.
  4. A consultation on the proposed amendments was launched in May in order to ensure the Guidelines adhered to new narrative reporting regulations issued by the Department of Business, Innovation and Skills which came into effect in October 2013.
  5. The Walker Guidelines were published in November 2007 following an independent review request by the BVCA and led by Sir David Walker into the adequacy of disclosure and transparency in private equity. The Guidelines Monitoring Group is responsible for ensuring the private equity industry conforms to these guidelines. More information on the Group and the Guidelines can be found at www.walker-gmg.co.uk
  6. Please contact Gurpreet Manku for further information on +44 (0)20 7492 0454.