PERG | Learn About PERG and the Guidelines

Board Members

Learn more about all PERG board members below. Meetings of the PERG are attended by the BVCA including Michael Moore (BVCA Chief Executive) and Ciarán Harris (BVCA Policy Manager).
The PERG reports on its review to the BVCA Chair and members of the BVCA Council (board of directors). PwC and EY, both advisers to the PERG and the BVCA, are also invited to attend meetings.
Nick Land Independent member and Chair
Nick Land Independent member and Chair

Nick Land, a chartered accountant, retired as Chairman of Ernst & Young LLP in 2006 after a career spanning 36 years with the firm. He became an audit partner in 1978 and held a number of management roles before becoming Managing Partner in 1992. He was elected chairman in 1995 and joined the Global Executive Board at that time. He was also Managing Partner of Ernst & Young’s Northern European, India, the Middle East and Africa Region.

Nick is currently the Deputy Chair of Thames Water Utilities, the Chair of The Instant Group, a non-executive director of IHS Towers and is Chair of the Vodafone Foundation. He has previously been a non-executive director of Vodafone Group, Royal Dutch Shell, Alliance Boots, Ashmore Group, Signature Aviation and the Financial Reporting Council.

Glyn Parry Independent member
Glyn Parry Independent member

Glyn Parry is a very experienced financial professional with extensive practical knowledge and experience of dealing with external financial and narrative corporate reporting, along with the associated technical accounting, internal control, compliance and governance matters, over the last twenty years. During this time he has been the Group Financial Controller at Compass Group and BT Group. Prior to this he worked for PricewaterhouseCoopers both in the UK and overseas. Glyn has been a Chartered Accountant (ACA) since 1990.

Jeannie Drake Independent member
Jeannie Drake Independent member

Jeannie Drake CBE is a Labour peer appointed to the House of Lords in 2010, and is currently chair of its Constitution Committee. She has extensive experience in the pensions sector. She was a non-executive member of the inaugural Pension Protection Fund board; chaired the Personal Accounts Delivery Authority; and was a member of the Turner Pensions Commission. She is currently a trustee with The People’s Pension master trust and the Telefonica pension scheme. Jeannie was previously a Commissioner on the Equal Opportunities Commission and the Equality and Human Rights Commission; a senior trade union official and President of the TUC.

Ralf Gruss Industry representative
Ralf Gruss Industry representative

Ralf is a Partner and the Chief Operating Officer of Apax. Ralf leads the investment advisory activities for AGA, Apax’s listed fund, and has co-responsibility for the credit investing advisory of Apax. He is a member of the AGA and Credit Investment Committee. He joined the Firm in 2000 and is currently based in London and Munich, and has also worked for Apax in Hong Kong.

Prior to joining Apax, Ralf was a consultant with Arthur D. Little International Inc., where he specialised in advising clients in the Financial Services sector. Ralf holds a diploma in Industrial Engineering and Business Administration from the Technical University in Karlsruhe. He also studied at the University of Massachusetts and the London School of Economics.

Tony Lissaman Industry representative
Tony Lissaman Industry representative

Tony Lissaman is a Partner and Chief Operating Officer of 3i Group plc’s Private Equity business, and a member of 3i Group’s Investment Committee. His responsibilities include portfolio oversight, valuations, operations, strategy and the financial management of 3i’s international Private Equity business. He currently sits on the boards of 3i’s investments in MPM and Scandlines. In addition to his work with PERG, Tony is a member of the International Private Equity Valuations (IPEV) Board and Invest Europe’s Professional Standards Committee. Before joining 3i in 1998, Tony worked at KPMG where he trained as a Chartered Accountant.

PERG and the Walker Guidelines Explained

About PERG and its role

The Private Equity Reporting Group (PERG) was established in March 2008 to monitor the industry’s compliance with the Walker Guidelines and make periodic recommendations to the British Private Equity and Venture Capital Association (the “BVCA”).

This was in response to the increased scrutiny from stakeholders and the desire to understand more about the private equity industry’s approach to the businesses they invest in.

Since 2007, private equity firms operating in the UK have embraced and adopted the Walker Guidelines with over 80 of the largest UK private equity-backed companies currently:

  • providing additional disclosures in their annual financial statements voluntarily; and
  • making these accessible on the company websites.

What is the role of PERG?

  • To review the extent of conformity with the guidelines of large UK private equity backed companies, through compliance or explanation, on an ongoing basis.
  • To publish an annual report (The PERG Report) on the work of the Group.
  • To review the EY performance report and provide the BVCA with comments.
  • To keep the guidelines under review and to make recommendations for changes when necessary to be implemented by the BVCA (after due consultation) to ensure that the Guidelines remain appropriate in changing market and industry circumstances.
About the Walker Guidelines

At the beginning of 2007, Sir David Walker was asked by the BVCA and a group of major private equity firms to undertake an independent review of the adequacy of disclosure and transparency in private equity. Sir David completed this with a view to recommending a set of guidelines by the industry on a voluntary basis.

Private equity, via the implementation of the Walker Guidelines, is focused on demonstrating its commitment to transparency by publishing additional information on its largest UK businesses publicly.

The Private Equity Reporting Group (PERG), formed to monitor implementation, reviews private equity’s compliance with the Walker Guidelines annually with support from the BVCA, PwC and EY.

Each year this review is finalised with the publication of three reports.


Private Equity Reporting Group review report

This review sets out the findings from PERG’s annual review of the private equity industry’s compliance with the Walker Guidelines. This report has a focus on compliance with the disclosure and publication requirements for company annual financial statements and mid-year reports. A sample of financial statements is reviewed by PwC each year for PERG to see how disclosures compare to FTSE 250 reporting.


EY report on the performance of portfolio companies

This report presents aggregated data collected by EY from private equity firms and their portfolio companies. It tracks the performance of portfolio companies under private equity ownership against listed companies and other benchmarks.


PwC Good Practice Guide

This guide includes examples of good practice reporting by companies reviewed by PwC this year. It also provides guidance on what is required for the company annual financial statements.

What makes a Walker company?
Public to private transaction completed by a private equity firm
  • Was the enterprise value over £210million?
    • Yes
      • Does the acquired company have either 50% of revenues generated in the UK or 1,000 full time employees in the UK?
        • Yes
          • The company is in scope of the Guidelines
        • No
          • The company is not in scope
    • No
      • The company is not in scope
Secondary/other non-market transaction completed by a private equity firm
  • Was the enterprise value over £350million?
    • Yes
      • Does the acquired company have either 50% of revenues generated in the UK or 1,000 full time employees in the UK?
        • Yes
          • The company is in scope of the Guidelines
        • No
          • The company is not in scope
    • No
      • The company is not in scope
What do Walker companies and their PE owners have to do?
  • Portfolio companies:
    • The annual audited financial statements must include additional information in the form of disclosures that align with those required of FTSE 250 companies.
    • A mid-year update on the key happenings and trends from the last 6 months is produced.
    • The reports need to be published in a timely and accessible manner on the company’s website:
      • Annual audited financial statements – 6 months after the financial year end.
      • Mid-year update – 3 months after the financial mid-year.
    • Data from the financial statements and other metrics is provided to EY for the report on performance of portfolio companies.
  • Private equity firms:
    • Private equity firms publish certain disclosures on their own website covering their leadership, their investors and case studies about their portfolio companies.

How do Walker company requirements compare to other types of companies?
Transparency requirements Private Company Public Company Walker Company
Annual report due date (after year end) 9 months Usually 6 months 6 months
Where it can be found
Companies House
Companies House and company website
Companies House and company website
Trading/key events update
Not required
Yes Yes
Due date N/A Not defined
3 months after financial mid-year
Where it can be found
N/A Company website
Company website
Data submission

No requirement

Quarterly reporting
Submitted to EY for separate report on the performance of portfolio companies
Disclosure requirements (in annual report) Private Company Public Company Walker Company
Information included on the following:
Identity of the PE firm (beneficial owners)
Board composition
Financial position
Financial risks
Company performance
Risks and uncertanties
Financial KPIs
Non-financial KPIs
Business model
Trend and factors affecting the business
Environment matters
Social and human rights
Gender diversity
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Scope of Operations

Discover more

The Private Equity Reporting Group’s scope of operations was produced to articulate the mandate, composition, appointment and conduct of PERG. The appointment of an advisory firm to assist in the Group was made in May 2008. The appointed firm is PwC, and this is reviewed on a yearly basis.

Details of the scope of operations are outlined in this section.

View the Walker Guidelines

The Walker Guidelines set out recommendations and enhanced disclosure requirements for private equity firms, their UK portfolio companies and the BVCA.

Latest PERG Reports

Each year the Private Equity Reporting Group shares highlights and features from the year's reports. Read the findings here.

UK Private Equity Annual Public Reports