Refreshed Walker Guidelines
On 31 July, the BVCA and PERG published a consultation to refresh the Walker Guidelines for Disclosure and Transparency in Private Equity. The consultation ran for two months, closing on 30 September, and followed a period of analysis, benchmarking and engagement with industry and external stakeholders. This feedback statement summarises the feedback received and sets out PERG’s response and recommendations. It includes the chosen amendments along with the final amended Part V of the Guidelines.
The review of the Guidelines covered both the scope and specific requirements of the Guidelines, seeking to ensure that the scope appropriately captures large private equity investment activity in the UK and that portfolio companies and private equity firms disclose information that is clear, accessible and valuable to their external stakeholders. PERG’s central aim for the review has been to calibrate the Guidelines to today’s reporting world and to ensure that the Guidelines remain fit for purpose and provide value to the industry’s stakeholders.
The consultation followed a benchmarking exercise, to compare and assess current transparency and disclosure requirements within the Guidelines (as set out in Part V of the Guidelines) with FTSE 250 (our chosen benchmark) and other relevant corporate reporting regimes. As part of the consultation process the BVCA and PERG also engaged widely, with members, portfolio companies, the Government and regulators, and academics.
The feedback statement, published alongside the amended Part V of the Guidelines, sets out substantial change to the disclosure requirements and scope of the Walker Guidelines, showing commitment from the industry and the BVCA to continue to have a robust, unique and world leading set of transparency Guidelines. The proposed changes will calibrate the Walker Guidelines requirements to today’s reporting landscape, and PERG is confident that external stakeholders will continue to see the value of the additional transparency these proposed changes will provide. In making these changes, PERG is of the view that the Guidelines are both fit for purpose and proportionate, better reflecting the current financial reporting requirements and more comparable to FTSE 250 companies. The Guidelines will be kept under review, and PERG will monitor the implementation of the new disclosure requirements and the effects of new aspects of the scope.
PERG and the BVCA would like to thank those that took the time to respond to the consultation and engage on this vital project.
View the latest Guidelines
Published 18 December 2024