Implementing the Wates Corporate Governance Principles
Many private companies operate without formal governance structures, often focusing on immediate business goals rather than long-term accountability and sustainability. The Wates Corporate Governance Principles provide a framework that helps private businesses improve decision-making, build trust with stakeholders, and manage risk effectively.
While voluntary, adopting these principles signals strong leadership, transparency, and a commitment to sustainable business practices. Companies that embrace governance not only protect their business from risks but also position themselves for long-term success.
Why Governance Matters for Private Companies
Governance is often viewed as a regulatory requirement rather than a business advantage. However, adopting strong governance practices brings tangible benefits:
- Supports long-term stability by reducing financial, operational, and reputational risks
- Enhances credibility and trust among investors, customers, and employees
- Strengthens decision-making processes, ensuring that business strategy is clear and sustainable
- Provides a competitive advantage, demonstrating responsibility and transparency in an evolving regulatory landscape
For private companies looking to future-proof their business, the Wates Principles provide a practical framework that can be tailored to different industries and business models.
How the Wates Principles Strengthen Private Company Governance
The Wates Corporate Governance Principles focus on six key areas:
1. Purpose and Leadership
- Align business purpose with strategy, governance, and operations
- Define company culture and embed it into leadership practices
2. Board Composition
- Ensure the board has the right mix of skills, experience, and independence
- Use Board Skills Assessments to identify gaps and strengthen governance structures
3. Director Responsibilities
- Improve accountability for decision-making and business performance
- Ensure effective board oversight of financial management and risk
4. Opportunity and Risk
- Balance growth opportunities with effective risk management
- Establish governance processes that enhance resilience and adaptability
5. Remuneration
- Align executive pay with company performance and business objectives
- Ensure transparency in reward structures to build trust among employees and stakeholders
6. Stakeholder Relationships and Engagement
- Strengthen business relationships with investors, employees, and customers
- Develop governance strategies that enhance corporate reputation and sustainability
How to Get Started
Bridgehouse works with private companies to align governance practices with the Wates Principles. Our governance reviews provide practical insights into board effectiveness, risk management, and business resilience.
Option 1: Board Skills Assessment
A free assessment designed for private company directors and governance teams to evaluate governance competencies against best practice standards.
- Covers essential governance skills for private company boards
- Includes a 30-minute consultation to discuss results
- Identifies strengths and areas requiring further development
- Available as a free tool, with the option to upgrade to a full Board Development Plan
Option 2: Board Governance Review
A structured review that assesses board and committee performance in line with the Wates Principles.
- Uses the Board Governance Review to evaluate governance effectiveness
- Includes a free review of one governance segment, with the option to upgrade
- Helps private companies align governance practices with best-practice frameworks
- Provides clear recommendations for strengthening decision-making and stakeholder engagement
Get in touch
We would be pleased to answer any queries or have an informal chat to discuss your possible governance needs.
