Ben Gillespie Writes for Private Equity Wire25 Oct 2021 // In the press
Partner Ben Gillespie has written for Private Equity Wire on the FCA's climate change disclosure proposals.
“The Rules are a continuation of a theme of increasing social regulation on UK companies to counterbalance the traditional modus operandi of making maximum profit for shareholders. They also represent an extension of regulatory accountability beyond listed companies to the private sector – particularly relevant to the private equity industry.
The 2006 Companies Act (CA 2006) saw the beginnings of a socially more accountable company regime applicable to all English companies, with directors needing to have regard to (amongst other things) “the impact of the company’s operations on the community and the environment” – section 172(i) CA 2006. In the last few years, the movement has gathered momentum with the passing of the Companies (Miscellaneous Reporting) Regulations 2018 giving more weight to section 172 with various reporting obligations placed on larger private companies, and for the first time, the development of a set of proposed governance principles for large private companies (the Wates Principles).”
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