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Guidelines Monitoring Group Updates Walker Guidelines Re: Good-Practice Reporting by Private Equity Companies

Update does not amend guidelines but includes illustrations of best-practice reporting.

On 20 February, the Guidelines Monitoring Group (GMG), an independent body providing oversight on disclosure issues, published an updated version of its guidelines for good-practice reporting by private equity portfolio companies (the Walker Guidelines).[1] The Walker Guidelines, which were developed in 2007, set out a voluntary code that requires larger Financial Services Authority-authorised private equity firms to provide greater public disclosure of their activities. The objective of the Walker Guidelines is to improve transparency.

In its latest update, the GMG did not amend the content of the Walker Guidelines from the last version published in March 2012, but the update did include illustrations of reporting that the GMG considers to be best practice. The GMG noted that, overall, the quality of reporting by private equity firms has reached a similar standard to the reporting of FTSE 350 companies. However, the GMG urges all qualifying companies to aim for best practice, even where this exceeds the FTSE 350 standards.

Private equity houses and portfolio companies are advised to view and consider the new best-practice illustrations.

[1]. View the updated Walker Guidelines.

Copyright © 2022 by Morgan, Lewis & Bockius LLP. All Rights Reserved.National Law Review, Volume III, Number 70

About this Author

Iain Wright, Morgan Lewis, mergers and acquisitions attorney

With a focus on mergers and acquisitions (M&A), and capital markets, Iain Wright counsels clients on a range of corporate finance issues. He handles public and private M&A transactions in both the United Kingdom and internationally, and advises clients on initial public offerings (IPOs) and secondary fundraising. Iain also provides clients with regular guidance on securities law and governance issues, with an emphasis on the London Stock Exchange’s AIM market for growth companies.

Iain’s transactional experience includes transactions ranging in size from a...

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Ann-Marie Davies, Corporate attorney, Morgan Lewis

Ann-Marie Davies counsels clients on corporate matters that include acquisitions, disposals, financings, investments, joint ventures, and restructurings. Her work encompasses both domestic transactions and cross-border deals. Additionally, she advises corporate clients on private investment fund formation and investment management. Before joining Morgan Lewis, Ann-Marie worked in the corporate department of a UK-based international law firm and as in-house counsel at a luxury car manufacturer based in Warwick, England.

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