Issue date
10 Dec 2018

The TUC has welcomed the publication today (Monday) of the ‘Wates Principles’, a new code for the corporate governance of large private companies that was developed in consultation with stakeholders, including the TUC.

Included in the principles are recommendations that firms should:

  • Foster meaningful engagement with their workforce, and have regard to their views when taking decisions
  • Promote the long-term success of the company, identifying opportunities to create and preserve values
  • Take account of pay and conditions for all company staff when setting executive remuneration structures

TUC corporate governance officer Janet Williamson said:

“By putting the principle of workforce engagement into practice, firms can help ensure a fair and secure future for their workforce. Trade unions stand ready to work with firms so that workers can use their voices, experience and ideas to help a company’s leadership achieve long-term success. This will benefit the owners, the workers and the UK economy.”