Award

Wates Principles of Corporate Governance FRC Research Project

THE FINANCIAL REPORTING COUNCIL LIMITED

This public procurement record has 2 releases in its history.

Award

02 Mar 2023 at 11:33

Award Notice
Tender

04 Jan 2023 at 12:12

Tender Notice
Summary of the contracting process

The Financial Reporting Council Limited has awarded a contract for the research project titled "Wates Principles of Corporate Governance FRC Research Project" to the University of Essex. The project falls under the industry category of research and development services and related consultancy services. The tender was conducted through an open procedure with a minimum value of £40,000 and total contract value of £50,000. The procurement stage was completed with a contract period starting on 1st March 2023 and ending on 29th September 2023.

This tender presents an opportunity for businesses involved in research and development services to grow their operations. Small and medium-sized enterprises (SMEs) and voluntary, community, and social enterprises (VCSEs) would be well-suited to compete in this venture. Interested businesses should review the full details in the award notice and explore collaboration possibilities by contacting the procurement team at procurement@frc.org.uk. Timely registration of interest is essential to participate effectively in this opportunity.

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Notice Information

Notice Title

Wates Principles of Corporate Governance FRC Research Project

Notice Description

***THIS IS A CONTRACT AWARD NOTICE*** The Financial Reporting Council sets the UK Corporate Governance and UK Stewardship Codes; sets UK standards for accounting and actuarial work; monitors and takes action to promote the quality of corporate reporting; and operates independent enforcement arrangements for accountants and actuaries. As the competent authority for audit in the UK the FRC sets auditing and ethical standards and monitors and enforces audit quality. The FRC works in the public interest. Our work is aimed at investors and others who rely on company reports, audit and high-quality risk management. BACKGROUND In June 2018 the UK Government introduced The Companies (Miscellaneous Reporting) Regulations 2018 (hereafter 'the Regulations'). These require all companies of a significant size, that were not already required to provide a corporate governance statement, to disclose their corporate governance arrangements. The Wates Corporate Governance Principles for Large Private Companies (hereafter 'the Wates Principles') were published by the FRC in December 2018. They provide a framework to help companies meet the legal requirements of the Regulations and to promote companies' long-term success. The Wates Principles encourage companies to adopt a set of core behaviours to secure trust and confidence among stakeholders and to benefit the economy and society in general. In 2020 the FRC contracted an independent external research team to provide an assessment of private companies' reporting on corporate governance in their 2019 annual reports. The research report was published in February 2022. We would like this new research project to now examine a sample of more recent private company reports and produce a comparison with the findings of the February 2022 research report. This will be done using the same principle-by-principle coding scheme . In addition we would like the new research to build on the previous principle-by-principle research by also assessing each company's governance disclosure as a whole. PROJECT OBJECTIVES The project will consider companies' reports with year-end dates from 1 June 2021 to 31 May 2022 . It will answer the following research questions: A) Of companies that were within scope of the Regulations for their reporting year-ending in the above range, which of them provided a Corporate Governance Statement to Companies House? B) Taking a representative sample of companies that chose to apply the Wates Principles, what was the quality of their disclosures on a principle-by-principle basis? C) Taking a (potentially smaller) representative sample of companies that chose to apply the Wates Principles, what was the quality of their governance reporting when read as a whole? The above is a summary only. PLEASE SEE THE ATTACHED INVITATION TO TENDER (ITT) FOR FULL DETAILS. ***AWARD NOTICE*** Additional information: THIS IS A CONTRACT AWARD NOTICE. THIS TENDER HAS BEEN COMPLETED.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-641a5a51-821f-41b4-8370-12c84892f349
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/6578ffac-812e-4e71-88ff-06927017ef6d
Current Stage
Award
All Stages
Tender, Award

Procurement Classification

Notice Type
Award Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Open
Procurement Method Details
Open procedure (below threshold)
Tender Suitability
SME, VCSE
Awardee Scale
Large

Common Procurement Vocabulary (CPV)

CPV Divisions

73 - Research and development services and related consultancy services

CPV Codes

73000000 - Research and development services and related consultancy services

Notice Value(s)

Tender Value
£50,000 Under £100K
Lots Value
Not specified
Awards Value
£49,000 Under £100K
Contracts Value
Not specified

Notice Dates

Publication Date
2 Mar 20232 years ago
Submission Deadline
2 Feb 2023Expired
Future Notice Date
Not specified
Award Date
16 Feb 20233 years ago
Contract Period
1 Mar 2023 - 29 Sep 2023 6-12 months
Recurrence
Not specified

Notice Status

Tender Status
Complete
Lots Status
Not Specified
Awards Status
Active
Contracts Status
Not Specified

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
THE FINANCIAL REPORTING COUNCIL LIMITED
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
LONDON
Postcode
EC2Y 5AS
Post Town
Central London
Country
England
Major Region (ITL 1)
TLI London
Basic Region (ITL 2)
TLI3 Inner London - West
Small Region (ITL 3)
TLI35 Westminster and City of London
Delivery Location
Not specified
Local Authority
City of London
Electoral Ward
Bassishaw
Westminster Constituency
Cities of London and Westminster

Supplier Information

Number of Suppliers
1
Supplier Name

UNIVERSITY OF ESSEX

Further Information

Notice URLs

Open Contracting Data Standard (OCDS)

View full OCDS Record for this contracting process

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The Open Contracting Data Standard (OCDS) is a framework designed to increase transparency and access to public procurement data in the public sector. It is widely used by governments and organisations worldwide to report on procurement processes and contracts. 

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