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

11 Feb 2021 at 16:27

Award Notice
Tender

11 Jan 2021 at 13:30

Tender Notice
Summary of the contracting process

The Financial Reporting Council (FRC) has recently completed the award of a contract for the Wates Principles of Corporate Governance, a research project centred on the UK Corporate Governance and Stewardship Codes. This procurement falls under the services category and covers a contract valued at £50,000, with a minimum contract value of £42,000. The tender period concluded on 27 January 2021. The successful supplier, the University of Essex, is tasked with providing research services to help understand corporate governance practices among significant companies in the UK, with the contract period commencing on 15 February 2021 and concluding on 13 July 2021. The procurement method used was an open procedure below threshold.

This tender presents valuable opportunities for businesses engaged in research and consultancy services, particularly those with expertise in corporate governance and compliance reporting. Small and medium enterprises (SMEs) and voluntary, community, and social enterprise (VCSE) organisations are particularly well-suited to participate in similar projects, as they can offer innovative solutions and tailored services that align with the FRC's objectives. Engaging in this sphere can help such businesses expand their portfolios within the public sector, thereby fostering growth and development.

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Notice Information

Notice Title

Wates Principles of Corporate Governance (FRC Research Project)

Notice Description

THIS IS A CONTRACT AWARD NOTICE - THIS TENDER IS CLOSED / COMPLETED The FRC has awarded a contract for the provision of Services 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. In June 2018 the UK Government introduced The Companies (Miscellaneous Reporting) Regulations 2018. 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 were published by the FRC in December 2018. They provide a framework to help companies not only meet the legal requirements of The Companies (Miscellaneous Reporting) Regulations 2018, but to promote long term success. The Wates Principles encourage companies to adopt a set of key behaviours to secure trust and confidence among stakeholders and to benefit the economy and society in general. The objective of this research project is to answer the following questions. A. Of the companies within scope of the Regulations for their first full reporting year beginning on or after January 2019, which of them provided a Corporate Governance Statement? Of those that did so: o Which companies applied a known corporate governance code? For each of these, which code was chosen (e.g. Wates Principles, UK Corporate Governance Code, Luxembourg Corporate Governance Code, etc), and did the company report any departures from that code? o Which of them instead reported that they were applying other corporate governance arrangements, and what was the stated reason for doing so? B. Taking a representative sample of companies that chose to apply the Wates Principles, what was the quality of their reporting? Additional information: Notes:- * Download and review the documents; * Observe the timelines and tender process * Register your interest in this opportunity by email to procurement@frc.org.uk * You will need to register your interest in this opportunity to receive the Q&A responses. * THE FRC WILL ACCEPT TENDER QUERIES UP UNTIL 12.00noon on 15/01/2021. This Opportunity is Closed. This is a contract award Notice

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-ac980e89-0f3a-4339-b796-ac7db66d55cc
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/b67f9bd6-e5df-402d-8417-a59b9bc01c23
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
£45,000 Under £100K
Contracts Value
Not specified

Notice Dates

Publication Date
11 Feb 20215 years ago
Submission Deadline
27 Jan 2021Expired
Future Notice Date
Not specified
Award Date
11 Feb 20215 years ago
Contract Period
15 Feb 2021 - 13 Jul 2021 1-6 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

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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