---
title: "Wates Principles of Corporate Governance FRC Research Project"
ocid: "ocds-b5fd17-641a5a51-821f-41b4-8370-12c84892f349"
canonical_url: "https://d3tenders.com/contract/?ocid=ocds-b5fd17-641a5a51-821f-41b4-8370-12c84892f349"
markdown_url: "https://d3tenders.com/contract/ocds-b5fd17-641a5a51-821f-41b4-8370-12c84892f349.md"
json_url: "https://d3tenders.com/contract/ocds-b5fd17-641a5a51-821f-41b4-8370-12c84892f349.json"
source: "Contracts Finder"
current_stage: "Award"
buyer: "THE FINANCIAL REPORTING COUNCIL LIMITED"
published: "2023-03-02"
---

# Wates Principles of Corporate Governance FRC Research Project

Buyer: THE FINANCIAL REPORTING COUNCIL LIMITED  
Current stage: Award  
OCID: ocds-b5fd17-641a5a51-821f-41b4-8370-12c84892f349

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## Summary

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.

## Notice

***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.

## Key Details

| Field | Value |
| --- | --- |
| Publication source | Contracts Finder |
| Latest notice | https://www.contractsfinder.service.gov.uk/Notice/6578ffac-812e-4e71-88ff-06927017ef6d |
| 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 |
| All stages | Tender, Award |

## Dates

| Field | Value |
| --- | --- |
| Publication date | 2 Mar 2023 |
| Submission deadline | 2 Feb 2023 |
| Future notice date | Not specified |
| Award date | 16 Feb 2023 |
| Contract period | 1 Mar 2023 - 29 Sep 2023 |
| Recurrence | Not specified |

## Values

| Field | Value |
| --- | --- |
| Tender value | £50,000 |
| Lots value | Not specified |
| Awards value | £49,000 |
| Contracts value | Not specified |

## Status

| Field | Value |
| --- | --- |
| Tender status | Complete |
| Lots status | Not specified |
| Awards status | Active |
| Contracts status | Not specified |

## Buyer

| Field | Value |
| --- | --- |
| Main buyer | THE FINANCIAL REPORTING COUNCIL LIMITED |
| Locality | LONDON |
| Post town | Central London |
| Postcode | EC2Y 5AS |
| Country | England |
| ITL 1 | TLI London |
| ITL 2 | TLI3 Inner London - West |
| ITL 3 | TLI35 Westminster and City of London |
| Local authority | City of London |
| Electoral ward | Bassishaw |
| Westminster constituency | Cities of London and Westminster |
| Delivery location | Not specified |

## Supplier

| Field | Value |
| --- | --- |
| Number of suppliers | 1 |
| Supplier names | UNIVERSITY OF ESSEX |

## CPV Codes

### Divisions

- 73 - Research and development services and related consultancy services

### Codes

- 73000000 - Research and development services and related consultancy services

## Release History

- 2 Mar 2023 at 11:33 - Award - Award Notice - https://www.contractsfinder.service.gov.uk/Notice/6578ffac-812e-4e71-88ff-06927017ef6d
- 4 Jan 2023 at 12:12 - Tender - Tender Notice - https://www.contractsfinder.service.gov.uk/Notice/d3d7c753-07e8-484b-9da8-e281350fd2a1

## Documents

- https://www.contractsfinder.service.gov.uk/Notice/6578ffac-812e-4e71-88ff-06927017ef6d
  2nd March 2023 - Awarded contract notice on Contracts Finder
- https://www.contractsfinder.service.gov.uk/Notice/d3d7c753-07e8-484b-9da8-e281350fd2a1
  4th January 2023 - Opportunity notice on Contracts Finder
- https://www.contractsfinder.service.gov.uk/Notice/Attachment/bd69f813-1b74-49ef-b7bc-1c04a61724e6
- https://www.contractsfinder.service.gov.uk/Notice/Attachment/bfc2d39e-0afa-4fce-ba3a-58fbad945ffd

## Notice URLs

- http://www.frc.org.uk

## Provenance

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