---
title: "Wates Principles of Corporate Governance (FRC Research Project)"
ocid: "ocds-b5fd17-ac980e89-0f3a-4339-b796-ac7db66d55cc"
canonical_url: "https://d3tenders.com/contract/?ocid=ocds-b5fd17-ac980e89-0f3a-4339-b796-ac7db66d55cc"
markdown_url: "https://d3tenders.com/contract/ocds-b5fd17-ac980e89-0f3a-4339-b796-ac7db66d55cc.md"
json_url: "https://d3tenders.com/contract/ocds-b5fd17-ac980e89-0f3a-4339-b796-ac7db66d55cc.json"
source: "Contracts Finder"
current_stage: "Award"
buyer: "THE FINANCIAL REPORTING COUNCIL LIMITED"
published: "2021-02-11"
---

# Wates Principles of Corporate Governance (FRC Research Project)

Buyer: THE FINANCIAL REPORTING COUNCIL LIMITED  
Current stage: Award  
OCID: ocds-b5fd17-ac980e89-0f3a-4339-b796-ac7db66d55cc

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## Summary

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.

## Notice

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

## Key Details

| Field | Value |
| --- | --- |
| Publication source | Contracts Finder |
| Latest notice | https://www.contractsfinder.service.gov.uk/Notice/b67f9bd6-e5df-402d-8417-a59b9bc01c23 |
| 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 | 11 Feb 2021 |
| Submission deadline | 27 Jan 2021 |
| Future notice date | Not specified |
| Award date | 11 Feb 2021 |
| Contract period | 15 Feb 2021 - 13 Jul 2021 |
| Recurrence | Not specified |

## Values

| Field | Value |
| --- | --- |
| Tender value | £50,000 |
| Lots value | Not specified |
| Awards value | £45,000 |
| 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

- 11 Feb 2021 at 16:27 - Award - Award Notice - https://www.contractsfinder.service.gov.uk/Notice/b67f9bd6-e5df-402d-8417-a59b9bc01c23
- 11 Jan 2021 at 13:30 - Tender - Tender Notice - https://www.contractsfinder.service.gov.uk/Notice/cc417026-3441-453e-a762-f01af95495ed

## Documents

- https://www.contractsfinder.service.gov.uk/Notice/b67f9bd6-e5df-402d-8417-a59b9bc01c23
  11th February 2021 - Awarded contract notice on Contracts Finder
- https://www.contractsfinder.service.gov.uk/Notice/cc417026-3441-453e-a762-f01af95495ed
  11th January 2021 - Opportunity notice on Contracts Finder
- https://www.contractsfinder.service.gov.uk/Notice/Attachment/162b8a59-c313-4483-bf04-b577b6535506
- https://www.contractsfinder.service.gov.uk/Notice/Attachment/fe515d6c-64a6-422a-a57c-6108ef737ffd

## Provenance

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