Published date: 2 March 2023

Awarded contract - This means that the contract has been awarded to a supplier.


Closing: 2 February 2023, 5pm

Contract summary

Industry

  • Research and development services and related consultancy services - 73000000

Location of contract

EC2Y 5AS

Value of contract

£40,000 to £50,000

Procurement reference

FRC2023 - 001

Published date

2 March 2023

Closing date

2 February 2023

Closing time

5pm

Contract start date

1 March 2023

Contract end date

29 September 2023

Contract type

Service contract

Procedure type

Open procedure (below threshold)

Any interested supplier may submit a tender in response to an opportunity notice.

This procedure can be used for procurements below the relevant contract value threshold.

Contract is suitable for SMEs?

Yes

Contract is suitable for VCSEs?

Yes

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***

More information

Previous notice about this procurement

Wates Principles of Corporate Governance FRC Research Project

  • Opportunity
  • Published 4 January 2023

Attachments

Additional text

THIS IS A CONTRACT AWARD NOTICE.

THIS TENDER HAS BEEN COMPLETED.

Award information

Awarded date

16 February 2023

Contract start date

1 March 2023

Contract end date

29 September 2023

Total value of contract

£49,000

This contract was awarded to 1 supplier.

UNIVERSITY OF ESSEX

Address

Wivenhoe Park
COLCHESTER
Essex
CO4 3SQ
GB

Reference

Companies House number: RC000652

Value of contract

£49,000

Supplier is SME?

No

Supplier is VCSE?

No

About the buyer

Contact name

Head of Procurement

Address

8th Floor,125 London Wall
LONDON
EC2Y5AS
England

Telephone

020 7492 2300

Email

procurement@frc.org.uk

Website

www.frc.org.uk