Published date: 7 December 2020

This notice was replaced on 7 April 2021

This notice does not contain the most up-to-date information about this procurement. The most recent notice is:

Awarded contract (published 7 April 2021)

Closed opportunity - This means that the contract is currently closed. The buying department may be considering suppliers that have already applied, or no suitable offers were made.


Contract summary

Industry

  • Research and development services and related consultancy services - 73000000

Location of contract

EC2Y 5AD

Value of contract

£42,000 to £50,000

Procurement reference

FRC2020 -0113

Published date

7 December 2020

Closing date

8 January 2021

Closing time

5pm

Contract start date

1 February 2021

Contract end date

30 June 2021

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

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?


** This is a summary only, please see the PDF download below for full details **

More information

Attachments

Additional text

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.

About the buyer

Contact name

Head of Procurement

Address

8th Floor 125 London Wall
LONDON
EC2Y 5AS
England

Telephone

020 7492 2475

Email

procurement@frc.org.uk

Website

www.frc.org.uk