The Chairman of Wates Group, James Wates CBE, has been selected to lead a new industry group on corporate governance for large private companies.

Mr Wates will work alongside the Financial Reporting Council, the Institute of Directors, the Trades Union Congress and other bodies to draw up the UK's first-ever set of guiding principles for large private companies.

Speaking on his new position, Mr Wates said: "I am delighted to have been asked to chair this very important piece of work. I feel passionately that good business, well done, can be a force for good in society.

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"I hope that the standards produced through this effort will help promote and enable ever-stronger and more consistent corporate governance amongst large private companies, which generate significant value for the UK economy and society."

Business Secretary Greg Clark said: "The UK is rightly recognised as having a world-leading business environment and responsible business practices – a key part of our Industrial Strategy.

"But concerns that some companies are stepping out of line by ignoring employees' concerns need to be addressed and that is why I am delighted to appoint a chair to lead this important step change in the way large private companies are run.

"James has a wealth of relevant experience and I wish him every success in his new role."

(LM)