13 Dec 2010

BVCA response to transparency and disclosure report


Responding to the first report of the Guidelines Monitoring Group into compliance with the Walker Guidelines, Simon Walker, chief executive of the British Venture Capital Association said:

"The BVCA welcomes the first report of the Guidelines Monitoring Group in its entirety. I would like to thank Sir Mike Rake and his colleagues for their extraordinary efforts. It is immensely pleasing to have the commitment to transparency of the private equity firms involved confirmed in such striking terms.

While there have been instances where the GMG has not been satisfied with the initial actions undertaken by some portfolio companies in certain sectors, in every instance these mistakes have been acknowledged once identified by the GMG and corrective moves have been pledged or implemented already. The 32 private equity firms and 54 portfolio companies which have come within the Walker structure, and hence the radar of the GMG, constitute well over 80% of funds under management, are broadly equivalent to the FTSE 350 and cover the vast bulk of private equity owned transactions by value. On any reasonable standard, they are a highly appropriate audience of whom to ask for more disclosure.

The BVCA has, however, always argued that the Walker Guidelines are a process, not an event. We look forward to engaging with the GMG as its members evaluate the compliance promised and consider the evolving character of the Walker Guidelines in the months ahead.”



Notes to editor
  1. The British Private Equity and Venture Capital Association (BVCA) is the industry body for the UK private equity and venture capital industry. The BVCA has approximately 520 member firms, representing the overwhelming number of UK-based private equity and venture capital firms and their advisers.

  2. The Guidelines Monitoring Group was established to review the private equity industry's conformity with the Walker Guidelines on transparency and disclosure. The first report can be found at http://www.walker-gmg.co.uk/

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