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PRIVATE EQUITY_Sir David Walker kicks off voluntary code for venture
Independent on Sunday, The, Jul 15, 2007
Tomorrow, former Bank of England director Sir David Walker will kick off his consultation into setting up a voluntary code for the private equity industry.
The British Venture Capital Association (BVCA) has commissioned the work in an attempt to stave off a backlash against the industry, which could lead to tighter regulation and higher taxes.
The consultation document will ask regulators, unions and private equity firms what levels of disclosure and transparency are desirable. This could include private equity companies issuing strategic updates on the companies they run. Sir David's remit does not involve making tax-level recommendations.
Following the consultation period, he will publish his recommendations at the end of the year. The Walker report is independent of the Treasury Select Committee's inquiry into the industry which has been highly critical of private equity bosses.
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