The private business empires of Sir Philip Green and Sir Richard Branson should be subjected to the same scrutiny and disclosure requirements as private equity, Sir David Walker, who is leading a review of private equity rules, has said

Speaking at a conference hosted by the ICAEW corporate finance faculty, Sir David said that he saw no reason why private equity funds should be subjected to additional regulatory burdens while the likes of Green and Branson, and sovereign wealth funds such as Delta Two should not.

'The engagement of sovereign wealth funds and "quasi" private equity is not strictly within my remit, but I think it is something that we should work towards and promote their commitment to the rules,' Walker said.

Walker will release his final report on 20 November, where he will outline a voluntary code of conduct for private equity and call for a model of self-regulation.

It is expected that Walker will call for the industry to produce Business Review-style narrative reports, while the companies they own will have to produce accounts earlier than other private companies.

The Walker review is a response to growing pressure from unions and politicians for the industry to be more transparent.

Further reading:

Private equity reporting load to increase

Walker proposes non-execs for buyout companies