Sir Mike Rake has been given the high-profile task of policing the new code of conduct for private equity firms that will be released by Sir David Walker tomorrow.

The code is aimed at making the buy-out industry more open and transparent. According to the Times, it is a voluntary code that will adopt a 'comply-or-explain' approach to compliance and it will be up to Sir Mike to ensure that firms meet the requirements of the document or explain why they haven't.

Sir Mike, a former chairman of KPMG and now the chair of BT, will chair the oversight committee that will enforce Lord Walker's code. This committee will work with the British Venture Capital Association and meet three times a year to sift through details of the companies owned by buy-out groups.

The oversight committee is expected to appoint an accounting firm to help it with its work.

Further reading:

Walker Review sets sights beyond private equity

Private Equity to be named and shamed