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
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
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.
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