UK: Walker guidelines on private equity - update

The UK's Financial Times newspaper has published an interview with Sir Michael Rake, chairman of the Walker Guidelines Monitoring Group. In the course of the interview it is noted that 32 private equity firms (list here) and 55 portfolio companies (list here) have committed to comply with the Walker Recommendations. In addition, it is noted that Sir Michael:

...is encouraged by the enthusiastic response eight months after Sir David Walker, the City grandee, unveiled the voluntary guidelines he drew up for the British Private Equity and Venture Capital Association (BVCA). Since then, about a dozen private equity firms – including Apax Partners, Terra Firma, Permira and Cinven – have published annual reviews, giving details of their senior managers, investors, strategies and portfolio companies. “The reports are worth looking at,” says Sir Michael. “They see the business benefits of doing it. There is nothing to fear from transparency and the story they have to tell is generally a good one; therefore why not tell it?” 

In addition, large portfolio companies, such as Alliance Boots, the pharmacy chain, and Gala Coral, the betting and casinos group, have published public company-style annual reports. By the end of the year, Sir Michael plans to report back on how the rules have been adopted by relevant portfolio companies".