PERG | PwC Good Practice Reporting by Portfolio Companies Guide
2023

UK Private Equity Annual Public Reports

Improving Transparency and Disclosure: PwC Good Practice Reporting by Portfolio Companies Guide

The purpose of this report is to provide guidance for those individuals at portfolio companies who are responsible for preparing the Annual Report and financial statements, and to provide some examples of good and excellent practice for each of the Walker Guidelines.

Non-financial reporting is an increasingly important element of the Annual Report and statutory or regulatory changes are bringing more companies into scope for enhanced disclosure. Recent changes impacting large private companies, which will likely include a number of portfolio companies include the requirement for reporting on governance frameworks, reporting underthe Task Force on Climate-related Financial Disclosures (“TCFD”) and also stakeholder focus on the impact that companies have on the wider communities they operate in. Portfolio companies have the opportunity to be ahead of the game through making a more full-hearted attempt to comply with the Walker Guidelines, which provide a strong foundation for the increased disclosures required.


Answers to key questions for stakeholders addressed in this report:

  • What has been the impact of Covid-19 on the reporting of companies? And has this reporting become embedded in the annual report?
  • What are the areas of focus for PE-backed companies?
  • What companies are including the best quality disclosure?
  • What are the areas of disclosure with the biggest improvement?


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Published 20 February 2023

How is the disclosure of PE-backed businesses compared to listed companies?

Each year, a sample of approximately a third of the population of portfolio companies is reviewed for compliance with the disclosure requirements.
PwC utilizes professional judgement via a team of reviewer's familiar with public (quoted) company annual reports.


Read the report

Published 20 February 2023