While listed companies continue to face scrutiny over their corporate governance policies, a quiet revolution is sweeping through the boardrooms of the UK’s largest privately held companies, businesses that might have escaped the spotlight of public scrutiny in the past.

Whether these businesses are family-owned, private equity backed or subsidiaries of overseas operations, if they are a certain size then they will face additional reporting responsibilities, as the term ‘public interest’ now extends beyond those with listed shareholdings.

In June 2018 the government introduced secondary legislation, the Companies (Miscellaneous Reporting) Regulations 2018, which requires all companies of a significant size to disclose their governance arrangements.