On 15 December 2009, the Guidelines Monitoring Group (Group) published its second report on disclosure and transparency in the private equity industry (dated 14 December 2009) (Report). The Report considers compliance by private equity firms with the requirements and recommendations of the Walker Guidelines on disclosure and transparency in private equity (Guidelines) which were published in November 2007.

After publication of the Group’s report in January 2009, an update report, issued in April 2009, recommended that the criteria for defining portfolio companies that should comply with the Guidelines should be expanded to apply to UK companies acquired by one or more private equity firms where the enterprise value at acquisition is greater than £500m (or where the market capitalisation together with the premium for acquisition of control was in excess of £300m in a public to private transaction) and more than 50% of revenues were generated in the UK or UK employees totalled more than 1,000 full-time equivalents.
This recommendation was accepted by the BVCA and was implemented immediately.

The Guidelines are set out in appendices 3 and 4 of the Report.

The Group considered conformity with the Guidelines in three areas:

    Disclosure by a portfolio company – the requirements to make accounts and mid-year updates available and for the accounts to meet enhanced disclosure requirements. The Reports notes that 60 portfolio companies are covered by the Guidelines this year, of which 32 were reviewed. All 32 met the Guidelines’ enhanced disclosure requirements.

    Communication by a private equity firm – the requirement to make information about the firm available in an annual report or on the firm’s website. The report states that all of the 34 private equity firms covered by the Guidelines this year met all of the requirements.

    Other requirements and recommendations.

read more : http://walker-gmg.co.uk/sites/10051/files/walker_guidelines_36pp-dec09-aw.pdf