The Wates Principle and the $1.8 billion opportunity for pharma

Amanda Powell-Smith, chief executive of Forster Communications, outlines the opportunities for pharma companies choosing to follow new guidance on the UK corporate governance framework.

In December, the Wates Principles were published as new guidance for large private companies, reiterating the need for them to behave in a way that benefits society as well as the economy, building trust and confidence among all stakeholders.

It is an important moment, recognizing the impact of the private business sector, and sits alongside the revised UK Corporate Governance Code for listed companies. Both documents place expectation on leadership teams to think long-term, so will they be the tipping point for companies turning their purpose into sustainability practice?