UK – BVCA announces composition and terms of reference

The BVCA’s new High Level Working Group, chaired by Sir David Walker, has announced its composition and terms of reference. The BVCA has stressed the group’s aim is to produce a set of voluntary guidelines or code of conduct on a ‘comply or explain’ basis, not a ‘comply or expel’ basis. The terms of reference are to assess ‘the adequacy of existing disclosure arrangements for investors and for the public in respect of private equity portfolio companies’ and ‘the clarity and consistency of practice with regard to valuation methodology and verification and to disclosure to investors of returns and fees’.