Joint Ventures

Bank of Scotland Compliance with Sir David Walker's Guidelines For Disclosure and Transparency in Private Equity

A Brief History

At the beginning of 2007 Sir David Walker was asked by the BVCA and a group of major private equity firms to undertake an independent review of the adequacy of disclosure and transparency in private equity. He completed this with a view to recommending a set of guidelines for conformity by the industry on a voluntary basis.

In July of 2007 Sir David issued a consultation document which sought views from the industry and related bodies. Bank of Scotland adopted a pro-active role in the consultation process, which has been acknowledged by Sir David Walker. In our submission we clearly stated that whilst Bank of Scotland is not a private equity firm we were of the view that given our significant position within the wider industry we should be at the heart of the debate and continue to play a leading and influential role.

In November 2007 Sir David's team issued their final guidance. We agree with the final document and are now signatories to those guidelines and believe that they represent good corporate and social governance.

Compliance

The details of that which we have signed up to are enclosed within the Walker Guidelines.