Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Walker Guidelines definition

What does Walker Guidelines mean? An industry code setting expectations for disclosure and transparency by UK private equity firms and their larger portfolio companies, particularly following buyouts. The Walker Guidelines are not set out in legislation or case law; they stem from the 2007 review led by Sir David Walker for the BVCA and operate on a “comply or explain” basis, monitored by the Private Equity Reporting Group (PERG). In practice, they call for enhanced annual report and website disclosures on ownership, strategy, governance, financial performance, risks, employees and wider ESG matters, alongside clearer communication with stakeholders (including pension fund investors). They also expect the private...

Walker Guidelines (UK): Disclosure and Transparency for Private Equity Firms and Large Portfolio Companies—Scope, Reporting, PERG/BVCA Monitoring and AIFMD Context (2024 Update)

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Practice notes

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This Practice Note briefly outlines the walker guidelines on Disclosure and Transparency in private equity, in particular, aimed at improving disclosure by certain private equity firms and their large portfolio companies. For further information on private equity firms and funds, see Practice Note: Private equity investment—firms and funds.

What are they and why were they introduced?

In February 2007, the British Private Equity and Venture Capital Association (bvca) commissioned Sir David Walker to conduct an independent review of the overall adequacy of disclosure and transparency in private equity, with the objective of recommending a set of guidelines for adherence on a voluntary basis by the industry. These were sought by both the BVCA and major private equity firms to enhance stakeholders’ understanding of private equity activities and to address concerns about limited transparency in the sector. In addition, there was a desire to avoid any further formal statutory regulation of the industry. The resulting Guidelines for Disclosure and Transparency in Private Equity were published in November 2007 after a short consultation period. They were amended in July 2014 following a further short consultation period. Following a review process, the Guidelines were further amended in December 2024. In summary, the Walker...

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Web page updated on 22/05/2026

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