This guidance takes unlisted companies through the issues involved in designing their own corporate governance framework. It also presents a set of governance principles that can be followed or not.
Determination of the most suitable governance framework for the company should largely be a matter for the shareholders and directors. The principles are designed to take into account the size, complexity and level of maturity of individual companies, and their objectives concerning their own development. The guidance recognises that a ‘one-size-fit-all’ approach to governance frameworks at unlisted companies would be unhelpful. Given the diversity amongst unlisted firms, corporate governance principles should be applied in a pragmatic and flexible manner, reflecting the individual circumstances of each company.