Sir David Walker’s report on private equity suggests a voluntary code will be enough to ensure we know what is going on within such firms. But it is not apparantly envisaged to be a voluntary code with any sanctions attached.
However we should know what is going on within such companies. The moral case for disclosure results from the huge impact such companies have on their stakeholders. And with 8% of the workforce employed by private equity, that case could hardly be clearer.
So why should private mean private?