This report is to provide an overview of corporate governance considerations applicable to Princess Yachts Limited (“PYL” or “the Company”). PYL is a large private company for the purposes of the Companies (Miscellaneous Reporting) Regulations 2018 (SI 2018/860) (Reporting Regulations 2018). PYL has adopted the Wates Corporate Governance Principles for Large Private Companies, as the preferred mechanism and which are designed specifically for large private companies to enable them to comply with the corporate governance statement requirements under the Reporting Regulations 2018.
The Wates Principles consist of six principles aimed at large private companies who may adopt them as an appropriate framework when making a disclosure about their corporate governance arrangements under Part 8 of Schedule 7 to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008. The principles are intended to be flexible and high level and are not prescriptive. This acknowledges the wide variety of ownership structures among large private companies.
During the first Quarter of 2023, the Parent Company of Princess Yachts Limited, Princess Yachts (Holdings) Limited (“PYH”), was acquired by KPS Capital Partners (“KPS” or “Shareholders”). This new ownership has brought new investment to the Company and continues the journey in its development. Much of the year has been dedicated to integrating PYL into the KPS structures and further information is contained in this report.
