UK - The British Association of Venture Capitalists (BVCA) has set up a working party to examine issues surrounding valuation guidelines, fuelling the debate on greater disclosure and reporting standardisation in the private equity industry. The group is to be chaired by Michael Queen, vice chairman of the BVCA and chairman of the BVCA's investor relations committee. He is also finance director of venture capitalists 3i Group.
The intention is to re-examine valuation and reporting guidelines by consulting member firms across Europe, investors, the European Venture Capital Association, the accounting profession and others. The working party will report to BVCA chairman, Edmund Truell, during 2002.
Truell, who is also chief executive of Duke Street Capital said: '”The intention is to produce guidelines by the middle of next year that have international acceptance.
“I am a big proponent of more regular reporting, greater openness of information, comparability and consistency.”
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