Mr Wates will join the board as Deputy Chairman and is expected to become company Chairman from January 2017.
The move adds to a list of industry positions held by Mr Wates, which includes Chairman of the Construction Industry Training Board, co-chair of Build UK, Chairman of the Building Research Establishment (BRE) Trust, and member of the government's Apprenticeship Delivery Board.
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In addition, the appointment comes at a time of renewed global focus on corporate responsibility issues, following a G20 summit earlier this month where Prime Minister Theresa May pledged to increase efforts to tackle poor corporate behaviour.
Tomorrow's Company Founder and Chief Executive Officer (CEO), Mark Groyder, said: "We have worked closely with the Wates Group and the Wates family over many years, and their example of stewardship in action has been an important influence on us. It is wonderful to work with a successful business leader who exemplifies strong values, enduring relationships and a long term focus. We look forward to working together in the future."
Mr Wates added: "This is a great moment to be working with Tomorrow's Company. As the Prime Minister has said, we all face an important task in 'civilising capitalism' and I see Tomorrow's Company, with its clear vision and business-led practical focus, as playing a central role in driving change."
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