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Family BusinessThe Importance of Family and Business Governance

Family Business: The Importance of Family and Business Governance [Corporate governance has gained tremendous attention in recent years, While the process is greatly discussed, it is not always well understood, especially in family businesses, Family business governance is a system of processes and structures put in place at the highest level of the business, family, and ownership to make the best possible decisions regarding the direction of the business and assurance of accountability and control In a well-developed family business, this involves understanding how the business and its governance structure — the board of directors and the management’s executive committee — interact with the family and its structures (the family council, shareholders’ committee, and so on; see Figure 4.1) This chapter explores the respective roles of these structures, their composition, and their function.] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

Family BusinessThe Importance of Family and Business Governance

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Publisher
Palgrave Macmillan UK
Copyright
© Palgrave Macmillan, a division of Macmillan Publishers Limited 2005
ISBN
978-1-4039-4775-8
Pages
45 –57
DOI
10.1057/9780230287730_4
Publisher site
See Chapter on Publisher Site

Abstract

[Corporate governance has gained tremendous attention in recent years, While the process is greatly discussed, it is not always well understood, especially in family businesses, Family business governance is a system of processes and structures put in place at the highest level of the business, family, and ownership to make the best possible decisions regarding the direction of the business and assurance of accountability and control In a well-developed family business, this involves understanding how the business and its governance structure — the board of directors and the management’s executive committee — interact with the family and its structures (the family council, shareholders’ committee, and so on; see Figure 4.1) This chapter explores the respective roles of these structures, their composition, and their function.]

Published: Nov 23, 2015

Keywords: Board Member; Family Firm; Independent Director; Senior Management; Family Business

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