Family-Owned Businesses
Family-Owned Businesses
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FAMILY GOVERNANCE SERVICES

Governance in FOBs is both tricky and different from governance of other types of businesses. This is due mainly to the interface between the family and the business. Therefore, FOBs need both corporate governance as well as "family governance", which refers to the mechanisms governing the family\'s relationship with the business. It is evident that only the FOBs who are able to streamline the relationship between the family and the business go on beyond the 3rd generation.

Family businesses constitute the world\'s oldest and most dominant form of business organizations. They often enjoy many advantages over their non-family counterparts. Because of the family element, trust is likely to be more prevalent within the organization and there is often a shared understanding of the common values. Many family businesses also exhibit higher levels of commitment and loyalty to the business. However, the emotional bond that helps the family business strive, may also become the source of interference. The concern, particularly in later generations, is that the business of the family may interfere with the family business. The challenge for family businesses is how to preserve their inherent strengths, while minimizing their inherent weaknesses, and preparing for future complexities is the key.

Family governance starts from the recognition that both the business and the family have their own needs and goals, which are sometimes contradictory, and the degree to which a firm is capable of balancing the contradictory demands of family and business determines its success.

In addition to the corporate governance advisory services offered to the business side, Hawkamah provides family governance advisory services.

Hawkamah Services For Family Businesses:

Developing family constitutions Parent / Subsidiary Governance Formulating family governance frameworks (e.g., family council and family assembly) Facilitating family meetings Succession planning Training for current & future generations

Testimonials

  • “The topic discussed was forward-looking, enlightening and practical. The well-balanced panel considered the next area of governance reform from a broad perspective, with the session covering useful and thought-provoking concepts.”

    Nalika Manjrekar -VP - Group Corporate Governance at First Abu Dhabi Bank 

  • The breakfast meetings organised by Hawkamah provide attendees with a great opportunity to meet with peers from leading organisations and exchange ideas on current issues and challenges. A strong panel of industry experts discussing the challenges from different perspectives on ‘How to get the board more engaged’ was most insightful and engaging with enthusiastic audience participation especially in matters regarding diversity and quality of information that is  presented to the board for effective decision making. I look forward to more such events that are organised by Hawkamah

    Sunil Edwards- Group Head of Internal Audit  - Bank of Sharjah

  • The power breakfast on board engagement organized by Hawkamah in collaboration with Diligent was a successful event, very insightful and informative and well organized

    Mostafa Ibrahim Abdeltawab - Tax Agent & Consultant  - Skylines Tax Consultancy

  • There is absolutely no doubt that Hawkamah – as always – has done unmatchable effort in producing its most recent valuable report in association with Diligent about Board Best Practices in the MENA. The discussions that took place in the “Power Breakfast” was so important and insightful; the influx of questions by the quality participants and the valuable answers of the quality panelists is a clear proof of Hawkamah continued success in such events. 

    Yasser Al Dabach – Board Secretary – Ghobash Trading & Investment Group

  • The technical knowledge, insights, case studies and learning provided by the ‘Director Development Program’ are very useful and effective in framing the strategic planning, implementation and delivery phases of growth plans in the difficult economic and geo-political times that we are operating in.

    Hisham Dimashki – CEO - BAP LLC – (associated with GM Trading Companies - Washington DC)

  • The certified Board Secretaries Workshop provided by Hawkamah and Dubai Financial Market is an essential course for learning corporate governance, scope and responsibilities of the board secretary and understanding the governance and disclosure requirements of the Dubai Financial Market and the Securities and Commodities Authority. It is a practical course which combined recent best practices and key learning lessons. I would highly recommend it for people involved in corporate governance and in particular in a listed company.

    Omran Al Zamani - Senior Legal Counsel - Dana Gas PJSC

  • Great program! Very well done and very useful information delivered in an excellent manner. The workshop was very inspirational, energizing, bringing lots of ideas, with both substantial and in-depth knowledge together with case studies. Well-balanced composition of participants, which contributed to interesting and focused discussions and exchanges. I would highly recommend it to anyone that is interested in improving their proficiency and core competencies.

    Hassan Murad Agha - Group Head of Compliance & Internal Control - Gulf General Investment Co. (PSC)

  • All companies should promote their boards, executive managers or staffs who have board responsibilities for subsidiary companies to attend corporate governance training. Hawkamah provides the ability for people and companies in the GCC to upskill in the area of corporate governance and directorship through a comprehensive programme teaching international best practice which has been tailored to regional specific governance issues.

    Alastair Mulligan - VP Asset Management - National Central Cooling Company PJSC (TABREED)

  • I am truly honored to attain this certification and I recommend the Compliance Heads of all DFM listed companies to participate and achieve this certification.

    Nabeel Mirza - Senior Director & MLRO - Compliance - GFH Financial Group B.S.C.

  • The workshop has added a level of professionalism to my practice. It addressed and discussed  the right concepts to promote better governance and effective support for business in line with rules and procedures.

    Osama Issaq Al Haj - Head of Legal & Board Secretary - Dubai Islamic Bank

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