Family-Owned Businesses
Family-Owned Businesses
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

  • 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
  • A very interesting and informative course which has helped me to adapt my Board Secretary knowledge further to my role as Company Secretary.

    Hamad Al Hosani - Group Company Secretary - Emirates NDB Bank
  • Anyone who wants to enter the world of boards and governance; this is your passport.

    Jehad A. Kazim - Director - Legal Services Dubai Chamber
  • The Directors Development Program was one of the most beneficial programs I attend during my career life. The strength of the program comes from the way it was structured as each part covered very important aspects of the required management role.

    Nada Ishaq Abdul Karim - Manager - The Secretary of The Board of Directors - Bahrain Islamic Bank BSC
  • The DDP offered by the Hawkamah Institute is an excellent course to prepare directors to understand and fulfil their obligations properly as members of the board. I have benefitted immensely from this program and have started to implement some of the best practices taught on the boards that I am involved in.

    Amir Arab - Director - Havenvest Private Equity Middle East Limited
  • The Director Development Program is great way to gain insight and improved understanding in areas such as corporate governance and board functionality. I would highly recommend the program as a foundational step before they begin their board experience. Bindu Ann Joseph - Chief Operating Officer - 3W Networks
  • Director Development Program was invaluable learning experience for me which has elevated my knowledge and broaden my understanding mainly on the corporate governance practices and board of directors role. It has addressed the main concepts from theoretical and practical perspectives. The material is comprehensive and provides the key information of the different aspects of the course. I strongly recommend the program for individuals who play role in corporate governance and seek to enrich their knowledge of companies’ board of directors. Sumaya Alshaer - Acting Head of Strategy & Corporate Governance - DUBAI SOUTH
  • The Director Development Program is being run with an effective balance between theory presented by knowledgeable staff and interactive discussions among the participants. This makes it into a recommendable program for aspiring and existing Board Members alike to get up to date on Corporate Governance as relevant for our GCC Region. Johan H. Brand – Owner – Johan Brand Leadership Advisory DWC – LLC
  • My favorite part of the DDP program is that it teaches you more than academics. It gives you insights on the skills you need as a board member. Noora Mahfouth A Mohd Alshehhi - Manager- Contract Review Audit - Dubai Electricity & Water Authority

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