Senior management. Authority, responsibility, and relationship among the family, the board, and the senior management. Policies regarding important family issues such as family transfer of members’ employment, shares, CEO succession, future Trustees, future of the Family, etc “head” Defining the family dreams, goals and vision for integrating the family business into family life. A balancing of commercial interests against: Family preferences Paternal attitudes towards: Employees (family conduct towards family & non-family employees), Pensioners (how to treat retired or retiring family business members), Tenants of family owned building (commercial, residential, etc…) local residents vs family members living out of town Structuring communication between family members on: Business & Non-business matters Family issues Conflict resolution mechanisms Informal process, or Formal process Family Counsel – Family employment/personnel policies Compensation guidelines Frequently encountered and predictable problems Family governance Family policy and guidelines for acceptable behavior Emergency planning Possible inclusions in the Family Constitution (operating companies): Long-term goals of the family Business succession Retirement of family members from the business and support of family members upon – retirement Governance Family Involvement Commercial (non-family) management Training new leaders from within the family not just in the business, but in life matters and – – family matters Rectification of errors what is the mechanism for rectifying incorrect decisions/choices? How – are these errors identified? Each objective or purpose gives rise to a range of specific issues that will need to be considered; a list of examples is outlined below Purpose operating companies Policies and procedures to be considered operating companies – –
Senior management. Authority, responsibility, and relationship among the family, the board, and the senior management. Policies regarding important family issues such as family members’ employment, transfer of shares, CEO succession, future Trustees, future “head” of the Family, etc Defining the family dreams, goals and vision for integrating the family business into family life. A balancing of commercial interests against: Family preferences Paternal attitudes towards: Employees (family conduct towards family & non-family employees), Pensioners (how to treat retired or retiring family business members), Tenants of family owned building (commercial, residential, etc…) local residents vs family members living out of town Structuring communication between family members on: Business & Non-business matters Family issues Conflict resolution mechanisms Informal process, or Formal process – Family Counsel Family employment/personnel policies Compensation guidelines Frequently encountered and predictable problems Family governance Family policy and guidelines for acceptable behavior Emergency planning Possible inclusions in the Family Constitution (operating companies): Long-term goals of the family Business succession Retirement of family members – from the business and support of family members upon retirement Governance Family Involvement Commercial (non-family) management Training – new leaders from within the family – not just in the business, but in life matters and family matters Rectification of errors – what is the mechanism for rectifying incorrect decisions/choices? How are these errors identified? Each objective or purpose gives rise to a range of specific issues that will need to be considered; a list of examples is outlined below Purpose – operating companies Policies and procedures to be considered – operating companies
3%20management%20and%20governace%20guidelines%20Sept%202016.docx