Definitions

FAMILY BUSINESS GOVERNANCE

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Governance typically refers to the principles of responsible business management, but the term is also used differently in political and business contexts and various other disciplines. It generally means controlling complex systems. In a business context, it means leading an organisation. We refer to corporate governance and business governance. Family business governance (or family governance) refers to paying equal attention to the way family and business issues are handled. Family business governance brings together family governance and business governance. It aims to create rules for the family and the way it deals with the business. Key bodies are the family council/shareholder committee and the family office, and key instruments are conflict management, family activities, shareholder expertise development and social engagement.