FBCG: Governance and succession planning crucial in family businesses
- Family Business Council – Gulf held a Majlis in Jeddah to discuss best practice in family businesses
- Event brought together family owners from prominent family businesses
- Topics included importance of governance in facilitating sustainable succession planning, and sustaining commitment to develop the family business
The Family Business Council – Gulf (FBCG), the regional association of the Family Business Network International (FBN), brought together prominent companies to discuss current developments and best practices in family businesses, including governance and succession planning.
The Majlis, hosted by Abdul Latif Jameel in Jeddah, Saudi Arabia, is part of FBCG’s ongoing activities aimed at improving practices in family businesses, fostering collaboration, and sharing knowledge between family businesses in the Gulf Cooperation Council.
The Majlis covered topics including:
- Succession Planning: Approaches to creating a sustainable shared vision for the future of family businesses that ensures the shareholders ongoing commitment across multiple generations.
- Family Business Governance: Practicing policies such as integration of family personnel in the business, employment and compensation. This follows on from the FBCG launching the first ever GCC family business governance code in 2016, which serves as voluntary guide on how to organize the family and business together.
Hassan Jameel, Deputy President and Vice Chairman of Abdul Latif Jameel and FBCG Board Member, as host said: “Family businesses have an important role to play, and are today the cornerstone of many economies around the world.
“In the Middle East in particular, we need to pay more attention to succession planning and strong governance. Both are crucial to being a successful business, as well as being key to the sustainability and growth of our economy.
“The Family Business Council – Gulf plays a crucial role in improving practices in family businesses and fostering collaboration across the board.”
FBCG continues to address key topics related to the continuity of GCC family businesses through a suite of activities including an annual gathering, an annual legal roundtable, educational workshops, and other networking activities.
FBCG has announced that its annual gathering will be held this year from 18-19 April 2018 in Dubai, UAE, under the theme ‘Educate for Family Business Success.’