If family representation is missing from the board, it's difficult to align the priorities of the owners with those of the company in a sustainable way.
In this new context, enhancing the capacity of family company boards with independent and family directors capable of collaborating effectively to add value for both shareholders and senior management has become a strategic imperative. Many family business owners have consequently moved to upgrade the function, composition, and processes of their boards.
While, technically, all directors are equally accountable to shareholders, family directors are often called upon to fulfill a unique set of functions that only they can typically play — precisely because they are members of the owning family.
Consider the case of a fourth-generation family business board that was wrestling with how to attract and retain top millennial and Gen Z talent in the post-Covid era. The non-family CEO, with the backing of several independent directors, advocated for a fast return to pre-Covid work schedules, insisting that everyone physically return to the office. Aside from increasing infection risk, this stance made recruitment of badly-needed younger employees much harder.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
National Dog Week: Have you ever wondered if your four-legged family member needs pet insurance?Last year alone, pet owners spent close to $20 billion at the vet's office, but only three percent of pet owners have pet insurance.
Lire la suite »
ECB must keep raising rates despite downturn, Schnabel saysThe euro zone is facing an economic downturn but inflation is still far too high, so interest rates need to keep going up, European Central Bank board member Isabel Schnabel said.
Lire la suite »
Additional $5M to be paid to Chester family in settlement over leaked crash scene photosThe settlement, approved during a closed-session meeting of the board, is on top of the $15 million in damages awarded to the Chester family by a federal court jury.
Lire la suite »
LACo Reaches Further Settlement in Kobe Bryant Crash Scene Photos LitigationThe Los Angeles County Board of Supervisors has unanimously agreed to pay additional money to the family of Sara and Payton Chester over gruesome crash scene photos taken by first responders.
Lire la suite »
LA County to pay nearly $5 million to Chester family for Kobe Bryant crash scene photosIn a unanimous decision, the Board of Supervisors agreed to pay nearly $5 million to the Chester family in addition to the $15 million they received in August.
Lire la suite »