Emphasising on the importance of corporate governance and challenges of managing family businesses, the Dubai Chamber of Commerce and Industry in association with Tamayaz organised, Governance Challenges for Family Owned Businesses workshop at its premises on Thursday.
Conducted by John Merrigan, partner, Tamayyaz and a highly experienced practitioner and passionate advocate of corporate governance, the workshop was attended by Dubai Chamber members, family business owners and executives, managers, in-house lawyers and legal and management consultants focused on corporate governance, building the family charter, risk management and implementing and planning of a family business.
Jehad Kazim, Director, Legal Services, Dubai Chamber, stated that family owned businesses play an important role in the growth of the economy. However, they face a number of unique challenges, which if not addressed appropriately, can drastically impact the family’s legacy.
With a proper governance framework and guideline to cope with risk involved in a family business, owners can be fully prepared to face any challenges coming their way besides enhancing their business’s competitiveness in the marketplace.
She further stressed that in today’s business scenario, corporate governance is an essential pillar for the economic growth and development of a company as she called upon family owned companies to adopt appropriate governance models for a sustainable future for their businesses.
On his part, John Merrigan said, "The importance of family businesses to secure the future growth of Dubai and the wider UAE economy cannot be over-estimated. As a practitioner and adviser to a wide range of family businesses, I am delighted to see an increasing awareness and adoption of good corporate governance as a key enabler for that success. This event, promoted by Dubai Chamber, is further evidence of the desire to address the practical challenges and find sustainable solutions that are unique to family-run businesses."