The Institute of Corporate Governance and the International Finance Corporation (IFC) today announced a partnership to provide corporate governance advisory services for families businesses. The announcement was made at Hawkamah’s seminar “Governance for Future Generations”, hosted by the Dubai Chamber of Commerce and Industry (DCCI).
The seminar highlighted the importance of good governance for GCC and MENA family businesses and how it manages conflicts and ensures the successful growth of the firm.
The seminar forms part of a regional road show program aiming at assisting families in business in the region to address many of the governance challenges they are facing and provide practical solutions.
Dr. Nasser Al Saidi, Executive Director of Hawkamah said: “A rapidly changing economy has presented vast new business opportunities for regional family businesses. However, their ability to navigate a host of challenges, like generational transition, succession planning and corporate governance, will determine their growth over the next decade. At a time when we are facing a global financial crisis caused partly by corporate governance failures, our partnership with the IFC will provide Corporate Governance Assessments for family businesses and play a practical role in preparing families in diversifying their sources of finance, including IPOs. We aim to assist families in setting up and managing a family governance system that will work across generations, and help them sustain their growth”
Mr. J Chris Razook, IFC Corporate Governance said “Family Businesses comprise a significant portion of the business activity across the MENA region, therefore we think its critical to work with family owned enterprises to help them understand the benefits of good corporate governance and how it can promote long-term sustainability.”
Drawing from the IFC methodology, sessions at the roadshow provided practical steps to create and manage a family governance system that will work across generations. The roadshow also provided family businesses practical solutions for a range of governance, succession and IPO issues.
The roadshow offered an interactive forum for second and third generation members of regional business families to share, analyse and discuss the key business and governance challenges they are facing.
The Hawkamah roadshow in Dubai was held with the support of the Dubai Chamber of Commerce and Industry (DCCI), SHOORA - Family Business Advisors LLC, The Family Office, Waqf Trust Services and The Mudara Institute of Directors (Mudara IOD).
Following its first event in Dubai, the roadshow will travel to Abu Dhabi, Amman, Jeddah, Kuwait, Manamah, Muscat, Rabat, Riyadh and Sanaa.
