(MENAFN- Khaleej Times) Highlighting the fundamentals of family business governance, the Dubai Chamber of Commerce and Industry and Hawkamah, the Institute for Corporate Governance in the UAE, concluded their jointly-organised "Family Constitution" workshop on a successful note.
The half-day workshop, held at the Chamber premises on Sunday, apprised the gathering of participants connected with family-owned businesses about the basics of family and corporate governance, handling of conflicts, succession as well as the development and adoption of Family Constitution which leads to preserving the family's legacy in the long run.
In his welcome address, Atiq Juma Nasib, senior director, commercial services sector, Dubai Chamber, stated that corporate governance and family constitution are very important tools to safeguard businesses for future generations. This also goes in line with the Dubai Chamber's mission to represent, support and protect the interests of the business community in Dubai. He further stated that family businesses are valuable assets representing a family's legacy therefore they need formal guidelines covering employment, investment, conflict resolution and succession to survive for the next generation as well as for the future growth of the economy.
Also, good governance brought about through family constitution facilitates efficient, effective and entrepreneurial management and one that delivers value to stakeholders over the long term. The idea behind this workshop was to educate all parties related to family businesses and it was held as part of the Dubai Chamber's strategy to organise trainings, seminars and workshops to ultimately serve the business community in boosting their trade while contributing to the economic growth of Dubai, Nasib added.
The workshop, which was conducted by Leonardo F. Peklar, CEO and master trainer; Zeina Zein El Abedine, manager; and Alec Aaltonen, programme manager for Hawkamah, highlighted the importance of understanding and incorporating family governance in family businesses. It also dealt with the methodology of setting policies and implementing them in the sphere of employment, investment, conflict resolution and succession in a family business organisation.
Peklar said: "Corporate governance today is as important for the global economy as the governance of countries, as said by the former president of the World Bank. When it comes to the UAE and the GCC region, corporate governance is a family matter due to ownership structures."
"Family governance is the starting point and family values are the foundation on which to formulate their family constitutions. Corporate governance and, in turn, family governance are crucial for the long term prosperity and sustainability of the UAE economy," he added.
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