She added, 'At the FBCG
, we address key topics related to the continuity of GCC family businesses, and enable sharing and discussing best practices that would help family businesses develop and evolve.
Commenting on the role of FBCG in supporting family businesses through the continuity challenge, Chairman of FBCG, HE Abdulaziz Al Ghurair, said, "We, at the Family Business Council, understand that without a well-planned and resilient governance and legal structure for a family business, the pursuit of continuity can be futile.
FBCG continues to address key topics related to the continuity of GCC family businesses through various activities including the Annual Legal Roundtable, the Annual Summit every April, educational workshops, and other more exclusive knowledge sharing events.
aims to strengthen family business governance and succession planning practices aligned to international best practice, and addressees key topics through research, capacity development, annual summits, and education workshops.
Commenting on the role of FBCG
in confronting the "Continuity" challenge, Al Ghurair shared that FBCG
's activities support FOBs in preparing for the stated challenge through strengthening their capacity in three areas: (1) developing a rigorous legal framework for family businesses; (2) implementing governance frameworks; and (3) qualifying the next generation of FOBs to bear the responsibility as owners and directors of their businesses and entrepreneurial spirit.
For example, the FBCG
Family Business study conducted late last year in collaboration with Mckinsey showed low adoption of governance policies to support next generation development integration; it stated that only 44 per cent of businesses had an employment policy in place, while 32 per cent had clarity on roles and responsibilities.