Effective governance critically important to success of family-owned businesses, details kpmg and women corporate directors report
‘Family is about love; business is about making money.” Yet, the two collide in a new report from Women Corporate Directors and KPMG, which explores how effective boards can position family-owned businesses for ongoing success.
The report—Enduring Across Generations: How Boards Drive Value in Family-Owned Businesses—includes insights, lessons learned and practical governance recommendations, and shares views from owners, board members, executives and advisors with decades of experience in family business across five continents.
“From helping to define and calibrate the strategy, grooming future leaders and navigating family dynamics, to bringing independent perspectives into the boardroom dialogue, an effective board can be an invaluable asset to a family-owned business,” said Sue Townsen, KPMG partner and cochairman of KPMG’s Women’s Advisory Board. “We hope that this report will help both family shareholders, as well as outside directors of family businesses to navigate the particular challenges that their companies face.”
“Given that family-owned businesses represent a significant proportion of total business globally, we think Women Corporate Directors [WCD] members and other global directors will be greatly served by the insights and practical advice offered by this paper,” said Susan Stautberg, CEO, Global cochairman,and cofounder of WCD.
Sharon Dayoan, head of Audit of R.G. Manabat & Co. (RGM&Co.), the Philippine member-firm of KPMG, also explains that, “The report brings together a body of firsthand recommendations and insights for building and leveraging a high-performance board. It presents the benefits of good governance, the three governance enablers—clarity, culture and communication—which are key elements in a company’s decision-making process, and ideas on how to build a strong board, the keys to an effective family business board, and how to cultivate and motivate talent. Clearly, solid governance is paramount to a company’s success because it serves as a guide for the shared philosophy, practices and culture of any organization and its professionals.”
RGM&Co. is a full professional services firm that offers audit, tax and financial/business advisory. For more information on KPMG in the Philippines, you may visit www.kpmg.com.ph.
KPMG Llp. the audit, tax and advisory firm (www.kpmg.com/us), is the US member-firm of KPMG International Cooperative (“KPMG International”). KPMG International’s member-firms have 162,000 professionals, including more than 8,600 partners, in 155 countries.
WomenCorporateDirectors (WCD) is the only global membership organization and community of women corporate directors, comprised of more than 3,500 members serving on over 6,500 boards in 68 chapters around the world, with many more slated in the next two quarters. The aggregate market capitalization of public companies on whose boards WCD members serve is $8 trillion—if WCD were a country, its economy would be the world’s third largest, behind only the US and China. In addition, WCD members serve on numerous boards of large private companies globally.
R.G. Manabat & Co., a Philippine partnership and a member-firm of the KPMG network of independent firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
For more information on KPMG in the Philippines, you may visit
www.kpmg.com.ph.a