Today, Asharqia Chamber launches the Forum of Governance in Family Businesses

Under the patronage of the Minister of Commerce and Investment, Asharqia Chamber and in cooperation with the Institute of Directors of the GCC launch the Forum of Governance in Family Businesses.

Al-Khalidi: The Forum presents a number of working papers related to the latest trends institutionalizing family businesses.

12 governance experts review various issues related to family business.

On Wednesday, April 10, Asharqia Chamber and in cooperation with the Institute of Directors of the Gulf Cooperation Council Countries launch the Events of the Forum of Governance in Family Businesses 2019 at its headquarters, under the patronage of the Minister of Commerce and Investment, Dr. Majid bin Abdullah Al Qasabi, that entitle, ” The Latest Trends and Best Practices.”

The Forum is attended by a group of international and local experts in the fields of family business governance.

The Chairman of the Board of Asharqia Chamber, Abdul Hakim bin Hamad Al-Ammar Khalidi, said that the Forum is attended by a group of experts in the fields of governance and institutionalization, who are scheduled to present several working papers on the latest trends and best practices related to institutionalization procedures in family businesses.

He pointed out that the Forum comes as an update to what the Chamber constantly raises about the transformation of family businesses or its governance.

He pointed out that this is a message that the Chamber is keen to guide the family business owners on the importance of applying the rules and procedures of governance.

Al-Khalidi pointed out that the program of the Forum is divided into six consecutive sessions.

In the first session, corporate governance in family businesses is addressed among the latest trends and best practices in an attempt to bring up all that is new in the areas of governance.

He explained that this session will witness the participation of Professor Bob Garrett, an international consultant on governance and board development.

The second session will be presented by Mr. Talal Al Ajlan, CEO of National Center for Family Business, that will include a detailed definition of the National Center for Family Business and the services it provides for family business and its future functions.

The third session is chaired by Dr. Ibrahim Al-Murtif, the President of Bir Al-Khair Center for Economic Consultancy, and a group of local and foreign experts are going to lecture about the legal and family aspects, the family charter and the succession plan, as processors of great importance in sustaining the continuity of family business across generations.

Al-Khalidi said that the fourth session is going to introduce the Ministry of Commerce’s guide for family businesses, which is presented by Dr. Ziad Khoshaim and , a partner in Allen and Overy – Khoshaim and Associates.

The fifth is going to highlight the results of the PwC survey on family businesses in the Middle East and the world, which will be presented by Mr. Amin Nasser, Partner in PricewaterhouseCoopers.

The sixth session will discuss the most important factors for the continuity of family businesses, which will be presented by Mr. Hafez Laza, partner of McKinsey.

Al-Khalidi said that these topics and themes that will be discussed in the Forum within the framework of Asharqia Chamber’s approach to support and raise the awareness of family business owners of the importance of the introduction of governance procedures.

He pointed out that the Chamber is taking the spread of the culture of governance among the business sector as a target.

He pointed to the activities, programs and events of the Chamber such as the “Family Business Consulting program,” which provides free consultation sessions throughout the year for family business owners on mechanisms to overcome the challenges of secure transformation and governance in family businesses, which is in cooperation with local and international research centers.

For his part, Abdul Rahman bin Abdullah Al-Wabel, said that the positive changes in the national economy where the tendency to diversify sources of national income and partnership with the private sector is imperative for family businesses that aimed at sustaining their business in order to reassess their policies in accordance with corporate governance and transition processes.

He noted the great importance of family businesses in the national economy besides being able to absorb the bulk of national labor, they are also playing a major role in consolidating social responsibility in society, as well as in strengthening trade relations between States and each other.

Al-Wabel explained that the Forum will review through 12 experts and more in the areas of governance the various issues and topics that concern family businesses by focusing on a number of topics that are seen as new practices that support the direction of family businesses to adopt governance procedures.

He noted that the Forum comes to raise awareness of family business owners and all owners of companies of all kinds of the importance of the introduction of governance in their institutions.

Source: Republic of Cyprus, Ministry of Foreign Affairs