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Is there value to having more than two independent directors serving on a family business fiduciary board?

Is there value to having more than two independent directors serving on a family business fiduciary board? We asked some of our top family business governance experts to share their advice and experiences. Family Business Boardroom newsletter

 
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Seven Steps to Recruiting Value Add Independent Directors

Incorporating independent directors into a family firm’s board is considered one of the standards for family business success. The prospect of finding independent directors who can both challenge business leaders and represent ownership interests can be daunting. Following these seven steps will help identify directors who will add value to the family business enterprise. By Anne Hargrave | The Family Business Boardroom

 
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How should family businesses cultivate and prepare the next generation for board service?

How should family businesses cultivate and prepare the next generation for board service? Advice from our governance experts Craig Aronoff, Otis Baskin and Kelly LeCouvie Originally appeared in The Family Business Boardroom, September 2016

 
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Continuity Planning for Family Business Boards

Developing the qualifications for board members – both family board members and independent outside board members – is arguably the most important task to determine the ideal mix of board members. Originally published in The Family Business Boardroom Newsletter, September 2016

 
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To Select or To Elect? Decision-Making Methods for Family Member Roles in Family and Business Governance

To be organized and productive, an enterprising family must have effective methods for decision making. Many families accomplish this through governing bodies, including a board of directors, a family council, committees, or task forces charged with addressing specific questions the family faces. Often, the method for choosing family members to serve in these governance roles is a decision with its own layer of complexity. Are representatives democratically elected or selected?

 
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Dealing with Conflicts of Interest on a Family Business Board

In May 2016, 180 leaders from over 100 companies attended The Private Company Governance Summit in Washington, D.C. including FBCG senior consultant Stephanie Brun de Pontet who served as a panel moderator for the session “Dealing with Conflicts of Interest on Private Company Board.” The forum focused on how to create a clear distinction between a board member’s role on the board and the other roles they may plan within or for the company.

 
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Should We Separate the Chair and CEO Roles in our Family Business?

Is a combined CEO/Chair function always the right structure? The answer becomes complicated in later generations, for bigger families, for those with more complex businesses and when governance is formalized. The opportunity to challenge tradition is while you are planning a leadership change or making significant changes to the board, such as increasing formality as with the addition of independent directors. It should also be a key question in your emergency succession plan.

 
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Ensuring that family business owners are strong contributors to the board

Owners on the board represent two distinct groups: owners who are employees of the family business, and those who are not. First, the role and responsibilities of directors need to be clarified. Owners should sit in the boardroom to serve on behalf of the full ownership group and not to represent their personal interests. As a director they have a fiduciary responsibility to ensure the business is well-managed. To fulfill this responsibility, they must have a solid understanding of the dynamic​

 
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Evolving Your Family Business Board

Family businesses that evolve their board structures to meet the growing needs of the family and business gain greater understanding and appreciation for complexities of the governance process as well as for how best to harness the board with regard to innovation and other key areas. Beyond the board’s form, several other dimensions are important to consider such as size, composition, rotation, retirement and evaluation.

 
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A planning guide for transforming your company’s board of directors

An effective board of directors that is strategic and productive can help to significantly strengthen not just the business, but in many respects, the family as well. In our work, we find an increasing number of families are recognizing the potential benefits of board development – the process of formalizing their board, and including independent directors, with the goal of deriving greater benefit from their governance efforts.

 
 
Results: 80 Record(s) Found.

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