Podcast

Inviting in independent members is a key element of board best practises in business. There are many advantages to having an independent director, however, in Lebanon, this decision is not always easy or straightforward for businesses. 

Dr Georges Samara’s article on “Fairness in the Family Business Workplace” was nominated for best article award in 2017. In this episode, he will share his findings on how to practice fairness for business performance in the complex set up that is the family business workplace.

The topic of Family Business Governance has been widely researched in the US and Europe. But what about Lebanese family businesses? What are their practices, culture and views about governance?

“A family constitution can be hard to define as there is no accepted international definition for the term. However, a family constitution is generally considered as a set of documents that regulate the relationship between family members of a business owning family”.

The definition of legacy relates to something left or handed down by a predecessor. In the context of family business, there are different areas of legacy that can be left, from financial/material – (inheritance, capital, shares) to non-financial, (management, culture of business, values, beliefs and policies).

Did you know that 72% of US-based family business have a formal board of directors? Estimates show that in the Middle East the percentage of family-owned businesses with active and formal board of directives is significantly lower than this.