Corporate governance not alien to family businesses

by Robert Melville for Gulf News

Much of the accepted understanding of corporate governance throughout the developed world has been learnt from the experiences of multinational and national enterprises.

The changing business environment since corporate governance first became formalised in North America and Western Europe two decades ago has highlighted an increasing need for enhanced transparency within organisations. Strong corporate governance systems provide clarity to both internal and external stakeholders on the accountability of an enterprise.

For an established national or international enterprise, the implementation of robust corporate governance principles is likely to be a straightforward — if not always welcomed — process. But what about smaller, family-owned businesses that are the lifeblood of the UAE?

Given the nature of their business environment, and the unique dynamics that are found within every family, the process is can often be much more complex. Also, given the more personal nature of these smaller family-owned businesses, they are often more reluctant and less amenable to incorporating corporate governance principles than a large enterprise. Read more here.

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