First GCC Family Business Governance Code launched

The Family Business Council-Gulf has released The GCC Family Business Governance code, the region’s first bilingual governance guide for GCC family businesses.

The code addresses a wide range of family business governance areas, it covers five governance areas: Family governance, ownership governance, corporate governance, wealth governance, and public engagement. The code provides practical advice on relevant areas such as developing the next generation and succession planning. It also includes a checklist, which can be used as a simple framework to assess and guide the family governance development journey. The code is a comprehensive guide and reference for GCC families.

The code was collaboratively developed with 10 leading regional and international governance experts, with the write-up commissioned by Al Tamimi & Co. Other partners included Al Futtaim Group, International Finance Corporation (IFC), KPMG Germany, Hawakmah, Pearl Initiative, Coutts& Co, BNY Mellon, Hadef and Partners, FBN, and Okeili & Co.

Abdul Aziz Abdulla Al Ghurair, chairman, Family Business Council – Gulf (FBCG) said, “We have taken best practices from across the world and applied our local GCC wisdom to create a governance code specific for our region. While each family may have different visions and goals, the GCC Governance Code, just like the astrolabe, can serve as a common compass to help family businesses navigate through their own process and reach their true north.” The digital version is available on www.fbc-gulf.org under the resources section.