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The Dubai Centre for Family Businesses, which operates under the umbrella of Dubai Chambers, has publishedan informative new toolkit titled‘Sample Family Constitution. ’The launch of the comprehensive guide comes as part of the centre’sefforts toprovidepracticalsupportto family businesses and contribute to their long-term growth and development by enhancingkey administrative and operational frameworks.
The publicationserves as avaluable toolforbuilding sustainable, prosperous, and harmonious family businesses. It offers a detailed overview of the key elements and structures that contribute to the success and longevity of family-owned enterprises. The toolkit is designed to empower familieswith the robust governance frameworks vital for long-term success and help themeffectively navigate the unique complexities associated with family businesses, as well as ensure they can capitalise on promising opportunities.
The Sample Family Constitution toolkit highlightspractical examples of commonpractices in governance in areas ranging from defining the roles of family members and meeting mechanisms to the eligibility criteria for various governance groupswithinfamily business structures. These pillars representkey components that will strengthen the structure of any family business and contribute to its success and sustainability for generations to come. The toolkit addresses governance practices tailored specificallyto the needs of family enterprises and highlights howfamily governance structurescan contribute to increased harmony and business continuity.
The new guidelinesintroduce the mechanisms for developing family constitutionsand the prominent provisionsthat should be included to help family businesses achieve their goals. The family constitutionaims to pave the way for the future and build a shared commitment to the values and philosophies embodied by the family and the business. This unified purpose and vision is essential to achieve alignment and engagement among family members bydefining their roles and setting a clear direction,which promotes loyalty, trust, and flexibility within the family business.
Launched under the umbrella of Dubai Chambers in May 2023, the Dubai Centre for Family Businesses is entrusted with ensuring the growth and long-term sustainability of family businesses in Dubai. The centre is dedicated to further developing this vital sector and enhancing its economic contribution to support the emirate’s future development plans. The centre works closely with partners from the public and private sectors and provides support to all family businesses operating in Dubai.
To access theFamily Governance Protocols toolkit, please visit here.
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