Research shows that a majority (68%) of family businesses in the Gulf Region do not have a formal family council, and only 17% have a family protocol or constitution in place. The formalisation of these governance structures is necessary for the harmony of the relationship between the family and the firm, and the longevity of the business.

The institutionalising of the family office is an increasingly prominent trend in the region, in order to manage intergenerational asset transfers. Family offices are also a vital function in bridging the family business with the wider vision and mission of the family. By expanding their remit beyond the growth of the businesses’ financial portfolio, family offices are well-positioned to centrally manage the family’s strategic activities, such as administering governance frameworks and improving generational transitions.

In conversation with family office representatives, this panel will broadly discuss how family offices can be leveraged to compliment the role of the board and shareholder assembly, whilst providing wider strategic guidance on strategies to ensure business continuity.

The following topics will be covered:

• Leveraging the role of the family office to improve governance,
• Approaches to institutionalising the family office or the engagement of family members within the business, and
• Strategies to maximise value of the family office beyond its financial remit.