Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Handbook IFC Family Business porodiÄ?nim ï¬?rmama za upravljanje IFC PriruÄ?nik PriruÄ?nik Governance 45077 IFC PriruÄ?nik za upravljanje porodiÄ?nim ï¬?rmama Izjava o odbijanju odgovornosti IFC PriruÄ?nik za upravljanje porodiÄ?nim firmama (PriruÄ?nik) je pripremilo osoblje MeÄ‘unarodne finansijske korporacije (IFC). MiÅ¡ljenja i zakljuÄ?ci koji se u njemu nalaze ne treba da se pripisuju stavovima IFC-a, Grupe Svetske banke, njenog Upravnog odbora ili zemalja koje oni predstavljaju niti ih nužno odražavaju. Materijal u ovom PriruÄ?niku se iznosi u dobroj nameri kao opÅ¡te smernice, ali IFC i Grupa Svetske banke ne garantuju njegovu taÄ?nost i ne prihvataju nikakvu odgovornost za bilo kakvu posledicu njegovog korišćenja. Materijal u ovom dokumentu je zaÅ¡tićen autorskim pravom. Umnožavanje i/ ili prenoÅ¡enje delova ili celog ovog dokumenta može da predstavlja krÅ¡enje merodavnog prava. IFC podstiÄ?e Å¡irenje ove publikacije i ovim daje dozvolu korisniku ovog dokumenta da umnožava njegove delove za liÄ?nu, nekomer- cijalnu upotrebu od strane korisnika, bez ikakvog prava da preproda, redis- tribuira ili od njega pravi izvedene dokumente. Za svako drugo umnožavanje ili upotrebu ovog dokumenta neophodna je izriÄ?ita pismena dozvola IFC-a. Drugo izdanje: Dostupno na albanskom, engleskom, francuskom, makedonskom, portugalskom, Å¡panskom i srpskom jeziku. Copyright © 2008 International Finance Corporation 2121 Pennsylvania Ave. NW, Washington, DC 20433 United States of America ÄŒlanica Grupe Svetske banke IFC PRIRUÄŒNIK ZA UPRAVLJANJE PORODIÄŒNIM FIRMAMA Predgovor Svrha IFC PriruÄ?nika za upravljanje porodiÄ?nim firmama jeste da pomogne osoblju IFC-ja koje se bavi investicijama i savetodavnim uslugama da identi- fikuje i reÅ¡ava osnovne probleme upravljanja porodiÄ?nim firmama sa svojim klijentima porodiÄ?nim firmama. PriruÄ?nik može da služi i kao smernica za klijente IFC koji žele da ojaÄ?aju svoje prakse upravljanja porodiÄ?nim firmama. PriruÄ?nik dopunjava instrumente Metodologije IFC-a za korporativno up- ravljanje za porodiÄ?na preduzeća koji se trenutno koriste unutar IFC-a da se proceni upravljanje klijenata porodiÄ?nih firmi. Namera PriruÄ?nika nije da bude sveobuhvatan referentni dokument o up- ravljanju porodiÄ?nim firmama, niti je on zamena za individualizovane savete koje mogu da pruže kvalifikovani konsultanti za porodiÄ?ne firme i pravni i raÄ?unovodstveni struÄ?njaci. Umesto toga, namera nam je da on bude sažet i praktiÄ?an opis bitnih komponenata korporativnog upravljanja porodiÄ?nim firmama zajedno sa predloženim pristupima opÅ¡tim dilemama u pogledu upravljanja porodiÄ?nim firmama. Dalje pojedinosti o temama koje obuhvata ovaj PriruÄ?nik mogu da se naÄ‘u u obimnoj literaturi koja postoji o ovoj temi, a koja je data u fusnotama i bibliografiji na kraju PriruÄ?nika. Ovaj PriruÄ?nik je saÄ?inila Sanaa Abouzaid, referent za korporativno upravl- janje u Službi za investitorsku i korporativnu praksu MeÄ‘unarodne finansi- jske korporacije. Sva pitanja ili komentare o sadržaju PriruÄ?nika treba uputiti na sledeću adresu: Sanaa Abouzaid Investor & Corporate Practice Corporate Governance & Capital Markets Advisory Department International Finance Corporation 2121 Pennsylvania Avenue, N.W. Washington, D.C. 20433 U.S.A Telefon: 202-458-1614 E-mail: sabouzaid@ifc.org IFC PRIRUÄŒNIK ZA UPRAVLJANJE PORODIÄŒNIM FIRMAMA Sadržaj UVOD ................................................................................................................................. 00 1- Definicija i karakteristike porodiÄ?ne firme – Jake i slabe strane ....... 00 2- Faze rasta u porodiÄ?noj firmi ................................................................. 00 2.1. OsnivaÄ?(i) ......................................................................................... 00 2.2. Partnerstvo braće i sestara ............................................................. 00 2.3. Savez roÄ‘aka .................................................................................... 00 I ODELJAK: ULOGE ÄŒLANOVA PORODICE U UPRAVLJANJU NJIHOVOM FIRMOM ............. 00 1- Vlasnici (akcionari) ................................................................................. 00 2- Direktori (visoko rukovodstvo) ............................................................. 00 3- ÄŒlanovi upravnog odbora (upravni odbor).......................................... 00 4- ÄŒlanovi porodice (porodica i njene institucije)................................... 00 II ODELJAK: PORODIÄŒNO UPRAVLJANJE ........................................................................................ 00 1- PorodiÄ?ni statut ....................................................................................... 00 1.1. Politike zapoÅ¡ljavanja Ä?lanova porodice....................................... 00 1.2. Politike u pogledu posedovanja akcija od strane Ä?lanova porodice ............................................................................. 00 2- Institucije porodiÄ?nog upravljanja ........................................................ 00 2.1. PorodiÄ?na skupÅ¡tina ....................................................................... 00 2.2. PorodiÄ?ni savet ............................................................................... 00 2.3. PorodiÄ?na kancelarija ..................................................................... 00 2.4. Druge porodiÄ?ne institucije ........................................................... 00 III ODELJAK: UPRAVNI ODBOR U PORODIÄŒNOJ FIRMI ................................................................. 00 1- Savetodavni odbori .................................................................................. 00 1.1. Definicija i uloga savetodavnog odbora ....................................... 00 1.2. Sastav savetodavnog odbora .......................................................... 00 1.3. Prednosti i mane savetodavnih odbora ........................................ 00 2- Upravni odbor .......................................................................................... 00 2.1. Uloga upravnog odbora .................................................................. 00 2.2. Sastav upravnog odbora .................................................................. 00 2.3. Obaveze Ä?lanova upravnog odbora ............................................... 00 IFC PRIRUÄŒNIK ZA UPRAVLJANJE PORODIÄŒNIM FIRMAMA 3- Nezavisni Ä?lanovi upravnog odbora ..................................................... 00 3.1. Važnost nezavisnih Ä?lanova upravnog odbora ............................ 00 UVOD 3.2. Definicija nezavisnosti Ä?lana upravnog odbora .......................... 00 PorodiÄ?ne firme predstavljaju najstariji i najÄ?ešći oblik privrednih organiza- cija u svetu. U mnogim zemljama, porodiÄ?ne firme predstavljaju viÅ¡e od 70% ukupnog broja firmi i igraju kljuÄ?nu ulogu u rastu privrede i zapoÅ¡ljavanju IV ODELJAK: VISOKO RUKOVODSTVO U PORODIÄŒNOJ FIRMI ................................................... 00 radne snage. U Å paniji je, na primer, oko 75% firmi u porodiÄ?nom vlasniÅ¡tvu 1- Direktori iz porodice nasuprot direktorima koji i doprinose u proseku 65% BNP-a zemlje.1 Isto tako, porodiÄ?ne firme dopri- nisu Ä?lanovi porodice .............................................................................. 00 nose oko 60% ukupnog BNP-a u Latinskoj Americi.2 2- Sukcesija generalnog direktora i visokog rukovodstva ...................... 00 2.1. Važnost formalnog plana sukcesije visokog rukovodstva ......... 00 PorodiÄ?ne firme se kreću od malih i srednjih preduzeća do velikih konglom- 2.2. Koraci formalnog plana sukcesije generalnog direktora erata koji posluju u viÅ¡e privrednih grana i zemalja. Neke od dobro poznatih porodiÄ?nih firmi obuhvataju: Salvatore Ferragamo, Benetton i Fiat Grupu u Italiji; L’Oreal, Carrefour Grupu, LVMH i Michelin u Francuskoj; Samsung, V ODELJAK: Hyundai Motor i LG Grupu u Južnoj Koreji; BMW i Siemens u NemaÄ?koj; PORODIÄŒNA FIRMA IZLAZI NA BERZU .................................................................... 00 Kikkoman i Ito-Yokado u Japanu i konaÄ?no Ford Motors Co. i Wal-Mart 1- ZaÅ¡to izaći na berzu? ZaÅ¡to ne? ............................................................. 00 Stores u Sjedinjenim Državama. 1.1. Prednosti izlaska na berzu za porodiÄ?nu firmu .......................... 00 1.2. Mane izlaska na berzu za porodiÄ?nu firmu ................................. 00 TakoÄ‘e je Ä?injenica da najveći broj porodiÄ?nih firmi ima vrlo kratak životni 2- Pripremanje za IPO (inicijalnu javnu ponudu) .................................. 00 vek posle faze osnivanja i da nekih 95% porodiÄ?nih firmi ne nadživi treću generaciju vlasniÅ¡tva.3 To je Ä?esto posledica nedostatka pripreme narednih generacija da savladaju zahteve proÅ¡irenog poslovanja i mnogo veće porodice. ZAKLJUÄŒAK ...................................................................................................................... 00 PorodiÄ?ne firme mogu da poboljÅ¡aju svoje Å¡anse za opstanak uspostavljanjem odgovarajućih struktura upravljanja i zapoÄ?injanjem obrazovnog procesa narednih generacija u toj oblasti Å¡to je pre moguće. LITERATURA ......................................................................................................................00 Ovaj PriruÄ?nik će se fokusirati na jedinstvene probleme korporativnog uprav- ljanja sa kojima se suoÄ?avaju porodiÄ?ne firme i predložiti strukture i prakse koje mogu da ublaže ove probleme i obezbede održivost firme. PriruÄ?nik daje meÄ‘unarodnu perspektivu jer se fokusira na karakteristike porodiÄ?nih firmi koje mogu da se posmatraju u viÅ¡e zemalja. Predložene strukture upravljanja je neophodno prilagoditi lokalnim zahtevima i regulativi za porodiÄ?ne firme pre njihove primene u odreÄ‘enoj zemlji. 1- Definicija i karakteristike porodiÄ?ne firme – Jake i slabe strane Definicija: U ovom PriruÄ?niku, termin porodiÄ?na firma se odnosi na preduzeće u kojem je većina glasova u rukama porodice pod Ä?ijom kontro- lom je firma, ukljuÄ?ujući osnivaÄ?a (osnivaÄ?e) koji nameravaju da prenesu firmu na svoje potomke. Pojmovi “porodiÄ?no poslovanjeâ€?, “porodiÄ?na firmaâ€?, “porodiÄ?no preduzećeâ€? “firma u porodiÄ?nom vlasniÅ¡tvuâ€?, “preduzeće u 11 IFC PRIRUÄŒNIK ZA UPRAVLJANJE PORODIÄŒNIM FIRMAMA UVOD porodiÄ?nom vlasniÅ¡tvuâ€? i “preduzeće koje kontroliÅ¡e porodicaâ€? koriste se kao ekvivalenti u celom PriruÄ?niku i odnose se na porodiÄ?ne firme. Slabe strane: Možda najÄ?ešće pominjana karakteristika porodiÄ?nih firmi je to da mnoge od njih ne uspevaju da budu održive na dugi rok. Zaista, oko dve Jake strane: Nekoliko studija je pokazalo da preduzeća u porodiÄ?nom trećine do tri Ä?etvrtine porodiÄ?nih firmi propadnu ili ih osnivaÄ?(i) prodaju vlasniÅ¡tvu nadmaÅ¡uju preduzeća koja to nisu, i to u pogledu prometa, dobiti tokom perioda dok su u njihovom vlasniÅ¡tvu. Samo 5 do 15% nastave da i drugih mera rasta.4 Studija firme Thomson International za “Njuzvikâ€? postoje u trećoj generaciji u rukama potomaka osnivaÄ?a.7 uporedila je porodiÄ?ne firme sa rivalima na Å¡est najvećih indeksa u Evropi i pokazala da porodiÄ?na preduzeća nadmaÅ¡uju svoje rivale na svim ovim Ova visoka stopa neuspeha meÄ‘u porodiÄ?nim firmama pripisuje se mnoÅ¡tvu indeksima, od londonskog FTSE do madridskog IBEX. Firma Thomson In- razloga. Neki od ovih razloga su isti oni koji mogu da dovedu do toga da bilo ternational je napravila jedinstven indeks i za porodiÄ?ne firme i za firme koje koja druga firma propadne, kao Å¡to su loÅ¡e upravljanje, nedovoljno gotovine nisu u porodiÄ?nom vlasniÅ¡tvu u svakoj zemlji i pratila ih tokom 10 godina da se finansira rast, neadekvatna kontrola troÅ¡kova, uslovi u privrednoj grani do decembra 2003. godine. U NemaÄ?koj je indeks porodiÄ?nih firmi porastao i drugi makroekonomski uslovi. MeÄ‘utim, porodiÄ?ne firme pokazuju i neke 206%, dok su akcije firmi koje nisu u porodiÄ?nom vlasniÅ¡tvu porasle za samo slabe strane koje su posebno u vezi sa njihovom prirodom. Neke od tih slabih 47%. U Francuskoj je indeks porodiÄ?nih firmi skoÄ?io za 203%, dok je indeks strana su: firmi koje nisu porodiÄ?ne porastao za samo 76%. PorodiÄ?na preduzeća su nadmaÅ¡ila ona koje nisu u porodiÄ?nom vlasniÅ¡tvu i u Å vajcarskoj, Å paniji, t Složenost. PorodiÄ?ne firme su obiÄ?no složenije u pogledu upravljanja Velikoj Britaniji i Italiji.5 od preduzeća koja nisu u porodiÄ?nom vlasniÅ¡tvu usled dodavanja nove promenljive: porodice. Dodavanje porodiÄ?nih emocija i prob- Ovaj odliÄ?an uÄ?inak je rezultat inherentnih jakih strana koje imaju porodiÄ?ne lema poslovanju povećava složenost problema kojima te firme treba firme u odnosu na ostala preduzeća. Neke od ovih jakih strana obuhvataju:6 da se bave..Za razliku od drugih vrsta preduzeća, Ä?lanovi porodice igraju razliÄ?ite uloge u svojoj firmi koje ponekad mogu da dovedu do t Posvećenost. Porodica - kao vlasnik firme - pokazuje najveću nesklada motivacija meÄ‘u svim Ä?lanovima porodice. Ova taÄ?ka će se posvećenost u staranju da ta firma raste, napreduje i da se prenese detaljnije razmatrati u 1. odeljku PriruÄ?nika. na sledeću generaciju. Kao rezultat toga, mnogi Ä?lanovi porodice se identifikuju sa tim preduzećem i obiÄ?no su spremni da rade mar- t Neformalnost. Zbog toga Å¡to većina porodica same vode svoje firme ljivije i reinvestiraju deo svoje dobiti u firmu da bi joj omogućili da (bar tokom prve i druge generacije), obiÄ?no postoji vrlo mali interes dugoroÄ?no raste. U poslovanju sa svojim klijentima porodiÄ?nim za uspostavljanje jasno definisanih poslovnih praksi i procedura. firmama IFC visoko ceni postojanje posvećenog skupa akcionara u Kako porodica i njena firma postaju veće, ova situacija može da jezgru preduzeća. dovede do mnogih neefikasnosti i internih sukoba koji bi mogli da postanu pretnja kontinuitetu firme. t Kontinuitet znanja. Porodice u firmi postavljaju kao prioritet prenoÅ¡enje svog akumuliranog znanja, iskustva i veÅ¡tina na sledeću t Nedostatak discipline. Mnoge porodiÄ?ne firme ne posvećuju dovoljnu generaciju. Mnogi Ä?lanovi porodice se ukljuÄ?uju u poslovanje svoje pažnju kljuÄ?nim strateÅ¡kim oblastima kao Å¡to su: planiranje suk- porodiÄ?ne firme od vrlo rane mladosti. To povećava njihov ste- cesije generalnog direktora i drugih kljuÄ?nih upravljaÄ?kih pozicija, pen posvećenosti i obezbeÄ‘uje im potrebne instrumente da vode zapoÅ¡ljavanje Ä?lana porodice u preduzeću i privlaÄ?enje i zadržavanje porodiÄ?nu firmu. kvalifikovanih spoljnih rukovodilaca. Odlaganje ili ignorisanje takvih važnih strateÅ¡kih odluka moglo bi da dovede do neuspeha poslovanja t Pouzdanost i ponos. Zbog toga Å¡to se ime i reputacija porodiÄ?nih firmi u svakoj porodiÄ?noj firmi. povezuju sa njihovim proizvodima i/ili uslugama, one ulažu napore u cilju podizanja kvaliteta svoje proizvodnje i održavanja dobrih odnosa sa svojim partnerima (kupcima, dobavljaÄ?ima, zaposlenima, zajednicom itd.). 12 13 IFC PRIRUÄŒNIK ZA UPRAVLJANJE PORODIÄŒNIM FIRMAMA UVOD 2- Faze rasta u porodiÄ?noj firmi 2.3. Treća faza: Savez roÄ‘aka (Konzorcijum roÄ‘aka ili porodiÄ?na dinastija) Nekoliko modela je razvijeno u nameri da se opiÅ¡u i analiziraju razliÄ?ite faze U ovoj fazi upravljanje firmom postaje složenije jer je viÅ¡e Ä?lanova porodice kroz koje prolaze porodiÄ?ne firme tokom svog postojanja. U ovom PriruÄ?niku direktno ili indirektno ukljuÄ?eno u firmu, ukljuÄ?ujući i decu braće i sestara, koristićemo osnovni trofazni model koji sažeto prikazuje životni ciklus roÄ‘aka i roÄ‘aka po osnovu braka. Budući da mnogi od ovih Ä?lanova pri- porodiÄ?ne firme kao: (i) fazu osnivaÄ?a; (ii) fazu partnerstva braće i sestara padaju razliÄ?itim generacijama i razliÄ?itim granama porodice, mogli bi da i (iii) fazu saveza roÄ‘aka.8 Mada ovaj model omogućava dobru analizu tri imaju razliÄ?ite ideje o tome kako treba voditi preduzeće i kako treba odrediti osnovna koraka evolucije porodiÄ?ne firme, on ne tvrdi da će sva preduzeća u ukupnu strategiju. Pored toga, svi sukobi koji su postojali izmeÄ‘u braće i ses- porodiÄ?nom vlasniÅ¡tvu nužno proći kroz sve tri faze razvoja. Na primer, neka tara u prethodnoj fazi najverovatnije bi se preneli i na generaciju roÄ‘aka. Kao preduzeća će nestati tokom ranih faza svog životnog ciklusa zbog steÄ?aja ili posledica toga, ova faza obuhvata većinu problema porodiÄ?nog upravljanja. akvizicije od strane neke druge firme. Neki od najÄ?ešćih problema sa kojima se porodiÄ?ne firme suoÄ?avaju u ovoj fazi su: zapoÅ¡ljavanje Ä?lanova porodice; akcionarska prava porodice; akcion- Evolucija vlasniÅ¡tva i upravljanja unutar većine porodiÄ?nih firmi prolazi kroz arska likvidnost; politika dividendi; uloga Ä?lanova porodice u firmi; reÅ¡avanje sledeće faze: porodiÄ?nih sukoba, kao i vizija i misija porodice. 2.1. Prva faza: OsnivaÄ?(i) (Kontrolni vlasnik (vlasnici)) Sledeća tabela daje sažet prikaz kljuÄ?nih problema korporativnog upravljanja sa kojima se suoÄ?avaju porodiÄ?ne firme tokom svog razvojnog ciklusa:9 Ovo je poÄ?etni korak postojanja porodiÄ?ne firme. Firmu u potpunosti poseduje i njom upravlja osnivaÄ? (ili viÅ¡e njih). Većina osnivaÄ?a traži savete Faza vlasniÅ¡tva Dominantni akcionarski problemi malog broja spoljnih savetnika i/ili poslovnih saradnika, ali većinu kljuÄ?nih odluka će donositi sami. Ovu fazu obiÄ?no karakteriÅ¡e snažna posvećenost Prva faza: OsnivaÄ?(i) - Prelaz rukovoÄ‘enja osnivaÄ?a uspehu njegovog (njihovog) preduzeća i relativno jednostavna - Sukcesija struktura upravljanja. Generalno, ova faza sadrži ograniÄ?eni broj problema - Planiranje nasleÄ‘ivanja imovine korporativnog upravljanja u poreÄ‘enju sa naredne dve faze jer su i kontrola Druga faza: Partnerstvo - Održavanje timskog rada i sklada i vlasniÅ¡tvo nad preduzećem joÅ¡ uvek u rukama istog (istih) lica: osnivaÄ?a. braće i sestara - Održavanje porodiÄ?nog vlasniÅ¡tva Možda najvažniji problem kojim se treba pozabaviti tokom života osnivaÄ?a - Sukcesija jeste planiranje sukcesije. Da bi porodiÄ?na firma preživela i uÅ¡la u sledeću Treća faza: Savez roÄ‘aka - RasporeÄ‘ivanje korporativnog kapitala: dividende, fazu, osnivaÄ?(i) moraju da ulože potrebne napore da planiraju ko će da dug i nivoi dobiti ih nasledi i da poÄ?nu da pripremaju sledećeg rukovodioca (rukovodioce) - Akcionarska likvidnost preduzeća. - ReÅ¡avanje porodiÄ?nih sukoba - UÄ?ešće i uloga porodice 2.2. Druga faza: Partnerstvo braće i sestara - Vizija i misija porodice - Veza porodice sa firmom Ovo je faza u kojoj su upravljanje i vlasniÅ¡tvo preneti na decu osnivaÄ?a. Kako je sada u druÅ¡tvo ukljuÄ?eno viÅ¡e Ä?lanova porodice, problemi upravljanja imaju Svaka faza postavlja razliÄ?ite izazove i probleme koji, ako se uspeÅ¡no reÅ¡e, tendenciju da postanu relativno složeniji od onih uoÄ?enih tokom poÄ?etne faze mogu da obezbede kontinuitet porodiÄ?ne firme. Većina preduzeća u postojanja firme. Neki od Ä?estih izazova faze partnerstva braće i sestara su: porodiÄ?nom vlasniÅ¡tvu je uspeÅ¡na tokom poÄ?etne faze zahvaljujući ogrom- održavanje skladnih odnosa izmeÄ‘u braće i sestara, formalizovanje poslovnih nim naporima koje Ä?ini osnivaÄ? (osnivaÄ?i) jer su ukljuÄ?eni u sve aspekte procesa i procedura, uspostavljanje efikasnih kanala komunikacije izmeÄ‘u poslovanja. Ipak, na duži rok, postaje neophodno da se postave odgovarajuće Ä?lanova porodice i obezbeÄ‘ivanje planiranja sukcesije za kljuÄ?ne upravljaÄ?ke strukture i mehanizmi upravljanja koji će uzeti u obzir efikasne kanale funkcije. komunikacije i jasnu definiciju uloga i oÄ?ekivanja svakog lica ukljuÄ?enog u porodiÄ?nu firmu. 14 15 IFC PRIRUÄŒNIK ZA UPRAVLJANJE PORODIÄŒNIM FIRMAMA I ODELJAK: ULOGE ÄŒLANOVA PORODICE U UPRAVLJANJU NJIHOVOM FIRMOM U tipiÄ?noj neporodiÄ?noj firmi, svaki ukljuÄ?eni pojedinac može da bude zaposleni, direktor, vlasnik, Ä?lan upravnog odbora ili neka kombinacija ovih uloga. MeÄ‘utim, u firmi u porodiÄ?nom vlasniÅ¡tvu stvari postaju složenije jer pojedinac može da ima viÅ¡e uloga i odgovornosti. Ove viÅ¡estruke uloge se obiÄ?no povezuju sa razliÄ?itim motivacijama, koje povećavaju probleme sa kojima se porodiÄ?ne firme suoÄ?avaju za razliku od neporodiÄ?nih firmi.10 1- Vlasnici (akcionari) Vlasnici u porodiÄ?noj firmi imaju nekoliko uloga i motivacija koje ponekad mogu da dovedu do opreÄ?nih miÅ¡ljenja. Na primer, odluku da se dobit rein- vestira u preduzeće umesto da se raspodeli kao dividende mogu razliÄ?ito da posmatraju razliÄ?iti vlasnici zavisno od njihovih uloga u firmi. Vlasnik koji radi u porodiÄ?noj firmi mogao bi da se ne protivi takvoj odluci jer on/ona već dobija platu od tog preduzeća. Sa druge strane, ova situacija bi izgledala drugaÄ?ije iz perspektive vlasnika koji ne radi u toj firmi i koji se oslanja na dividende kao glavni izvor prihoda. Ovaj vlasnik bi faktiÄ?ki bio zainteresovan za dobijanje većih i Ä?ešćih dividendi. Stvari obiÄ?no postaju komplikovanije kako porodiÄ?na firma raste, a njeni vlasnici imaju razliÄ?ite uloge sa razliÄ?itim motivacijama. Neke od uloga koje jedan vlasnik u porodiÄ?noj firmi može da ima su sledeće: t Samo vlasnik. t Vlasnik/direktor. t Vlasnik/Ä?lan porodice. t Vlasnik/Ä?lan porodice/direktor. t Vlasnik/Ä?lan upravnog odbora. t Vlasnik/Ä?lan porodice/Ä?lan upravnog odbora. t Vlasnik/Ä?lan porodice/Ä?lan upravnog odbora/direktor. 16 17 IFC PRIRUÄŒNIK ZA UPRAVLJANJE PORODIÄŒNIM FIRMAMA ULOGE ÄŒLANOVA PORODICE U UPRAVLJANJU NJIHOVOM FIRMOM 2- Direktori (visoko rukovodstvo) izvan firme ne mogu da im pristupe na isti naÄ?in.11 PorodiÄ?ne firme treba da uspostave potrebne kanale komunikacije i institucije kako bi svi Ä?lanovi Direktori u porodiÄ?noj firmi takoÄ‘e će imati razliÄ?ite motivacije zavisno od porodice sve vreme bili informisani o firmi, strategiji, problemima i opÅ¡tem svojih drugih uloga unutar firme. ÄŒest problem u ovoj oblasti je neravnopra- smeru u kojem se preduzeće kreće. van tretman direktora koji su Ä?lanovi porodice i onih koji to nisu. U mnogim porodiÄ?nim firmama, deo ili svi visoki rukovodeći položaji striktno su rez- ervisani za Ä?lanove porodice. Ovo bi moglo da negativno utiÄ?e na motivaciju Definicija korporativnog upravljanja i uÄ?inak direktora koji nisu Ä?lanovi porodice, a koji znaju da je taÄ?no da bez obzira na to koliko vredno rade nikada neće biti deo visokog rukovodstva “Korporativno upravljanje se odnosi na strukture i procese za usmera- preduzeća. Kao posledica toga, za mnoge porodiÄ?ne firme je vrlo teÅ¡ko da vanje i kontrolu preduzeća. Korporativno upravljanje se tiÄ?e odnosa privuku i zadrže talentovane direktore koji nisu Ä?lanovi porodice. Ustanovl- izmeÄ‘u rukovodstva, upravnog odbora, većinskih akcionara, manjin- javanje jasne i nepristrasne politike zapoÅ¡ljavanja (i za zaposlene koji jesu i za skih akcionara i drugih nosilaca interesa. Dobro korporativno uprav- zaposlene koji nisu Ä?lanovi porodice) olakÅ¡aće porodiÄ?nim firmama da zadrže ljanje doprinosi održivom ekonomskom razvoju poboljÅ¡anjem uÄ?inka motivisanost i zainteresovanost svojih najboljih zaposlenih za rast preduzeća. preduzeća i povećanjem njihovog pristupa spoljnom kapitalu12â€?. Takva politika bi uskladila podsticaje za zaposlene sa njihovim uÄ?inkom bez obzira na to da li su deo porodice ili ne. Ova definicija se fokusira na tri kljuÄ?na elementa: - Usmeravanje se odnosi na sve odluke koje se tiÄ?u odreÄ‘ivanja uku- 3- ÄŒlanovi upravnog odbora (upravni odbor) pnog strateÅ¡kog smera preduzeća kao Å¡to su: (i) dugoroÄ?ne strateÅ¡ke odluke; (ii) odluke o investiranju velikog obima; (iii) integracije i Å to se tiÄ?e Ä?lanstva u upravnom odboru, većina porodiÄ?nih firmi ovo pravo akvizicije i (iv) planiranje sukcesije i imenovanje kljuÄ?nih visokih rezerviÅ¡e za Ä?lanove porodice, a u malom broju sluÄ?ajeva za neke direktore rukovodilaca, kao Å¡to je generalni direktor preduzeća. od poverenja koji nisu Ä?lanovi porodice. Ova praksa se obiÄ?no koristi kao naÄ?in zadržavanja porodiÄ?ne kontrole nad smerom kojim ide njena firma. I - Kontrola se odnosi na sve aktivnosti potrebne za nadgledanje zaista, većinu odluka obiÄ?no donose Ä?lanovi upravnog odbora koji su Ä?lanovi uÄ?inka rukovodstva i naknadnih aktivnosti oko implementacije gore porodice. U prethodnom primeru raspodele dividendi, Ä?lanovi upravnog od- navedenih strateÅ¡kih odluka. bora iz porodice koji su takoÄ‘e i direktori u firmi prirodno bi podsticali rein- vestiranje dobiti u preduzeće da bi se povećao njegov potencijal za rast. Nasu- - Odnos meÄ‘u glavnim organima upravljanja firme odnosi se na inter- prot tome, Ä?lanovi upravnog odbora iz porodice koji ne rade u firmi radije bi akcije meÄ‘u akcionarima, Ä?lanovima upravnog odbora i direktorima. doneli odluku o raspodeli dobiti u vidu dividendi porodiÄ?nim akcionarima. Važan element svake dobre strukture korporativnog upravljanja je Ovi suprotni stavovi mogu da dovedu do velikih sukoba u upravnom odboru jasna definicija uloge, dužnosti, prava i oÄ?ekivanja svakog od ovih i da negativno utiÄ?u na njegov naÄ?in funkcionisanja. organa upravljanja. 4- ÄŒlanovi porodice (porodica i njene institucije) Sledeća tri odeljka ovog PriruÄ?nika fokusiraće se na organe upravljanja porodiÄ?ne firme definisanjem uloga, prava i odgovornosti akcionara/ Kao Å¡to je prethodno pomenuto, Ä?lanovi porodice mogu da imaju razliÄ?ite Ä?lanova porodice, Ä?lanova upravnog odbora i direktora. odgovornosti, prava i oÄ?ekivanja od svoje firme. Ova situacija ponekad može da dovede do sukoba i problema koji bi mogli da ugroze kontinuitet porodiÄ?ne firme. Jedan od problema koji može da poveća sukobe meÄ‘u U ovom odeljku je opisano kako se viÅ¡e problema sa kojima se porodiÄ?ne Ä?lanovima porodice jeste nivo pristupa informacijama o preduzeću i njegov- firme suoÄ?avaju javlja zbog brojnih uloga koje njihovi Ä?lanovi mogu da imaju. im aktivnostima. To može da bude problematiÄ?no jer Ä?lanovi koji rade u Ovi problemi, uz neprestane poteÅ¡koće sa kojima se suoÄ?ava svaka firma, firmi obiÄ?no blagovremeno imaju pristup takvim informacijama, dok oni otežavaju opstanak porodiÄ?nim firmama. To je verovatno jedan od razloga za 18 19 IFC PRIRUÄŒNIK ZA UPRAVLJANJE PORODIÄŒNIM FIRMAMA visoku stopu neuspeha koja se uoÄ?ava meÄ‘u porodiÄ?nim firmama. Naravno, porodiÄ?ne firme mogu da povećaju svoje Å¡anse za opstanak tako Å¡to će obrati- ti naroÄ?itu pažnju na svoje upravljanje i uspostavljati neophodne mehanizme koji su potrebni u ovoj oblasti. Neki od ovih mehanizama se razmatraju u sledećem odeljku ovog PriruÄ?nika. II ODELJAK: PORODIÄŒNO UPRAVLJANJE PorodiÄ?ni aspekt je ono Å¡to razlikuje porodiÄ?na preduzeća od neporodiÄ?nih. Kao posledica toga, porodica igra presudnu ulogu u upravljanju svojom firmom. Kada je porodica joÅ¡ u poÄ?etnoj fazi osnivaÄ?a, može biti vidljivo vrlo malo problema u pogledu porodiÄ?nog upravljanja jer većinu odluka donosi osnivaÄ? (osnivaÄ?i) i glas porodice je joÅ¡ uvek jedinstven. Vremenom, kako porodica prolazi kroz sledeće faze svog životnog ciklusa, porodiÄ?noj firmi se prikljuÄ?uju novije generacije i viÅ¡e Ä?lanova. To podrazumeva razliÄ?ite ideje i miÅ¡ljenja o tome kako treba voditi firmu i odreÄ‘ivati njenu strategiju. Tada postaje obavezno da se uspostavi jasna struktura porodiÄ?nog upravljanja koja će uvesti disciplinu meÄ‘u Ä?lanovima porodice, spreÄ?iti potencijalne sukobe i obezbediti kontinuitet firme. Struktura porodiÄ?nog upravljanja koja dobro funkcioniÅ¡e uglavnom će imati za cilj: t SaopÅ¡tavanje porodiÄ?nih vrednosti, misije i dugoroÄ?ne vizije svim Ä?lanovima porodice. t Neprekidno informisanje Ä?lanova porodice (naroÄ?ito onih koji nisu ukljuÄ?eni u firmu) o većim poslovnim dostignućima, problemima i strateÅ¡kim smerovima. t SaopÅ¡tavanje pravila i odluka koje bi mogle da utiÄ?u na zaposlenje, dividende i druge naknade Ä?lanova porodice koje oni obiÄ?no dobijaju od firme. t Uspostavljanje formalnih kanala komunikacije koji Ä?lanovima po- rodice omogućavaju da razmenjuju ideje, aspiracije i probleme. t Omogućavanje porodici da se okuplja i donosi sve potrebne odluke. Razvijanje takve strukture upravljanja pomoći će da se izgradi poverenje meÄ‘u Ä?lanovima porodice (naroÄ?ito izmeÄ‘u onih unutar i izvan firme) i ujedini porodica povećavajući tako Å¡anse za održivost firme. Glavni sastavni delovi strukture porodiÄ?nog upravljanja su: 20 21 IFC PRIRUÄŒNIK ZA UPRAVLJANJE PORODIÄŒNIM FIRMAMA PORODIÄŒNO UPRAVLJANJE t PorodiÄ?ni statut koji jasno navodi porodiÄ?nu viziju, misiju, vrednosti i politike koji reguliÅ¡u odnos Ä?lanova porodice sa firmom. 1.1. Politike zapoÅ¡ljavanja Ä?lanova porodice t PorodiÄ?ne institucije koje mogu da imaju razliÄ?ite oblike i svrhe, npr. porodiÄ?na skupÅ¡tina, porodiÄ?ni savet i drugi porodiÄ?ni odbori. Jedna veoma važna oblast porodiÄ?nog statuta jeste definisanje politika zapoÅ¡ljavanja Ä?lanova porodice. Mnoge porodiÄ?ne firme koje nisu ustanovile 1- PorodiÄ?ni statut jasne politike zapoÅ¡ljavanja za svoje Ä?lanove zavrÅ¡avaju sa viÅ¡e zaposlenih iz porodice nego Å¡to je preduzeću potrebno. Neki od ovih zaposlenih su Ä?ak Definicija: PorodiÄ?ni statut naziva se i “porodiÄ?ni kredoâ€?, “porodiÄ?ni pro- nepodobni za radna mesta koja su im data u okviru firme. JoÅ¡ gore, neke tokolâ€?, “izjava o porodiÄ?nim principimaâ€?, “porodiÄ?na pravila i vrednostiâ€?, porodiÄ?ne firme se naÄ‘u u situaciji da kupuju firme koje nemaju nikakve veze “porodiÄ?na pravila i odredbeâ€?, i “porodiÄ?ni strateÅ¡ki planâ€?. PorodiÄ?ni statut je sa njihovim prvobitnim poslovanjem ili da zadržavaju neke neprofitabilne izjava o principima koji ukratko prikazuju porodiÄ?nu posvećenost osnovnim linije poslovanja samo da bi se postarale da svi u porodici dobiju radno mesto vrednostima, viziji i misiji firme.13 Statut definiÅ¡e i uloge, sastav i ovlašćenja u okviru preduzeća. glavnih organa upravljanja firme: Ä?lanova porodice/akcionara, rukovodstva i upravnog odbora. Pored toga, porodiÄ?ni statut definiÅ¡e odnose izmeÄ‘u Kada uÄ‘u u fazu partnerstva braće i sestara, porodice koje se bave biznisom organa upravljanja i kako Ä?lanovi porodice mogu da smisleno uÄ?estvuju u treba da formalizuju politike zapoÅ¡ljavanja svojih Ä?lanova porodice. To bi iz- upravljanju svojom firmom.14 iskivalo postavljanje jasnih pravila o uslovima zapoÅ¡ljavanja Ä?lanova porodice u firmi. Neka od ovih pravila bi jasno iznela uslove ulaska, ostanka i izlaska PorodiÄ?ni statut je živ dokument koji evoluira kako nastavljaju da evoluiraju iz firme. Politika treba i da obuhvati tretman zaposlenih Ä?lanova porodice u porodica i njena firma. Kao posledica toga, potrebno je da se statut redovno odnosu na zaposlene koji nisu Ä?lanovi porodice. ažurira da bi odrazio sve promene u porodici i/ili firmi. Sadržaj politika zapoÅ¡ljavanja Ä?lanova porodice razlikuje se od jedne Komponente: Oblik i sadržaj porodiÄ?nih statuta razlikuje se od jedne porodiÄ?ne firme do druge. Ne postoji nikakav pravi skup pravila koji sve porodiÄ?ne firme do druge zavisno od veliÄ?ine porodice, faze njenog razvoja porodiÄ?ne firme moraju da slede u ovoj oblasti. Na primer, neke porodice i stepena ukljuÄ?enosti Ä?lanova porodice u firmi. MeÄ‘utim, tipiÄ?an porodiÄ?ni potpuno zabranjuju da iko od njihovih Ä?lanova radi u porodiÄ?noj firmi. statut obuhvataće sledeće elemente: Druge porodice dozvoljavaju svojim Ä?lanovima da rade u firmi ali im nameću odreÄ‘ene uslove kao Å¡to je minimalan potreban stepen obrazovanja, pre- t PorodiÄ?ne vrednosti, izjavu o misiji i viziju thodno radno iskustvo i starosne granice. Prilikom razvijanja svoje politike t PorodiÄ?ne institucije, ukljuÄ?ujući porodiÄ?nu skupÅ¡tinu, porodiÄ?ni porodiÄ?nog zapoÅ¡ljavanja porodica treba da se fokusira na pravila, uslove savet, odbor za obrazovanje, porodiÄ?nu kancelariju, itd. i procese koji joj omogućavaju da privuÄ?e i motiviÅ¡e najbolje raspoložive t Upravni odbor (i savetodavni odbor ako postoji) struÄ?njake (bilo iz kruga porodice bilo izvan nje). TakoÄ‘e je vrlo važno da se t Visoko rukovodstvo odrede uslovi zapoÅ¡ljavanja koji ne diskriminiÅ¡u niti favorizuju Ä?lanove po- t Nadležnost, odgovornost, i odnos izmeÄ‘u porodice, odbora i visokog rodice. To bi pomoglo da se uspostavi atmosfera nepristrasnosti i motivacije rukovodstva za sve zaposlene u porodiÄ?noj firmi. t Politike koje se odnose na važna porodiÄ?na pitanja kao Å¡to su zapoÅ¡ljavanje Ä?lanova porodice, prenos akcija, sukcesija generalnog Najzad, kada je porodica razvije i dogovori, pismena politika zapoÅ¡ljavanja direktora, itd. treba da se dostavi svim Ä?lanovima porodice. To će pomoći da se meÄ‘u svim Ä?lanovima porodice uspostave prava oÄ?ekivanja o porodiÄ?nom zapoÅ¡ljavanju. Mada većina porodiÄ?nih preduzeća nema formalni statut, ona obiÄ?no imaju neformalan skup pravila i obiÄ?aja koji utvrÄ‘uju prava, obaveze i oÄ?ekivanja Ä?lanova porodice i drugih organa upravljanja firme. Kako se veliÄ?ina porodice povećava, veoma je važno da se saÄ?ini pismeni i formalni statut sa kojim se upoznaju organi upravljanja i svi Ä?lanovi porodice firme. 22 23 IFC PRIRUÄŒNIK ZA UPRAVLJANJE PORODIÄŒNIM FIRMAMA PORODIÄŒNO UPRAVLJANJE (nastavlja se) STUDIJA SLUÄŒAJA BR. 1 3. Kada se zaposle, Ä?lanovi porodice će se tretirati kao i svi drugi SABIS® - Politika zapoÅ¡ljavanjan zaposleni koji nisu Ä?lanovi porodice. Ä?lanova porodice 4. Nema garancije da će zaposleni iz porodice biti unapreÄ‘eni na ® najviÅ¡e rukovodeće položaje samo zato Å¡to su deo porodice. SABIS je meÄ‘unarodni obrazovni sistem pripreme za viÅ¡e obra- zovanje sa korenima u 19. veku. Å kole u Å kolskoj mreži SABIS® pružaju 5. Od zaposlenih iz porodice oÄ?ekuje se da daju primer u po- karakteristiÄ?no rigorozno obrazovanje uÄ?enicima predÅ¡kolskog, gledu posvećenosti, uÄ?inka i ponaÅ¡anja. osnovnog i srednjeg nivoa obrazovanja za pripremu za viÅ¡e obra- 6. Ne možemo sebi da priuÅ¡timo da držimo pojedince, bilo da su zovanje. SABIS®-ov jedinstveni obrazovni sistem trenutno se uspeÅ¡no Ä?lanovi porodice ili ne, koji ne daju pun doprinos. sprovodi u 50 Å¡kola u 14 zemalja sa 40.000 uÄ?enika Å¡irom sveta. SABIS® i njegov tim iskusnih profesionalaca posvećeni su pružanju proizvoda B. Postojanje slobodnog radnog mesta i usluga iz oblasti upravljanja obrazovanjem Ä?lanskoj mreži privatnih i državnih Å¡kola. SABIS® mora da ima raspoloživo mesto za koje je kvalifikovan Ä?lan po- rodice koji podnosi prijavu za posao. SABIS® neće otvarati radno mesto Prva Å¡kola u Å kolskoj mreži SABIS® osnovana je 1886. godine u za nekog Ä?lana porodice ukoliko to ne opravdava rast firme, Å¡to treba predgraÄ‘u Bejruta u Libanu. Naziv SABIS® je u stvari izveden od prvih da odluÄ?i Upravni odbor. Osim toga, neće biti otpuÅ¡tani zaposleni koji slova prezimena osnivaÄ?a: porodica Saad i Bistany. U avgustu 2007. nisu Ä?lanovi porodice da bi se napravilo mesta za Ä?lanove porodice. godine bilo je 25 Ä?lanova porodice, a njih 10 je radilo u SABIS®-u. Ulaganje IFC-a u SABIS® u 2005. godini odnosilo se na novu SABIS® C. Obavezne kvalifikacije MeÄ‘unarodnu Å¡kolu u Admi u Libanu. SIS-Adma je bila “grinfildâ€? osnovna i srednja Å¡kola projektovana da primi 1.700 uÄ?enika. IFC je 1. Zahtevi u pogledu obrazovanja: uložio 8 miliona dolara u nove objekte koji su postali i glavna Å¡kola i Za zaposlenje na bilo kom radnom mestu unutar preduzeća meÄ‘unarodno sediÅ¡te SABIS®-a. IFC je takoÄ‘e pružao savete SABIS®-u traži se fakultetska diploma (diplomiranog studenta ili viÅ¡a od u njegovim naporima da izgradi adekvatnu strukturu upravljanja uglednog univerziteta koji je odobrio SABIS®). porodiÄ?nom firmom. 2. Spoljno radno iskustvo: Politika SABIS®-a u pogledu zapoÅ¡ljavanja Ä?lanova porodice15 Veoma je preporuÄ?ljivo, mada nije uvek obavezno, uspeÅ¡no radno iskustvo (od 3 do 5 godina) izvan SABIS®-a. KonaÄ?nu A. Filozofija zapoÅ¡ljavanja odluku bi doneo Upravni odbor na osnovu procene i preporuke potpredsednika Grupe za razvoj organizacije (VP-OD) i PokretaÄ?ka snaga koja stoji iza naÅ¡ih odluka treba da bude najbolji predsednika/generalnog direktora. interes organizacije, a ne pojedinaÄ?nih Ä?lanova porodice. 1. Želeli bismo da privuÄ?emo najkvalifikovanije ljude u SABIS®, i Zaposleni iz porodice koji se pridružuju bez spoljnog iskustva iz porodice i van nje. proći će kroz “poÄ?etnu obukuâ€? od oko 6 do 12 meseci sa sledećim ciljevima: 2. Radno mesto u SABIS®-u nije ni pravo steÄ?eno roÄ‘enjem ni a. Da se upoznaju i suoÄ?e sa SABIS®-om. obaveza za Ä?lanove porodice. b. Da im se pomogne da otkriju ili potvrde svoja struÄ?na interesovanja. (nastavlja se) c. Da se pomogne preduzeću da ih proceni. 24 25 (nastavlja se) IFC PRIRUÄŒNIK ZA UPRAVLJANJE PORODIÄŒNIM FIRMAMA PORODIÄŒNO UPRAVLJANJE (nastavlja se) (nastavlja se) 3. Starosna granica: 9- Razlozi za otpuÅ¡tanje Ä?lana porodice obuhvataju duži slab uÄ?inak, U skladu sa naÅ¡om filozofijom zapoÅ¡ljavanja, preduzeće se neće neprihvatljivo liÄ?no ponaÅ¡anje i sve druge razloge zbog kojih može da smatrati “utoÄ?iÅ¡temâ€? za Ä?lanove porodice u potrazi za poslom. bude otpuÅ¡ten i zaposleni koji nije Ä?lan porodice. Stoga, u sluÄ?aju Ä?lanova porodice koji traže zaposlenje u SABIS®-u 10- Ako je preduzeće otpustilo Ä?lana porodice, njegovo/njeno posle 40 godina starosti, Upravni odbor će pre donoÅ¡enja odluke zapoÅ¡ljavanje se neće ponovo razmatrati. o njihovoj prijavi ispitati njihovu profesionalnu karijeru i razloge 11- Ako je Ä?lan porodice dobrovoljno napustio SABIS®, on/ona može zaÅ¡to se nisu ranije pridružili firmi. da se vrati da radi u SABIS®-u zavisno od odobrenja Upravnog odbora, ukoliko je slobodno odgovarajuće radno mesto. Ovo bi se generalno D. ZapoÅ¡ljavanje Ä?lanova porodice - posebni uslovi ograniÄ?ilo na samo jedan put. 1- ÄŒlanovi porodice koji žele da se pridruže SABIS®-u treba da o toj E. Naknada za rad svojoj želji obaveste predsednika/generalnog direktora. Od njih bi se tada zatražilo da popune standardni obrazac prijave. Naknada za rad i primanja zaposlenih iz porodice zasnivaće se na 2- ÄŒlanovi porodice će zatim proći kroz standardni proces razgovo- njihovom radnom mestu, odgovornosti, kvalifikacijama i uÄ?inku i biće ra, procene i selekcije. sliÄ?ni naknadama i primanjima zaposlenih koji nisu Ä?lanovi porodice 3- KonaÄ?na odluka o zapoÅ¡ljavanju ili odbijanju kandidata iz po- na istom radnom mestu i sa sliÄ?nim kvalifikacijama. Oni će naknadu rodice je na Upravnom odboru. i primanja dobijati na osnovu toga Å¡to su zaposleni a ne na osnovu 4- Kada Ä?lan porodice postane zaposleni, on/ona će biti tretiran akcija koje poseduju. Kao vlasnici, oni će dobijati naknadu kroz prinos kao svaki drugi zaposleni koji nije Ä?lan porodice. Zaposleni iz na svoje akcije. porodice će biti obuÄ?avan, nadziran, procenjivan i unapreÄ‘ivan kao i drugi zaposleni. F. Druge politike porodiÄ?nog zapoÅ¡ljavanja 5- Zaposleni iz porodice će imati redovne kontrole uÄ?inka (putem standardnih kanala) i dobijaće povratne informacije o tome kako 1. ZapoÅ¡ljavanje roÄ‘aka po osnovu braka: rade i smernice o tome kako da poboljÅ¡aju svoj uÄ?inak. Pored Supružnici Ä?lanova porodice koji žele da se pridruže SABIS®-u toga, VP–OD Grupe će kontrolisati njihov uÄ?inak i radi eventual- proći će kroz standardni proces razgovora, procene i selekcije. nih uputstava ili aktivnosti u pogledu njihovih budućih planova KonaÄ?na odluka o zapoÅ¡ljavanju ili odbijanju supružnika Ä?lana za karijeru u okviru preduzeća. porodice je na Upravnom odboru, koji bi se sastao bez dotiÄ?nog 6- Radi doprinosa razvoju i napredovanju Ä?lanova porodice, Ä?lana porodice i tajno glasao. razradiće se “plan razvojaâ€? za svakog Ä?lana porodice koji radi u SABIS®-u. Ovaj plan bi obuhvatio obuku, kontinuirano obra- 2. Odnosi u pogledu nadzora i izveÅ¡tavanja: zovanje, tutorstvo, mentorstvo, posebne projekte i zadatke, Gde god je moguće, Ä?lanove porodice neće nadzirati drugi rotacije radnih mesta, itd. Ä?lanovi porodice. To ponekad može da bude neizbežno, naroÄ?ito 7- U sklopu njihovog upravljanja uÄ?inkom i samorazvoja, od u sluÄ?aju visokih rukovodećih funkcija; meÄ‘utim, takve situacije zaposlenih iz porodice će se zatražiti da daju godiÅ¡nji izveÅ¡taj o treba da odobri i prati Upravni odbor. Pored toga, ako oba Ä?lana samoocenjivanju, ukljuÄ?ujući i liÄ?ne razvojne ciljeve za sledeću jednog braÄ?nog para rade u SABIS®-u, oni ne mogu da rade u godinu. istom sektoru. 8- U oblasti unapreÄ‘ivanja i napredovanja zaposlenih iz porodice, njihov nadreÄ‘eni ili rukovodstvo preduzeća će dati preporuku, a (nastavlja se) Upravni odbor donosi konaÄ?nu odluku. (nastavlja se) 26 27 IFC PRIRUÄŒNIK ZA UPRAVLJANJE PORODIÄŒNIM FIRMAMA PORODIÄŒNO UPRAVLJANJE (nastavlja se) 2- Institucije porodiÄ?nog upravljanja 3. KratkoroÄ?no stažiranje i zapoÅ¡ljavanje preko leta: Institucije porodiÄ?nog upravljanja pomažu jaÄ?anju porodiÄ?nog sklada i MlaÄ‘i Ä?lanovi porodice koji pokazuju želju da rade u SABIS®-u odnosa sa njenom firmom. Omogućavanjem Ä?lanovima porodice da se okupe podsticaće se da proÄ‘u kratkoroÄ?no stažiranje u organizaciji pod jednom ili viÅ¡e organizovanih struktura, porodiÄ?ne institucije pojaÄ?avaju (koje se generalno kreće od nekoliko nedelja do par meseci). komunikacione veze izmeÄ‘u porodice i njene firme i pružaju mogućnosti Takvo stažiranje ne može da zameni obaveznu “poÄ?etnu obukuâ€? za Ä?lanove porodice da razmenjuju informacije i razmatraju aspekte koji kroz koju možda moraju da proÄ‘u ako se zaposle u preduzeću u mogu da budu povezani sa firmom ili porodicom. Te organizovane aktivnosti nekoj kasnijoj fazi. pomažu da se poveća razumevanje i izgradi konsenzus meÄ‘u Ä?lanovima porodice. 4. Kontinuirano obrazovanje: I na kontinuirano obrazovanje (za sticanje stepena struÄ?nosti) ÄŒlanovi porodice treba da budu dobro obaveÅ¡teni o svrsi i aktivnostima svih i na struÄ?ni razvoj (npr. obuku, seminare i konferencije) osnovanih institucija porodiÄ?nog upravljanja. TakoÄ‘e je vrlo važno da Ä?lanovi primenjivaće se standardna politika preduzeća. U sluÄ?aju porodice prave razliku izmeÄ‘u uloge ovih institucija i organa upravljanja kontinuiranog obrazovanja, ako bi zaposleni iz porodice hteo do- firme kao Å¡to su upravni odbor ili visoko rukovodstvo. To se može postići datni finansijski doprinos od strane PorodiÄ?nog saveta SABIS®-a razvijanjem pismenih procedura za ove institucije i njihovim dostavljanjem pored onoga Å¡to preduzeće može da obezbedi zaposlenima, svim Ä?lanovima porodice. predsednik/generalni direktor će podneti PorodiÄ?nom savetu zahtev u tom smislu. PorodiÄ?ni savet će zatim prouÄ?iti zahtev i U donjem tekstu je opis nekih institucija porodiÄ?nog upravljanja koje bi prema tome doneti odluku. mogla da ima porodiÄ?na firma. Naravno, ne treba ili ne moraju sve porodiÄ?ne firme da osnuju sve ove institucije. OdluÄ?ivanje koju vrstu institucije osnovati zavisiće od veliÄ?ine firme, faze razvoja porodice, broja postojećih Ä?lanova porodice i stepena ukljuÄ?enosti Ä?lanova porodice u njihovu firmu. 1.2. Politike u pogledu posedovanja akcija od strane Ä?lanova porodice 2.1. PorodiÄ?na skupÅ¡tina Za neke porodice je presudno da se u najranijim fazama postojanja porodice jasno definiÅ¡u politike u pogledu posedovanja akcija. To obiÄ?no pomaže da Definicija: Nazivana i “porodiÄ?ni forumâ€?, porodiÄ?na skupÅ¡tina je formalni se uspostave prava oÄ?ekivanja meÄ‘u Ä?lanovima porodice u pogledu prava forum za diskusiju o poslovnim i porodiÄ?nim pitanjima za sve Ä?lanove vlasniÅ¡tva nad akcijama, npr. da li se roÄ‘acima po osnovu braka i drugim porodice. Tokom faze osnivaÄ?a firme, porodiÄ?nu skupÅ¡tinu zamenjuje Ä?ešći povezanim Ä?lanovima porodice dozvoljava da poseduju akcije ili ne. Dobra i neformalni “porodiÄ?ni sastanakâ€?. Ovi neformalni sastanci omogućavaju politika posedovanja akcija bi takoÄ‘e definisala mehanizme koji dozvoljavaju osnivaÄ?u (osnivaÄ?ima) da saopÅ¡tavaju porodiÄ?ne vrednosti, stvaraju nove Ä?lanovima porodice da prodaju svoje akcije ako umesto njih preferiraju poslovne ideje i pripremaju sledeću generaciju rukovodilaca porodiÄ?ne firme. gotovinu. Zaista, kako se skup akcionara uvećava, većina akcionara će zavrÅ¡iti Kako porodica i firma postaju složenije (faze braće i sestara i roÄ‘aka), postaje sa manjim procentom akcija preduzeća koje bi donosile niže dividende (ako presudno da se osnuje formalna porodiÄ?na skupÅ¡tina. preduzeće uopÅ¡te isplaćuje dividende). Ta situacija može da stvori negativnu atmosferu meÄ‘u tim manjinskim akcionarima i da dovede do sukoba sa Svrha: Da okupi Ä?lanove porodice da bi razmiÅ¡ljali o temama od zajedniÄ?kog Ä?lanovima porodice koji primaju platu. interesa (pitanja porodice i porodiÄ?ne firme). PorodiÄ?na skupÅ¡tina omogućava svim Ä?lanovima porodice da se neprekidno informiÅ¡u o Pružanje mogućnosti akcionarima da pretvore svoje akcije u gotovinu moglo poslovnim pitanjima i daje im mogućnost da iskažu svoja miÅ¡ljenja o raz- bi da pomogne da se izbegnu mnogi sukobi i povećaju Å¡anse firme za opstan- voju poslovanja i drugim porodiÄ?nim pitanjima. Ove skupÅ¡tine pomažu da ak. Neke porodiÄ?ne firme osnivaju fond za otkup akcija kako bi otkupile sve se izbegnu potencijalni sukobi koji bi mogli da se pojave meÄ‘u Ä?lanovima akcije koje bi Ä?lanovi porodice želeli da pretvore u gotovinu. Fond se obiÄ?no porodice zbog neravnopravnog pristupa informacijama i drugim resursima. finansira ulaganjem malog procenta dobiti u njega svake godine. 28 29 IFC PRIRUÄŒNIK ZA UPRAVLJANJE PORODIÄŒNIM FIRMAMA PORODIÄŒNO UPRAVLJANJE PorodiÄ?ne skupÅ¡tine se obiÄ?no održavaju otprilike jednom ili dvaput godiÅ¡nje t Da pravi nacrte i revidira porodiÄ?ne politike kao Å¡to su politike da bi se razmatrala i reÅ¡avala pitanja od interesa za porodicu. Neka od pitanja porodiÄ?nog zapoÅ¡ljavanja, naknada za rad i posedovanja akcija od koja se tretiraju tokom porodiÄ?nih skupÅ¡tina obuhvataju: strane Ä?lanova porodice. t Bavljenje drugim važnim pitanjima za porodicu. t Odobravanje svih promena porodiÄ?nih vrednosti i vizije. t Informisanje Ä?lanova porodice o njihovim pravima i odgovornostima. ÄŒlanstvo: BaÅ¡ kao i svaki odbor koji dobro fukcioniÅ¡e, porodiÄ?ni savet t Odobravanje politika porodiÄ?nog zapoÅ¡ljavanja i naknada za rad. treba da ima praktiÄ?nu veliÄ?inu tj. od 5 do 9 Ä?lanova. Te Ä?lanove obiÄ?no bira t Izbor Ä?lanova porodiÄ?nog saveta (ako taj savet postoji). porodiÄ?na skupÅ¡tina uzimajući u obzir njihove kvalifikacije i raspoloživost t Izbor Ä?lanova drugih porodiÄ?nih odbora. da obavljaju dužnosti saveta. Neke porodice nameću odreÄ‘ena ograniÄ?enja t Druga važna porodiÄ?na pitanja. u pogledu Ä?lanstva u savetu kao Å¡to su starosne granice i zahtevi u pogledu iskustva i izbegavanje uÄ?ešća roÄ‘aka po osnovu braka i Ä?lanova porodice koji ÄŒlanstvo: Po pravilu, porodiÄ?ne skupÅ¡tine su otvorene za sve Ä?lanove po- rade i u upravnom odboru ili su deo visokog rukovodstva preduzeća. Jedna rodice. MeÄ‘utim, neke porodice postavljaju odreÄ‘ena ograniÄ?enja na Ä?lanstvo od dobrih praksi je da se odredi ograniÄ?eni broj uslova za Ä?lanstvo u savetu da kao Å¡to su minimalne starosne granice, uÄ?ešće roÄ‘aka po osnovu braka bi se omogućilo većem broju Ä?lanova porodice da budu deo saveta i stvorilo i prava glasa tokom skupÅ¡tine. Zakazivanje i predsedavanje porodiÄ?nom osećanje nepristrasnosti i jednakih mogućnosti unutar porodice. skupÅ¡tinom obiÄ?no vrÅ¡i glava porodice ili neka druga cenjena osoba iz po- rodice. U većim porodicama ovaj zadatak se obiÄ?no daje porodiÄ?nom savetu. PorodiÄ?ni savet treba da ima predsednika kojeg takoÄ‘e imenuje porodiÄ?na skupÅ¡tina. Predsednik upravlja radom saveta i glavna je osoba za kontakt za 2.2. PorodiÄ?ni savet porodicu. Dobra je praksa i da se imenuje sekretar saveta koji vodi zapisnike sa sastanaka i stavlja ih na raspolaganje porodici. Zavisno od složenosti Definicija: Nazivan i “porodiÄ?ni nadzorni odborâ€?, “unutraÅ¡nji savetâ€? i problema sa kojima se suoÄ?ava porodica, savet bi se sastajao od 2 do 6 puta “porodiÄ?ni izvrÅ¡ni odborâ€?, porodiÄ?ni savet je radni organ upravljanja koji godiÅ¡nje. Odluke se obiÄ?no usvajaju većinom glasova Ä?lanova saveta. bira porodiÄ?na skupÅ¡tina meÄ‘u svojim Ä?lanovima da raspravlja o pitanjima porodiÄ?ne firme. Savet se obiÄ?no osniva kada porodica dostigne kritiÄ?nu Sledeća tabela daje kratak prikaz glavnih razlika izmeÄ‘u porodiÄ?nog sastanka, veliÄ?inu, tj. viÅ¡e od 30 Ä?lanova. U toj situaciji postaje vrlo teÅ¡ko da porodiÄ?na porodiÄ?ne skupÅ¡tine i porodiÄ?nog saveta: skupÅ¡tina vodi smislene rasprave i donosi brze i kompetentne odluke. U tom trenutku se osniva porodiÄ?ni savet kao reprezentativni organ upravljanja za PorodiÄ?ni PorodiÄ?na PorodiÄ?ni porodiÄ?nu skupÅ¡tinu u koordinisanju interesa Ä?lanova porodice u njihovoj sastanak skupÅ¡tina savet firmi. Faza OsnivaÄ?(i) Partnerstvo braće i Partnerstvo braće i Svrha: Sastav, struktura i funkcionisanje porodiÄ?nih saveta razlikuju se od sestara/ sestara/ Savez roÄ‘aka Savez roÄ‘aka jedne porodiÄ?ne firme do druge. MeÄ‘utim, dužnosti tipiÄ?nog porodiÄ?nog saveta bi obuhvatale:16 Status ObiÄ?no neformalan Formalna Formalan ÄŒlanstvo ObiÄ?no otvoren ObiÄ?no otvorena ÄŒlanovi porodice t Da bude primarna veza izmeÄ‘u porodice, upravnog odbora i visokog za sve Ä?lanove za sve Ä?lanove koje je izabrala rukovodstva. porodice. porodice. Porodica porodiÄ?na t Da predlaže i razmatra imena kandidata za Ä?lanstvo u upravnom OsnivaÄ?(i) bi mogli bi mogla da skupÅ¡tina. Porodica odboru. da odrede dopunske odredi dopunske definiÅ¡e kriterijume t Da pravi nacrte i revidira porodiÄ?ne dokumente sa stavovima o kriterijume za kriterijume za selekcije. njenoj viziji, misiji i vrednostima. Ä?lanstvo. Ä?lanstvo. (nastavlja se) 30 31 IFC PRIRUÄŒNIK ZA UPRAVLJANJE PORODIÄŒNIM FIRMAMA PORODIÄŒNO UPRAVLJANJE (nastavlja se) ÄŒlanstvo: PorodiÄ?na kancelarija je sasvim odvojeno poslovanje od firme mada nekoliko njenih Ä?lanova može da radi i u firmi. Kancelarija obiÄ?no PorodiÄ?ni PorodiÄ?na PorodiÄ?ni ima struÄ?ne menadžere koji prate investicije, poÅ¡tovanje poreskih propisa, sastanak skupÅ¡tina savet osiguranje, finansijsko planiranje i unutarporodiÄ?ne transakcije kao Å¡to su VeliÄ?ina Mala veliÄ?ina jer je Zavisi od veliÄ?ine Zavisi od poklanjanja akcija i planovi nasleÄ‘ivanja imovine.17 porodica joÅ¡ u fazi porodice i kriterijuma osnivaÄ?a. ObiÄ?no kriterijuma za postavljenih za 2.4. Druge porodiÄ?ne institucije 6-12 Ä?lanova Ä?lanstvo. Ä?lanstvo. porodice. Idealno 5-9 Ä?lanova. Za porodice u biznisu može da bude korisno da razvijaju druge vrste in- stitucija koje obuhvataju oblasti od naroÄ?itog interesa za njih. Neke od tih Broj Zavisi od faze 1-2 puta godiÅ¡nje. 2-6 puta godiÅ¡nje. sastanaka razvoja firme. Kada institucija su:18 firma brzo raste, mogu da budu Ä?ak i - Odbor za obrazovanje: Ovaj odbor je odgovoran za negovanje ljudskog ka- jednom nedeljno. pitala porodice i njegovog kapaciteta da delotvorno saraÄ‘uje u zadacima up- ravljanja. Odbor za obrazovanje predviÄ‘a razvojne potrebe Ä?lanova porodice Glavne - SaopÅ¡tavanje - Razmatranje i - ReÅ¡avanje sukoba. i organizuje obrazovne skupove i aktivnosti za njih. Na primer, ovaj odbor bi aktivnosti porodiÄ?nih saopÅ¡tavanje ideja, - Razvoj važnijih vrednosti i vizije. neslaganja i vizije. politika i procedura mogao da organizuje seminar iz raÄ?unovodstva za Ä?lanove porodice da im - Razmatranje i - Odobravanje vezanih za pomogne da Ä?itaju i razumeju finansijske izveÅ¡taje svog preduzeća. stvaranje novih važnijih politika i porodicu. poslovnih ideja. procedura vezanih - Planiranje. - Odbor za otkup akcija: Ovaj odbor je pod nadzorom porodiÄ?nog saveta - Priprema za porodicu. - Obrazovanje. i upravlja osnovanim fondom za akcionare koji žele da unovÄ?e svoje akcije sledećeg (sledećih) - ObaveÅ¡tavanje - Koordinacija rada po poÅ¡tenoj ceni da bi se sa tim novcem bavili drugim aktivnostima. Fond rukovodilaca firme. Ä?lanova porodice sa rukovodstvom se obiÄ?no formira ulaganjem izvesnog procenta dobiti preduzeća u isti svake o poslovnim i upravnim godine. pitanjima. odborom i nalaženje - Izbor Ä?lanova ravnoteže izmeÄ‘u porodiÄ?nog saveta i firme i porodice. - Odbor za planiranje karijere: Služi za ustanovljavanje i nadziranje politika drugih odbora. ulaska za Ä?lanove porodice koji su zainteresovani da se pridruže porodiÄ?noj firmi. Ovaj odbor pomaže i praćenje karijera Ä?lanova porodice, pruža men- torske usluge u pogledu karijere i stalno informiÅ¡e akcionare i porodiÄ?ni savet o njihovom razvoju. Odbor za planiranje karijere takoÄ‘e može da bude 2.3. PorodiÄ?na kancelarija vrlo koristan i oko savetovanja Ä?lanova porodice koji se odluÄ?e da ne rade u porodiÄ?noj firmi o njihovim karijerama u drugim firmama. Definicija: PorodiÄ?na kancelarija je investicioni i administrativni centar kojeg organizuje i nadzire porodiÄ?ni savet. PorodiÄ?ne kancelarije su obiÄ?no vrlo - Odbor za okupljanje porodice i rekreaciju: Svrha ovog odbora je da planira Ä?este u velikim i bogatim porodicama u biznisu Ä?iji Ä?lanovi izražavaju potrebu zabavne i druge skupove da bi okupio Ä?lanove porodice oko rekreativnih ak- da dobijaju liÄ?ne finansijske, bankarske, raÄ?unovodstvene i druge savete. tivnosti. Odbor takoÄ‘e organizuje godiÅ¡nja porodiÄ?na okupljanja osmiÅ¡ljena da neguju odnose meÄ‘u roÄ‘acima u porodici pružanjem mogućnosti da se Svrha: Da daje savete o planiranju liÄ?nog investiranja, porezima, osiguranju, okupe i uživaju u meÄ‘usobnom druÅ¡tvu. planiranju nasleÄ‘ivanja imovine, karijeri i drugim temama od interesa za pojedinaÄ?ne Ä?lanove porodice. 32 33 IFC PRIRUÄŒNIK ZA UPRAVLJANJE PORODIÄŒNIM FIRMAMA PORODIÄŒNO UPRAVLJANJE (nastavlja se) STUDIJA SLUÄŒAJA BR. 2 3. Savet za razvoj Ä?lanova porodice koji rade u preduzeću Carvajal Grupa a. Cilj Saveta za razvoj b. Sastav Saveta za razvoj PorodiÄ?ni protokol - Sadržaj c. Funkcije Saveta za razvoj Carvajal Grupa je vodeća privatna kolumbijska multinacionalna C. Fondacija porodice Carvajal (dobrotvorna institucija) kompanija sa firmama u 19 zemalja, prvenstveno u Latinskoj Americi. 1. Cilj PorodiÄ?ne fondacije Carvajal Grupa posluje u 12 razliÄ?itih sektora od kojih su najveći: 2. Upravni odbor PorodiÄ?ne fondacije proizvodnja papira i papirnih proizvoda; Å¡kolski i kancelarijski materi- 3. Predsednik PorodiÄ?ne fondacije jal; telefonski imenici; izdavaÄ?ki i uredniÄ?ki poslovi; kao i plastiÄ?na i papirna ambalaža. D. Institucije preduzeća 1. SkupÅ¡tina akcionara Carvajal Grupu je 1904. godine u Kaliju u Kolumbiji osnovao Manuel a. Cilj SkupÅ¡tine akcionara Carvajal Valencia koji je osnovao Å¡tamparsko preduzeće pod nazivom b. Odluke SkupÅ¡tine akcionara “La Imprenta Comercialâ€?. Vremenom se preduzeće proÅ¡irilo na druge 2. Upravni odbor delatnosti i regione da bi postalo jedna od najuglednijih multinacion- a. Cilj Upravnog odbora alnih firmi Latinske Amerike. b. Sastav Upravnog odbora c. Predsednik Upravnog odbora Dve investicije IFC-a u Carvajal Grupu 2004. i 2006. godine imale su svrhu da podržavaju Grupu u njenim strateÅ¡kim planovima i planovi- E. Rukovodstvo preduzeća ma modernizacije. Poslednja investicija IFC-a u Carvajal Grupu 1. Generalni direktor preduzeća odnosi se na rekonstrukciju i modernizaciju informacionih sistema a. Imenovanje generalnog direktora preduzeća Grupe. IFC je takoÄ‘e davala savete Carvajal Grupi u oblasti korpora- F. Politike posedovanja akcija tivnog upravljanja. 1. Prodaja akcija a. Pravo preÄ?e kupovine Sadržaj PorodiÄ?nog protokola Carvajal Grupe19 b. Uslovi prodaje 2. Zalozi na akcije A. Cilj PorodiÄ?nog protokola 3. Izdavanja akcija 1. Integritet preduzeća Carvajal 4. Rezervni fond 2. Jedinstvo porodice Carvajal a. Cilj Rezervnog fonda B. PorodiÄ?ne institucije b. Upravni odbor Rezervnog fonda 1. PorodiÄ?na skupÅ¡tina 5. Sukobi interesa a. Cilj porodiÄ?ne skupÅ¡tine a. Ulaganje u druga preduzeća b. Funkcije porodiÄ?ne skupÅ¡tine b. Transakcije sa preduzećem 2. PorodiÄ?ni savet c. Druge aktivnosti a. Cilj PorodiÄ?nog saveta G. ZapoÅ¡ljavanje Ä?lanova porodice b. Sastav PorodiÄ?nog saveta 1. Ulazak u firmu c. Funkcije PorodiÄ?nog saveta 2. Odgovornosti d. Odluke PorodiÄ?nog saveta 3. Naknada za rad e. UÄ?estalost sastanaka PorodiÄ?nog saveta 4. Procena za razvoj (nastavlja se) 5. Penzionisanje 34 35 (nastavlja se) IFC PRIRUÄŒNIK ZA UPRAVLJANJE PORODIÄŒNIM FIRMAMA (nastavlja se) H. Socijalna dividenda (Subvencije za Ä?lanove porodice) 1. Cilj socijalne dividende 2. Komponente socijalne dividende 3. Regulisanje socijalne dividende I. PorodiÄ?ne aktivnosti III ODELJAK: 1. DruÅ¡tveni sastanci 2. Informativni sastanci UPRAVNI ODBOR U PORODIÄŒNOJ FIRMI 3. SaopÅ¡tavanje 4. Istorijat preduzeća Upravni odbor je centralna institucija u upravljanju većinom preduzeća, J. Odnosi sa javnošću ukljuÄ?ujući i porodiÄ?na. Uloga, struktura i sastav upravnog odbora variraju od jedne porodiÄ?ne firme do druge. Oni su obiÄ?no determinisani veliÄ?inom i K. Supervizor PorodiÄ?nog protokola složenošću firme i zrelošću porodice koja je njen vlasnik. 1. Cilj supervizora 2. Imenovanje supervizora Tokom prvih godina njihovog postojanja većina porodiÄ?nih firmi formira up- 3. Funkcije supervizora ravni odbor radi poÅ¡tovanja zakonskih zahteva. Poznat kao “odbor na papiruâ€?, L. Sekretar PorodiÄ?nog saveta njegova svrha obiÄ?no se ograniÄ?ava na odobravanje finansijskih izveÅ¡taja 1. Cilj sekretara PorodiÄ?nog saveta preduzeća, dividendi i drugih procedura za koje je po zakonu potrebno 2. Imenovanje sekretara PorodiÄ?nog saveta odobrenje upravnog odbora. Ovi odbori se obiÄ?no sastaju otprilike jednom ili 3. Funkcije sekretara PorodiÄ?nog saveta dvaput godiÅ¡nje (zavisno od lokalne regulative), a njihovi sastanci traju vrlo kratko. Upravni odbor je u ovom sluÄ?aju generalno sastavljen iskljuÄ?ivo od M. ReÅ¡avanje sukoba Ä?lanova porodice i - u nekim sluÄ?ajevima - malog broja visokih rukovodilaca od poverenja koji nisu Ä?lanovi porodice. TakoÄ‘e je vrlo uobiÄ?ajeno videti iste N. Ažuriranje PorodiÄ?nog protokola osobe da rade kao direktori i Ä?lanovi upravnog odbora, a uz to su vlasnici preduzeća. Takva struktura upravljanja ne daje veliku vrednost porodiÄ?noj O. Definicije firmi jer bi svaki element ove strukture (upravni odbor, rukovodstvo i po- rodica) mogao da igra aktivniju i konstruktivniju ulogu u okviru upravljanja preduzećem. Kao posledica toga uloge su pomeÅ¡ane, eventualno dovodeći do sukoba i neefikasnosti u nadgledanju preduzeća i njegovog strateÅ¡kog odluÄ?ivanja. Kako porodiÄ?na firma postaje složenija, postaje neophodno oslanjati se na upravni odbor da igra aktivnu ulogu u važnijim pitanjima kao Å¡to je odreÄ‘ivanje strategije preduzeća i kontrola uÄ?inka njegovog rukovodstva. Ovi zadaci zahtevaju da se upravni odbor Ä?ešće sastaje i da ima potrebnu struÄ?nost i nezavisnost da se suprotstavlja rukovodstvu preduzeća. To se deÅ¡ava kada upravni odbor porodiÄ?ne firme postane organizovaniji, dobro fokusiran i otvoren za spoljne nezavisne Ä?lanove upravnog odbora. 36 37 IFC PRIRUÄŒNIK ZA UPRAVLJANJE PORODIÄŒNIM FIRMAMA UPRAVNI ODBOR U PORODIÄŒNOJ FIRMI Pre prelaska na potpuno profesionalan upravni odbor koji ima sposobnost da Savetodavni odbor obiÄ?no se sastaje 3 do 4 puta godiÅ¡nje zavisno od veliÄ?ine deluje u najboljem interesu firme, nezavisno od rukovodstva i kontrolnih ak- porodiÄ?ne firme i složenosti poslovanja. Generalni direktor i nekoliko visokih cionara, mnoge porodiÄ?ne firme osnivaju savetodavni odbor koji dopunjava rukovodilaca iz porodiÄ?ne firme takoÄ‘e mogu da budu deo savetodavnog od- veÅ¡tine i kvalifikacije njihovih aktuelnih Ä?lanova upravnog odbora. U tom bora da bi koordinisali i usmeravali diskusije na sastancima prema potrebama sluÄ?aju, savetodavni odbor tesno saraÄ‘uje sa upravnim odborom i visokim preduzeća. rukovodstvom preduzeća na reÅ¡avanju svih kljuÄ?nih strateÅ¡kih problema sa kojima se firma suoÄ?ava. Da bi se obezbedila objektivnost Ä?lanova savetodavnog odbora, sledeće osobe ne treba da budu deo ovog odbora:21 1- Savetodavni odbori t DobavljaÄ?i ili prodavci preduzeća. 1.1. Definicija i uloga savetodavnog odbora t Prijatelji vlasnika koji nemaju da ponude nikakvu bitnu struÄ?nost. t Postojeći pružaoci usluga preduzeću (npr. bankari, advokati, eksterni Savetodavni odbor je grupa iskusnih i cenjenih osoba koje formiraju mnoge revizori, konsultanti) jer se njihovi saveti već obezbeÄ‘uju u dru- porodiÄ?ne firme kada su njihovi sopstveni upravni odbori sastavljeni samo od gim oblicima a njihova objektivnost i nezavisnost bi mogla da bude Ä?lanova porodice i visokih rukovodilaca preduzeća. U tom sluÄ?aju, upravnom sporna jer rade za preduzeće i ono ih plaća. odboru bi mogla nedostajati struÄ?nost i spoljni ugao gledanja u odreÄ‘enim t Osobe koje imaju sukob interesa u tome da budu savetnici preduzeća. strateÅ¡kim oblastima kao Å¡to su marketing, finansije, upravljanje ljudskim t Osobe koje su već previÅ¡e angažovane i ne bi mogle da pravilno obav- resursima i meÄ‘unarodna tržiÅ¡ta. Prema tome, tada se formira savetodavni ljaju svoje uloge kao Ä?lanovi savetodavnog odbora. odbor da nadoknadi nedostatke upravnog odbora a da porodica ne razvod- njava kontrolu nad odluÄ?ivanjem ili da mora da deli informacije sa spoljnim 1.3. Prednosti i mane savetodavnih odbora licima. Savetodavni odbor može da doda vrednost porodiÄ?noj firmi i putem poslovnih veza koje bi mogli da imaju njegovi Ä?lanovi.20 Sledeća tabela rezimira neke kljuÄ?ne prednosti i mane savetodavnih odbora:22 Savetodavni odbor se Ä?esto smatra “kompromisnim reÅ¡enjemâ€? izmeÄ‘u uprav- nog odbora kojim dominira porodica i slobodnijeg odbora. Mnoge porodiÄ?ne firme prepoznaju potrebu za nezavisnim odborom ali im takoÄ‘e smeta da dele osetljive informacije o preduzeću i moć odluÄ?ivanja sa grupom spoljnih lica. Te porodiÄ?ne firme se obiÄ?no opredeljuju za formiranje savetodavnih od- bora kao naÄ?ina dobijanja spoljnog saveta i struÄ?nog miÅ¡ljenja dok zadržavaju kontrolu nad pravim upravnim odborom preduzeća. Vremenom, i kada porodica bude videla dodatu vrednost savetodavnog odbora, neki od njegovih Ä?lanova Ä?esto se pozivaju da uÄ‘u u upravni odbor preduzeća. 1.2. Sastav savetodavnog odbora NajpraktiÄ?nija veliÄ?ina za savetodavni odbor je od 3 do 7 Ä?lanova. Zadržavanje male veliÄ?ine ovog odbora pomoći će da se održi njegova delotvornost i omogućiće njegovim Ä?lanovima da jasno saopÅ¡tavaju svoje ideje ostalim Ä?lanovima grupe. ÄŒlanovi savetodavnog odbora su obiÄ?no struÄ?njaci u oblasti delatnosti i tržiÅ¡ta porodiÄ?ne firme ili drugih oblasti kao Å¡to su finansije, marketing i meÄ‘unarodna tržiÅ¡ta. Oni takoÄ‘e obezbeÄ‘uju struÄ?nost i iskustvo kada porodiÄ?na firma prelazi u nove delatnosti ili zemlje. 38 39 IFC PRIRUÄŒNIK ZA UPRAVLJANJE PORODIÄŒNIM FIRMAMA UPRAVNI ODBOR U PORODIÄŒNOJ FIRMI 2- Upravni odbor Savetodavni odbor 2.1. Uloga upravnog odbora Prednosti t Njegovi Ä?lanovi nemaju zakonsku odgovornost; to smanjuje troÅ¡kove preduzeća (nije potrebno osig- Osnovne uloge upravnog odbora koji dobro funkcioniÅ¡e jesu da odreÄ‘uje uranje) i olakÅ¡ava angažovanje Ä?lanova (jer Ä?lanstvo ukupnu strategiju firme; nadgleda uÄ?inak rukovodstva i obezbeÄ‘uje da bude nije tako riziÄ?no kao kada su deo upravnog odbora uspostavljena odgovarajuća struktura korporativnog upravljanja, ukljuÄ?ujući preduzeća). i jak ambijent kontrole, dovoljne nivoe obelodanjivanja i adekvatan mehani- zam zaÅ¡tite manjinskih akcionara. KoliÄ?ina vremena i napora koje upravni t Može da obezbedi preduzeću dodatne veÅ¡tine, odbor posvećuje svakoj od ovih oblasti zavisiće od veliÄ?ine i složenosti tehniÄ?ku struÄ?nost i znanje koji nisu raspoloživi na porodiÄ?ne firme. Na primer, preduzeću sa malo akcionara, jednostavnim sadaÅ¡njim nivoima rukovodstva i upravnog odbora. poslovnim procesima, efikasnim internim kontrolama i visokim nivoom ukljuÄ?enosti njegovih vlasnika u poslovanje bilo bi potrebno da se njegov t Njegovi saveti su obiÄ?no nepristrasni. upravni odbor viÅ¡e fokusira na strategiju i pitanja dugoroÄ?nog planiranja. t Njegovi Ä?lanovi mogu da pruže nove kontakte koji Upravni odbor preduzeća u porodiÄ?nom vlasniÅ¡tvu treba da pruži dodatnu mogu da dovedu do dodatne prodaje ili izvora kapi- vrednost toj firmi i da ne ponavlja aktivnosti kojima se već bave drugi organi tala. preduzeća. Na primer, upravni odbor treba da usmerava, ali da ne uÄ?estvuje Mane t Savetodavni odbor funkcioniÅ¡e kao grupa struÄ?njaka u svakodnevnom upravljanju preduzeća jer je to u osnovi zadatak rukovod- Ä?ije savete preduzeće ne sledi sistematski. Kao posled- stva preduzeća. Osim toga, Ä?lanovi upravnog odbora treba da imaju potrebne ica toga, savetodavni odbor ne bi mogao da se shvata resurse i slobodu da nadgledaju i osporavaju odluke i druge aktivnosti ruko- tako ozbiljno kao pravi upravni odbor. vodstva i/ili Ä?lanova porodice. t Savetodavni odbor nema nadležnost da zahteva infor- Pored strategije i nadzora, neki od glavnih zadataka koji se dodeljuju up- macije od rukovodstva pa se njegove preporuke mogu ravnom odboru obuhvataju:23 zasnivati samo na onome Å¡to je rukovodstvo spremno da podeli sa njegovim Ä?lanovima. t ObezbeÄ‘enje sukcesije visokog rukovodstva. t ObezbeÄ‘enje raspoloživosti finansijskih resursa. t ÄŒlanovi savetodavnog odbora imaju malo ili nimalo t ObezbeÄ‘enje adekvatnosti internih kontrola i sistema za upravljanje uticaja na strategiju i nadgledanje uÄ?inka rukovodstva. rizikom preduzeća. t IzveÅ¡tavanje vlasnika i drugih zainteresovanih strana. t Nepostojanje zakonske odgovornosti Ä?ini da je Ä?lanove savetodavnog odbora teÅ¡ko smatrati odgovornima za 2.2. Sastav upravnog odbora njihove savete. Sastav i veliÄ?ina upravnog odbora zavisiće od veliÄ?ine i složenosti poslovanja t Neki Ä?lanovi savetodavnog odbora mogli bi da ne sh- preduzeća. Iako ne postoji jednostavna formula za utvrÄ‘ivanje pravog vataju svoju ulogu ozbiljno i da se ne pripremaju i ne broja Ä?lanova upravnog odbora za sve porodiÄ?ne firme, najbolja praksa daju potreban doprinos kao Å¡to bi to Ä?inili kao Ä?lanovi preporuÄ?uje da se ima praktiÄ?na veliÄ?ina upravnog odbora tj. 5 do 9 Ä?lanova. pravog upravnog odbora. Prednosti manje veliÄ?ine upravnog odbora obuhvataju: povećanu efikasnost jer će Ä?lanovi upravnog odbora imati bolje mogućnosti da komuniciraju, da sasluÅ¡aju jedan drugog i da diskusije drže u okviru teme. Pored toga, organi- zovati sastanke odbora i postizati kvorum je lakÅ¡e za manju grupu nego za veću. 40 41 IFC PRIRUÄŒNIK ZA UPRAVLJANJE PORODIÄŒNIM FIRMAMA UPRAVNI ODBOR U PORODIÄŒNOJ FIRMI Pri izboru svojih Ä?lanova upravnog odbora, preduzeća u porodiÄ?nom t Pažljivo prouÄ?e sve znaÄ?ajne informacije koje su im dostupne pre vlasniÅ¡tvu treba da se fokusiraju na osobe koje će dodati vrednost firmi i donoÅ¡enja bilo kakvih odluka. obezbediti sve potrebne veÅ¡tine u oblastima strategije i/ili nadzora rukovod- t Postupaju marljivo i kompetentno. stva i poslovanja. Osim toga, uspeÅ¡an izbor Ä?lanova upravnog odbora foku- t Donose odluke na osnovu dobre obaveÅ¡tenosti i promiÅ¡ljenosti. sira se na njihov potencijalan doprinos preduzeću a ne na to da li pripadaju t Redovno prisustvuju sastancima upravnog odbora, da dolaze porodici ili ne. U stvarnosti, porodiÄ?ne firme imaju tendenciju da imaju pripremljeni na te sastanke i da aktivno uÄ?estvuju na njima (ovaj deo upravne odbore koje gotovo potpuno Ä?ine Ä?lanovi porodice. Koristi od pose- obaveze pažljivog postupanja naziva se i “obaveza pažnjeâ€? ili “obaveza dovanja odbora koji deluje nezavisno od rukovodstva i kontrolnih akcionara posluÅ¡nostiâ€?). razmatraće se u odeljku III-3 dalje u donjem tekstu. - Obaveza lojalnosti: U obavljanju svojih dužnosti, Ä?lanovi upravnog odbora Sledeća tabela rezimira neke od karakteristika koje treba da poseduju dobri moraju da budu lojalni preduzeću, stavljajući tu lojalnost ispred svih drugih Ä?lanovi upravnog odbora: interesa. ÄŒlanovi upravnog odbora ne mogu da imaju liÄ?nu korist od bilo koje aktivnosti preduzete u ime preduzeća. Prema obavezi lojalnosti Ä?lanovi upravnog odbora moraju da: LiÄ?ne karakteristike StruÄ?ne kvalifikacije t Stavljaju interese preduzeća iznad svih liÄ?nih ili drugih interesa. t LiÄ?ni integritet i odgovornost t Iskustvo u privrednoj grani t Odmah obelodane sve sukobe interesa ostalim Ä?lanovima upravnog t Sposobnost za timski rad t Pravilno poslovno rasuÄ‘ivanje odbora. t Dobre veÅ¡tine komunikacije t StruÄ?nost i veÅ¡tine u relevant- t Da se uzdrže od glasanja o pitanjima koja bi mogla da ukljuÄ?e liÄ?ni t Liderske veÅ¡tine nim oblastima (koje treba da sukob interesa. t Solidne analitiÄ?ke veÅ¡tine definiÅ¡e preduzeće). One bi t Hrabrost, samopouzdanje i mogle da obuhvate: strategiju; sposobnost da se suprotstavi marketing; pravo; finansije i 3- Nezavisni Ä?lanovi upravnog odbora drugim Ä?lanovima upravnog raÄ?unovodstvo; upravljanje 3.1. Važnost nezavisnih Ä?lanova upravnog odbora odbora, Ä?lanovima porodice i rizikom i internu kontrolu; visokom rukovodstvu ljudske resurse i korporativno Osnivanje jakog i nezavisnog upravnog odbora je mudra odluka koju većina upravljanje porodica u biznisu donosi kada poslovanje njihovog preduzeća dostigne t Korisne veze i kontakte kritiÄ?nu veliÄ?inu i složenost. Istraživanje sprovedeno u Sjedinjenim Državama koje je obuhvatilo viÅ¡e od 80 preduzeća u porodiÄ?nom vlasniÅ¡tvu koje vodi treća ili kasnija generacija pokazalo je da je postojanje aktivnog i eksternog 2.3. Obaveze Ä?lanova upravnog odbora upravnog odbora (koji ne kontroliÅ¡e porodica) bilo najpresudniji element u opstanku i uspehu ovih preduzeća.25 ÄŒlanove upravnog odbora biraju akcionari preduzeća i od njih se oÄ?ekuje da deluju u najboljem interesu preduzeća i da pritom pažljivo postupaju. Slede MeÄ‘utim, u stvarnosti, kada se radi o Ä?lanstvu u upravnom odboru, većina glavne obaveze Ä?lanova upravnog odbora:24 porodiÄ?nih firmi zadržava ovo pravo za Ä?lanove porodice, a u malom broju sluÄ?ajeva za neke direktore od poverenja koji nisu Ä?lanovi porodice. Ova - Obaveza pažljivog postupanja: Pre donoÅ¡enja neke odluke, Ä?lanovi uprav- praksa se uglavnom koristi kao naÄ?in zadržavanja porodiÄ?ne kontrole nad nog odbora moraju da postupaju na razuman naÄ?in i da savesno ulažu napore smerom kojim ide njena firma. Nažalost, odsustvo spoljnih nezavisnih da analiziraju i razmotre sve relevantne i znaÄ?ajne informacije koje su im Ä?lanova upravnog odbora moglo bi da oteža upravnom odboru porodiÄ?ne dostupne za razmatranje. Prema obavezi pažljivog postupanja Ä?lanovi uprav- firme da stekne znanje i struÄ?nost koji mu nedostaju. Zaista nezavisni Ä?lanovi nog odbora moraju da: upravnog odbora takoÄ‘e će osporavati razmiÅ¡ljanje porodice i dodati viÅ¡e discipline sastancima upravnog odbora. Pored toga, prisustvo nezavisnih 42 43 IFC PRIRUÄŒNIK ZA UPRAVLJANJE PORODIÄŒNIM FIRMAMA UPRAVNI ODBOR U PORODIÄŒNOJ FIRMI Ä?lanova upravnog odbora tokom sastanaka odbora odvraćaće Ä?lanove po- rodice od gubljenja dragocenog vremena na porodiÄ?ne probleme i umesto Orijentaciona definicija toga koncentrisaće se na poslovnu strategiju i nadzor. Najzad, nezavisni Ä?lanovi upravnog odbora mogu i da igraju ulogu “amortizeraâ€? izmeÄ‘u nezavisnog Ä?lana upravnog odbora27 razliÄ?itih Ä?lanova porodice u sluÄ?aju da ovi imaju opreÄ?ne stavove o poslovn- im pitanjima. “Nezavisni Ä?lan upravnog odboraâ€? znaÄ?i Ä?lan upravnog odbora koji je lice koje: Neke od prednosti ukljuÄ?ivanja nezavisnih Ä?lanova upravnog odbora obuh- 1- u proteklih pet godina nije bilo zaposleno od strane preduzeća ili vataju:26 njegovih povezanih lica; 2- nije savetnik ili konsultant preduzeća ili njegovih povezanih lica i t UnoÅ¡enje spoljnog ugla gledanja na strategiju i kontrolu. nije povezan sa preduzećem koje je to isto; t Dodavanje novih veÅ¡tina i znanja koje možda ne bi bile dostupne 3- nije udružen sa znaÄ?ajnim kupcem ili dobavljaÄ?em preduzeća ili unutar firme. njegovim povezanim licima; t UnoÅ¡enje miÅ¡ljenja koje je nezavisno od porodice i objektivno. - ÄŒinjenje odluka o zapoÅ¡ljavanju i unapreÄ‘enju nezavisnim od 4- nema liÄ?ne ugovore o vrÅ¡enju usluga sa preduzećem, njegovim porodiÄ?nih veza. povezanim licima ili visokim rukovodstvom; t Delovanje kao element uravnoteženja izmeÄ‘u razliÄ?itih Ä?lanova po- 5- nije udružen sa neprofitnom organizacijom koja dobija znaÄ?ajna rodice a u nekim sluÄ?ajevima služe kao objektivne sudije kod nespo- sredstva od preduzeća ili njegovih povezanih lica; razuma meÄ‘u direktorima koji su Ä?lanovi porodice. 6- nije zaposlen kao rukovodilac nekog drugog preduzeća u kojem t IzvlaÄ?enje koristi od njihovih poslovnih i drugih kontakata i veza. bilo koji rukovodioci ovog preduzeća rade u upravnom odboru tog preduzeća; 3.2. Definicija nezavisnosti Ä?lana upravnog odbora 7- nije Ä?lan uže porodice osobe koja je zaposlena ili je tokom proteklih pet godina bila zaposlena od strane preduzeća ili njegovih pov- Definicija nezavisnosti Ä?lana upravnog odbora razlikuje se od tržiÅ¡ta do ezanih lica kao direktor; tržiÅ¡ta; meÄ‘utim, njene glavne komponente ostaju iste. OpÅ¡ti princip je da 8- nije niti je u proteklih pet godina bio udružen sa sadaÅ¡njim ili nezavisni Ä?lan upravnog odbora treba da bude bez veza sa rukovodstvom, bivÅ¡im revizorom preduzeća ili povezanog lica ili zaposlen od kontrolorima (iz porodice) i drugima koji bi mogli da utiÄ?u na njegovo/njeno strane istog i miÅ¡ljenje. Sledi definicija nezavisnih Ä?lanova upravnog odbora prema IFC-u: 9- nije kontrolno lice preduzeća (ili Ä?lan grupe osoba i/ili entiteta koje kolektivno vrÅ¡e efektivnu kontrolu nad preduzećem) ili brat, sestra, roditelj, baba/deda, dete, brat/sestra od strica/ujaka/tetke, tetka/ strina/ujna, stric/ujak/teÄ?a, bratanac/sestrić ili bratanica/sestriÄ?ina takvog lica ili supružnik, udovac/udovica, roÄ‘ak po osnovu braka, naslednik, primalac zaveÅ¡tanja i sledbenik bilo koga od prethodno pomenutih (ili bilo kojeg fonda ili sliÄ?nog aranžmana Ä?iji su iskljuÄ?ivi naslednici bilo koja od takvih lica ili kombinacija istih) ili izvrÅ¡ilac testamenta, upravitelj imovine ili liÄ?ni predstavnik bilo kog lica opisanog u ovom podstavu koje je preminulo ili nema pravnu sposobnost, (nastavlja se) 44 45 IFC PRIRUÄŒNIK ZA UPRAVLJANJE PORODIÄŒNIM FIRMAMA (nastavlja se) i za potrebe ove definicije, smatra se da je osoba “udruženaâ€? sa nekim licem ako takva osoba: (i) ima direktan ili indirektan vlasniÄ?ki udeo u njemu; ili je (ii) zaposlena od strane takvog lica; “povezano liceâ€? znaÄ?i, u pogledu preduzeća, bilo koja osoba ili entitet koji kontroliÅ¡e preduzeće, koje je kontrolisano od strane preduzeća ili je pod IV ODELJAK: zajedniÄ?kom kontrolom sa preduzećem. VISOKO RUKOVODSTVO U PORODIÄŒNOJ FIRMI Visoki rukovodioci su suÅ¡tinski važan deo strukture upravljanja porodiÄ?nim firmama i njihov kvalitet direktno utiÄ?e na uspeÅ¡nost preduzeća i bogatstvo porodice. Visoki rukovodioci su zaduženi za realizaciju strateÅ¡kog smera koji je postavio upravni odbor i za upravljanje svakodnevnim poslovanjem preduzeća. Posedovanje pravih direktora na Ä?elu preduzeća je kljuÄ?an element uspeha porodiÄ?ne firme. 1- Direktori iz porodice nasuprot direktorima koji nisu Ä?lanovi porodice Tokom prvih godina njihovog postojanja, porodiÄ?ne firme obiÄ?no vodi i njima upravlja osnivaÄ? (osnivaÄ?i). Njihova struktura upravljanja može ostati priliÄ?no neformalna, a moć odluÄ?ivanja je koncentrisana u rukama osnivaÄ?a i malog broja bliskih roÄ‘aka. Ova struktura upravljanja obiÄ?no dobro funkcioniÅ¡e tokom rane faze razvoja preduzeća. Glavni razlog za uspeh porodiÄ?ne firme u ovoj fazi obiÄ?no je motivisan i vredan osnivaÄ? (osnivaÄ?i). Kako preduzeće raste i kako njegovo poslovanje postaje složenije, postaju ne- ophodni formalnija struktura upravljanja, decentralizovan proces odluÄ?ivanja i kvalifikovan organ upravljanja da se bavi složenošću firme i izazovnijim sva- kodnevnim poslovima. Nažalost, mnoge porodiÄ?ne firme ignoriÅ¡u potrebu za profesionalizacijom svoje firme i drže visoke rukovodeće položaje iskljuÄ?ivo za Ä?lanove porodice. Mada su mnogi od ovih Ä?lanova porodice veÅ¡ti direktori koji dodaju vrednost svojoj firmi, oni Ä?esto nisu kvalifikovani da vrÅ¡e takve dužnosti. ÄŒak i u sluÄ?ajevima u kojima su svi Ä?lanovi porodice dobri direk- tori, oni nemaju uvek specijalizovane veÅ¡tine i struÄ?nost koje iziskuje složenije preduzeće koje raste. UspeÅ¡ne porodice u biznisu shvataju da na duži rok neki Ä?lanovi porodice treba da odstupe i da ih zamene struÄ?nija i kvalifikovanija spoljna lica. 46 47 IFC PRIRUÄŒNIK ZA UPRAVLJANJE PORODIÄŒNIM FIRMAMA VISOKO RUKOVODSTVO U PORODIÄŒNOJ FIRMI ObezbeÄ‘ivanje da preduzeće u porodiÄ?nom vlasniÅ¡tvu ima prave visoke (nastavlja se) rukovodioce je proces koji treba da poÄ?ne rano, Ä?ak već tokom faze osnivaÄ?a porodiÄ?ne firme. Neki od koraka ovog procesa su: Pitanje Preduzeća u kojima Preduzeća u kojima firma porodica ima prednost ima prednost t Analiziranje organizacione strukture i uporeÄ‘ivanje sadaÅ¡njih i opti- malnih uloga i odgovornosti (u poreÄ‘enju sa sliÄ?nim preduzećima) Naknada Jednaka plata za sve. Svako Naknada se zasniva na uÄ?inku za rad je jednako plaćen bez obzira i odgovornosti. Naknada se svakog visokog rukovodioca. na svoje iskustvo i dopri- zasniva na merama tržiÅ¡ta t OsmiÅ¡ljavanje formalne organizacione strukture koja jasno definiÅ¡e nos firmi. OÄ?ekuje se da i privredne grane a ne na uloge i odgovornosti svih visokih rukovodilaca. To treba da se zas- sposobni Ä?lanovi porodice potrebama porodice. Jasno se niva na sadaÅ¡njim i budućim potrebama poslovanja. brinu (putem naknade za saopÅ¡tavaju i razumeju odgov- t Procenjivanje veÅ¡tina i kvalifikacija sadaÅ¡njeg visokog rukovodstva na rad, drugih naknada itd.) o ornosti i odnosi u pogledu osnovu nove organizacione strukture. svojoj manje sposobnoj braći, izveÅ¡tavanja. Dobri radnici t Zamena i/ili zapoÅ¡ljavanje visokih rukovodilaca. sestrama ili roÄ‘acima. su visoko plaćeni. ÄŒlanovi t Decentralizovanje procesa odluÄ?ivanja i nivoa odobravanja po porodice mogu da budu potrebi. Ovlašćenja za odluÄ?ivanje treba da budu povezana sa uloga- otpuÅ¡teni zbog loÅ¡eg uÄ?inka. ma/odgovornostima direktora a ne sa njihovim vezama sa porodi- VoÄ‘stvo se zasniva na starosti ObezbeÄ‘ivanje da se voÄ‘stvo VoÄ‘stvo com. a ne na pokazanim sposob- zasluži. PorodiÄ?na parola t Ustanovljavanje jasne politike porodiÄ?nog zapoÅ¡ljavanja i nostima i uspesima. Može je da firmu vode “najbolji i omogućavanje dostupnosti njenog sadržaja svim Ä?lanovima porodice viÅ¡e da se ceni dugoveÄ?nost najpametnijiâ€?: iz porodice ili (videti odeljak II-1-1 ovog PriruÄ?nika za viÅ¡e pojedinosti o politika- u porodiÄ?noj firmi nego rad i izvan nje. Visoki rukovodioci ma porodiÄ?nog zapoÅ¡ljavanja). uspeh izvan firme. koji nisu Ä?lanovi porodice t Razvijanje internog programa obuke koji omogućava kvalifikovanim mogu da se angažuju iz zaposlenima da se pripreme za preuzimanje zadataka visokog ruko- privredne grane mada neka preduzeća uspeÅ¡no odgajaju vodstva u budućnosti. sopstvene najviÅ¡e rukovodioce. t Ustanovljavanje sistema naknada za rad koji obezbeÄ‘uje prave stimu- lanse svim direktorima zavisno od njihovog uÄ?inka a ne od njihovih Raspodela Poslovna sredstva se koriste Poslovna sredstva se ko- veza sa porodicom. poslovnih za liÄ?ne potrebe Ä?lanova po- riste strateÅ¡ki. Postoji ja- sredstava rodice (stanovanje, automo- sna razdvojenost poslovnih i Sledeća tabela rezimira kako porodiÄ?ne firme reÅ¡avaju neka pitanja bile, liÄ?ne kupovine itd.). porodiÄ?nih sredstava. Važni zapoÅ¡ljavanja zavisno od toga da li prioritet daju porodici ili firmi:28 su budžetiranje i planiranje; prihodi se koriste za razvojne inicijative ili isplaćuju kao Pitanje Preduzeća u kojima Preduzeća u kojima firma dividende. porodica ima prednost ima prednost Obuka Nema formalnih programa Pravovremeno se prepoznaje Politika Politika otvorenih vrata Preduzeću se pridružuju samo obuke. Od Ä?lanova porodice potreba za formalnom zapoÅ¡ljavanja za sve Ä?lanove porodice. kvalifikovani Ä?lanovi porodice. se oÄ?ekuje da intuitivno uÄ?e obukom. Obuke se planiraju Preduzeće u porodiÄ?nom Jasno su odreÄ‘eni uslovi za poslovne prakse. i pružaju da bi se Ä?lanovi vlasniÅ¡tvu Ä?esto postaje zapoÅ¡ljavanje Ä?lanova porodice porodice nauÄ?ili potrebnim utoÄ?iÅ¡te za one koji ne mogu i sadrže zahteve u pogledu poslovnim praksama. da uspeju van te firme. obrazovanja i prethodnog rad- nog iskustva izvan porodiÄ?ne firme. (nastavlja se) 48 49 IFC PRIRUÄŒNIK ZA UPRAVLJANJE PORODIÄŒNIM FIRMAMA VISOKO RUKOVODSTVO U PORODIÄŒNOJ FIRMI 2- Sukcesija generalnog direktora i visokog rukovodstva jedna generacija predaje drugoj. Svrha ovog plana je da obezbedi da veÅ¡tine i voÄ‘stvo potrebni da se zameni bilo koji odlazeći visoki rukovodilac budu Sukcesija generalnog direktora i visokog rukovodstva je verovatno najvažnije raspoloživi kada budu potrebni. Delotvoran plan sukcesije generalnog direk- pitanje sa kojim se suoÄ?avaju preduzeća, ukljuÄ?ujući i ona u porodiÄ?nom tora treba da omogući izbor najsposobnije osobe (bilo da je Ä?lan porodice ili vlasniÅ¡tvu. To je zato Å¡to su najviÅ¡i rukovodioci preduzeća obiÄ?no pokretaÄ?i ne) kao sledećeg generalnog direktora. Pored toga, od presudnog znaÄ?aja je njegovog rada, rasta i opstanka. Pitanje sukcesije rukovodstva je joÅ¡ važnije da se svi Ä?lanovi porodice, upravni odbor, kljuÄ?ni visoki rukovodioci i drugi za porodiÄ?ne firme jer postaje naroÄ?ito teÅ¡ko kako porodica narasta i postaje važni eksterni nosioci interesa ukljuÄ?e u proces selekcije i da se obezbedi da dostupno viÅ¡e potencijalnih kandidata za visoko rukovodstvo iz razliÄ?itih se dogovore oko izbora sledećeg generalnog direktora. ogranaka porodice. Mnoge porodiÄ?ne firme odlažu planiranje sukcesije svojih visokih rukovodilaca do poslednjeg trenutka, Å¡to dovodi do kriza koje 2.2. Koraci formalnog plana sukcesije generalnog direktora ponekad mogu da prouzrokuju gaÅ¡enje porodiÄ?ne firme. LoÅ¡e planiranje sukcesije visokog rukovodstva bi zaista moglo da bude jedan od razloga Å¡to Proces planiranja sukcesije generalnog direktora obiÄ?no se razlikuje od jedne većina porodiÄ?nih firmi nestaje pre no Å¡to doÄ‘e do treće generacije.29 do druge porodiÄ?ne firme zavisno od složenosti firme, stepena ukljuÄ?enosti porodice u nju i raspoloživosti sposobnih kandidata za generalnog direktora Ovaj odeljak PriruÄ?nika će uglavnom da pruži neke osnovne savete o us- u okviru porodice. Sledi fazni proces koji može da pomogne porodiÄ?nim postavljanju adekvatnog procesa planiranja sukcesije generalnog direktora firmama da se bolje pripreme za sukcesiju svog generalnog direktora:31 unutar porodiÄ?ne firme. Većina ovih saveta se može koristiti i za osiguravanje nesmetane sukcesije za druge visoke rukovodioce porodiÄ?ne firme. Rano zapoÄ?injanje: Mnogi savetnici porodiÄ?nih firmi preporuÄ?uju da se proces selekcije sledećeg generalnog direktora zapoÄ?ne joÅ¡ kada se imenuje Porodice u biznisu mogle bi da iz mnogih razloga ignoriÅ¡u potrebu planiranja aktuelni generalni direktor. To će osigurati kontinuitet poslovanja i obez- sukcesije svog generalnog direktora. Neki od ovih razloga obuhvataju bediti preduzeću novog generalnog direktora koji je pažljivo izabran i dobro sledeće:30 pripremljen da nasledi aktuelnog direktora. Rani poÄ?etak procesa selekcije generalnog direktora naroÄ?ito je važan ako se oÄ?ekuje da sledeći generalni t ÄŒlanovi porodice odlažu odluku da ne bi stvorili potencijalna trvenja direktor bude izabran meÄ‘u Ä?lanovima porodice. U tom sluÄ?aju, za proces meÄ‘u Ä?lanovima porodice u sluÄ?aju da je u okviru porodice na raspo- izbora i pripreme sledećeg generalnog direktora iz mlaÄ‘e generacije bilo bi laganju viÅ¡e potencijalnih generalnih direktora. potrebno viÅ¡e vremena nego ako generalni direktor treba da se izabere izvan t ÄŒlanovi porodice odlažu odluku jer nijednog aktuelnog Ä?lana po- porodice. rodice ili spoljno lice ne smatraju sposobnim da zameni aktuelnog generalnog direktora. U većini porodiÄ?nih firmi aktuelni generalni direktor je taj koji inicira proces t ÄŒlanovi porodice izbegavaju da se pozabave ovim pitanjem da ne bi planiranja sukcesije. Važnu ulogu može da igra i aktivni upravni odbor tako razgovarali o temi mogućeg gubitka glave porodice (aktuelnog gener- Å¡to će insistirati na ustanovljavanju plana sukcesije u sluÄ?aju da aktuelni gen- alnog direktora). eralni direktor to ne preduzima dovoljno rano. t Aktuelni generalni direktor odbija da prizna da preduzeće može da opstane bez njega/nje i/ili se plaÅ¡i povlaÄ?enja i odbija da se pozabavi Pravljenje sistema za razvoj karijere: UspeÅ¡an plan sukcesije je onaj koji bira pitanjima sukcesije. najboljeg mogućeg kandidata za to radno mesto bez obzira na to da li je taj kandidat u srodstvu sa porodicom ili ne. Ako će se sledeći generalni direk- 2.1. Važnost formalnog plana sukcesije visokog rukovodstva tor izabrati iz porodice ili meÄ‘u njenim aktuelnim zaposlenima, treba razviti rigorozan sistem za razvoj karijere da bi se pripremali potencijalni generalni Sukcesija visokog rukovodstva je proces koji sledi viÅ¡e koraka da bi se direktori. Takav sistem bi poboljÅ¡ao sposobnosti kandidata za generalnog osigurala pravilna sukcesija za kljuÄ?ne rukovodeće položaje ukljuÄ?ujući i direktora tako Å¡to bi im pružio svo potrebno obrazovanje, obuku i davao položaj generalnog direktora. Formalni plan sukcesije obezbeÄ‘uje kontinu- periodiÄ?ne povratne informacije o njihovom uÄ?inku u okviru preduzeća. itet poslovanja i tako povećava Å¡anse za opstanak porodiÄ?ne firme kada je 50 51 IFC PRIRUÄŒNIK ZA UPRAVLJANJE PORODIÄŒNIM FIRMAMA Neke porodiÄ?ne firme odluÄ?uju da angažuju eksternog generalnog direktora ako u okviru porodice ili njenih zaposlenih nema raspoloživih dobrih kandi- data za generalnog direktora. U tom sluÄ?aju, planiranje sukcesije generalnog direktora treba da vodi neka komisija upravnog odbora (na primer komisija za imenovanja). Odbor bi poÄ?eo tako Å¡to bi postavio kriterijume za selekciju sledećeg generalnog direktora pre no Å¡to potraži pogodne kandidate. Pored V ODELJAK: toga, mnoge firme u porodiÄ?nom vlasniÅ¡tvu nalaze da je korisno da angažuju profesionalne “lovce na kadroveâ€? da dobiju pristup Å¡irem skupu kandidata. PORODIÄŒNA FIRMA IZLAZI NA BERZU Traženje saveta: NaroÄ?ito kada se sužava spisak potencijalnih sledbenika, generalni direktor treba da dobije savet od eksternih nezavisnih Ä?lanova upravnog odbora. Ako njih njema, treba konsultovati visoke rukovodioce 1- ZaÅ¡to izaći na berzu? ZaÅ¡to ne? od poverenja koji nisu Ä?lanovi porodice. Neke porodice takoÄ‘e nalaze da je korisno da u procesu selekcije pribave miÅ¡ljenje porodiÄ?nog saveta, naroÄ?ito Mnoge porodiÄ?ne firme u izvesnoj fazi svog života donose odluku da izaÄ‘u ako je kandidat za generalnog direktora iz porodice. na berzu da bi mogle da obezbede finansijske resurse za Å¡irenje poslovanja ili da bi dale svojim akcionarima naÄ?in da prodaju svoje akcije u sluÄ?aju da viÅ¡e Postizanje konsenzusa: Uspeh budućeg generalnog direktora uveliko zavisi vole da ih pretvore u gotovinu. Izlazak na berzu je složen proces koji iziskuje od njegovog/njenog prihvatanja od strane kljuÄ?nih nosilaca interesa koji su pažljivo razmatranje alternativa, mnogo pripreme od strane upravnog odbora ukljuÄ?eni u preduzeće. Tada postaje obavezno da se u proces selekcije gener- i rukovodstva i obimne savete spoljnih struÄ?njaka. Izlazak na berzu je i od- alnog direktora ukljuÄ?e svi kljuÄ?ni nosioci interesa ukljuÄ?ujući upravni odbor, luka koja donosi mnoge povoljnosti i nepovoljnosti porodiÄ?noj firmi. visoke rukovodioce koji nisu Ä?lanovi porodice i Ä?lanove porodice. 1.1. Prednosti izlaska na berzu za porodiÄ?nu firmu32 PojaÅ¡njavanje procesa prenosa: Kada se odabere adekvatan sledeći generalni direktor treba razviti jasan proces prenosa i za aktuelnog generalnog direk- Izlazak na berzu može da pruži viÅ¡e pogodnosti porodiÄ?nim firmama i nji- tora i za sledbenika. Ovaj proces prenosa bi odredio datum prenosa i takoÄ‘e hovim akcionarima, ukljuÄ?ujući: definisao nivoe ukljuÄ?enosti aktuelnog generalnog direktora posle povlaÄ?enja (savetovanje sledbenika, Ä?lanstvo u upravnom odboru, dodatne aktivnosti, - PoboljÅ¡anu utrživost akcija: Ovo porodiÄ?nim akcionarima omogućava itd.). da prodaju svoje akcije po preovlaÄ‘ujućoj ceni akcija na otvorenom tržiÅ¡tu. TakoÄ‘e olakÅ¡ava akcionarima da svoje akcije koriste kao obezbeÄ‘enje da do- biju kredite. Kao rezultat toga, poboljÅ¡ana utrživost akcija preduzeća pomaže da se smanje porodiÄ?ni problemi jer reÅ¡ava potrebe za likvidnošću za akcion- are koji viÅ¡e vole da svoje bogatstvo drže u drugoj imovini osim svog udela u preduzeću. - PoboljÅ¡anje finansijskog položaja preduzeća: Ovo je direktan rezultat pro- daje akcija preduzeća javnosti. JaÄ?i finansijski položaj olakÅ¡ava preduzeću da traži kredite i da pregovara o uslovima tih kredita. - Potencijalno povećanje vrednosti akcija: Mnoga preduzeća u porodiÄ?nom vlasniÅ¡tvu koja su izaÅ¡la na berzu doživela su da cena njihovih akcija poraste iznad poÄ?etne procene koju je napravila firma za investiciono bankarstvo. To povećanje vrednosti nastaje delom usled spremnosti investitora da plate veću 52 53 IFC PRIRUÄŒNIK ZA UPRAVLJANJE PORODIÄŒNIM FIRMAMA PORODIÄŒNA FIRMA IZLAZI NA BERZU cenu za akcije preduzeća zbog njegovog većeg kredibiliteta kao druÅ¡tva Ä?ije su 2- Pripremanje za IPO (inicijalnu javnu ponudu) akcije u slobodnom prometu, poboljÅ¡ane utrživosti akcija i povećane trans- parentnosti raÄ?una. Izlazak na berzu je dug i komplikovan proces koji se ne deÅ¡ava preko noći. PorodiÄ?ne firme koje planiraju da izaÄ‘u na berzu moraju da pribave pro- - Veća vidljivost: Izlazak na berzu daje porodiÄ?nim firmama povećani prestiž fesionalne savete i pomoć u mnogim pravnim, tehniÄ?kim, finansijskim i vidljivost na tržiÅ¡tu. TržiÅ¡ta imaju tendenciju da posmatraju druÅ¡tva Ä?ije se i marketinÅ¡kim oblastima. Pored toga, mnogi investitori danas traže od kacije prodaju na berzi kao druÅ¡tva kojima se profesionalno upravlja i koja preduzeća koja izlaze na berzu da prikažu dug istorijat dobrih praksi korpo- su transparentnija (revidirani raÄ?uni i periodiÄ?no objavljivanje finansijskih rativnog upravljanja pre same IPO. Investitori i tržiÅ¡te naroÄ?ito visoko cene izveÅ¡taja i podataka o rezultatima). Kao rezultat toga, porodiÄ?na firma koja prakse preduzeća u oblastima upravnog odbora, prava akcionara i transpar- izlazi na berzu mogla bi da poveća svoju vidljivost na tržiÅ¡tu. entnosti i obelodanjivanja. 1.2. Mane izlaska na berzu za porodiÄ?nu firmu33 Sledeća tabela daje rezime kljuÄ?nih praksi korporativnog upravljanja koje bi pomogle da se tržiÅ¡tu prenese pozitivna slika o preduzećima koja se Izlazak na berzu može i da donese potencijalne nepovoljnosti za porodiÄ?ne pripremaju da izaÄ‘u na berzu. Naravno, većina ovih praksi treba da bude firme. Neke od ovih nepovoljnosti su: uspostavljena nekoliko godina pre IPO da bi se tržiÅ¡tu i potencijalnim investi- torima prikazao dobar istorijat adekvatnog upravljanja. 34 - Gubitak privatnosti: Ovo je verovatno najnepoželjniji ishod izlaska na berzu za porodiÄ?ne firme. I zaista, kada izaÄ‘e na berzu, porodiÄ?na firma će morati da otkriva viÅ¡e informacija nego pre, ukljuÄ?ujući: detaljne finansijske izveÅ¡taje i druge mere uÄ?inka i sve povlastice koje se daju Ä?lanovima porodice. Atributi upravljanja Primeri najboljih praksi - Gubitak autonomije: Ovo je posledica dolaska novih akcionara poÅ¡to Prava akcionara t Jasna zaÅ¡tita manjinskih akcionara u porodiÄ?na firma izaÄ‘e na berzu. ÄŒak i u sluÄ?ajevima u kojima porodica osnivaÄ?kom aktu, opÅ¡tim aktima i kodeksu ostane kontrolni akcionar manjinski akcionari imaju prava koja će otežati da upravljanja preduzećem. prvobitni Ä?lanovi porodice rade neometano. t Adekvatno obaveÅ¡tavanje o svim skupÅ¡tinama akcionara i saopÅ¡tavanje dnev- - Povećana odgovornost: DruÅ¡tva Ä?ijim se akcijama trguje na berzi imaju veću nog reda. odgovornost od onih koja to nisu. Na primer, moraju da se postaraju da sve t Mogućnost da uÄ?estvuju i smisleno glasaju informacije koje pružaju svojim akcionarima i tržiÅ¡tu budu taÄ?ne. na skupÅ¡tinama akcionara (npr. kumula- tivno glasanje za Ä?lanove upravnog odbora). - Mogućnost preuzimanja: Ako se tokom procesa izlaska na berzu izdalo t Ravnopravan tretman u pogledu obelo- dovoljno akcija spoljnim licima, moglo bi biti moguće da kontrolu nad danjivanja informacija (bitni akcionarski porodiÄ?nom firmom steknu konkurenti ili drugi investitori. sporazumi, sukobi interesa, itd.) t Jasnoća u pogledu prava razliÄ?itih klasa - Dodatni troÅ¡kovi: PoÄ?etni troÅ¡ak izlaska na berzu može da bude priliÄ?no akcija - prava glasa prema ekonomskim znaÄ?ajan. Neke od potencijalnih komponenata tog troÅ¡ka su: provizija pravima. pokrovitelja emisije, revizorske naknade, advokatski honorari i svi troÅ¡kovi t PraviÄ?an tretman prilikom promene registracije. Pored toga, kada izaÄ‘e na berzu, preduzeće će praviti dodatne kontrole (npr. prava pridruživanja akcija troÅ¡kove kao Å¡to su revizorske naknade, periodiÄ?no obelodanjivanje troÅ¡kova manjinskih akcionara prilikom prodaje). finansijskih informacija i sve druge naknade za javna druÅ¡tva u pogledu zaht- (nastavlja se) eva za usklaÄ‘enost sa propisima. 54 55 IFC PRIRUÄŒNIK ZA UPRAVLJANJE PORODIÄŒNIM FIRMAMA (nastavlja se) ZAKLJUÄŒAK Atributi upravljanja Primeri najboljih praksi PorodiÄ?ne firme su stožer i glavni pokretaÄ? rasta u mnogim privredama ako ne i većini njih. Zbog svoje prirode, porodiÄ?ne firme se suoÄ?avaju sa Upravni odbor t Prava kombinacija struÄ?nih kvalifikacija mnogim dodatnim problemima u odnosu na one kojima moraju da se bave (npr. marketing, strategija, meÄ‘unarodna neporodiÄ?ne firme. Neki od ovih problema mogu da se reÅ¡avaju usvajanjem finansijska tržiÅ¡ta, i struÄ?nost iz odbora za adekvatne strukture korporativnog upravljanja u okviru preduzeća. Ova reviziju). struktura upravljanja treba da jasno definiÅ¡e uloge, odgovornosti, prava i t Jaka komponenta nezavisnosti. interakciju izmeÄ‘u glavnih organa upravljanja preduzećem. t Odvojene uloge predsednika i generalnog direktora. Odgovornost za zadatke korporativnog upravljanja u porodiÄ?noj firmi t Redovan raspored i dnevni red sastanaka. generalno se deli izmeÄ‘u vlasnika, upravnog odbora i visokog rukovod- t Postojanje komisija upravnog odbora stva. MeÄ‘utim, Ä?lanovi porodice verovatno imaju viÅ¡e odgovornosti u odgovornih za nadzor u kljuÄ?nim oblastima obezbeÄ‘ivanju da se njihovom firmom upravlja na naÄ?in koji će je uÄ?initi (za reviziju, za upravljanje i imenovanja, i za uspeÅ¡nom i održivom na dugi rok. Pored toga, dužnost Ä?lanova porodice nije naknade). ograniÄ?ena samo na upravljanje njihovim preduzećem, već su oni odgovorni t PoÄ?etno i kontinuirano obrazovanje Ä?lanova i za upravljanje svojom porodicom i njenim odnosom sa firmom. Uspostav- upravnog odbora. ljanje solidnog sistema porodiÄ?nog upravljanja rano u životnom ciklusu po- t PeriodiÄ?no ocenjivanje Ä?lanova upravnog rodice pomoći će da se predvide i razreÅ¡e potencijalni sukobi izmeÄ‘u Ä?lanova odbora. porodice oko poslovnih pitanja. To će omogućiti Ä?lanovima porodice da se koncentriÅ¡u na druga kljuÄ?na pitanja kao Å¡to je razvijanje poslovanja firme. Transparentnost i t Informacije se pripremaju i obelodanjuju obelodanjivanje u skladu sa visokim standardima kvaliteta Pored sopstvenog upravljanja, Ä?lanovi porodice moraju da uspostave adekvat- raÄ?unovodstvenog, finansijskog i nefinansi- nu strukturu za upravni odbor i visoko rukovodstvo svog preduzeća. Kvalifik- jskog obelodanjivanja. ovan, pretežno nezavisan i dobro organizovan upravni odbor omogućiće da t GodiÅ¡nju reviziju vrÅ¡i nezavisan, kompe- se odredi prava strategija preduzeća i da se pravilno nadzire uÄ?inak njegovog tentan i kvalifikovan revizor u skladu sa rukovodstva. TakoÄ‘e, struÄ?no i dobro motivisano rukovodstvo je suÅ¡tinski MeÄ‘unarodnim standardima o reviziji. važno za voÄ‘enje svakodnevnih aktivnosti preduzeća. Izbor Ä?lanova upravnog t Eksterni revizori su odgovorni akcionarima odbora i visokih rukovodilaca treba da se zasniva na njihovim kvalifikacijama i imaju obavezu prema preduzeću da reviziju i uÄ?inku, a ne na njihovim vezama sa porodicom. obavljaju struÄ?no i pažljivo. t Kanali za Å¡irenje informacija treba da obez- Najzad, vrlo je važno da porodice u biznisu postanu svesne važnosti ovih bede ravnopravan, pravovremen i isplativ pitanja i da poÄ?nu da izgraÄ‘uju adekvatnu strukturu korporativnog upravl- pristup relevantnim informacijama od janja Å¡to je pre moguće. ÄŒekanje do trenutka kada porodica postane veoma strane korisnika. velika, a njeno poslovanje složenije, veoma bi otežalo reÅ¡avanje već postojećih sukoba izmeÄ‘u Ä?lanova porodice. Pravovremena i jasna struktura upravljanja olakÅ¡ala bi održavanje porodiÄ?ne kohezije i zainteresovanosti njenih Ä?lanova za porodicu i njenu firmu. 56 57 LITERATURA Mike Cohn, “Does your Company Put Family or Business First?â€?, The Literatura Business Journal of Phoenix, januar 2005. Craig Aronoff, Joseph Astrachan, i John Ward, Developing Family Business Monica Wagen, “Perspectives on Going Publicâ€?, Family Business, proleće Policies: Your Guide to the Future (Family Enterprise Publishers, 1998). 1996. Denis Leach i John Leahy, “Ownership Structures, Control and the NACD, “The Board of Directors in a Family-Owned Businessâ€?, Director’s Performance of Large British Companiesâ€?, Economic Journal, 1991. Handbook Series, 2004. Fred Neubauer i Alden G.Lank, The Family Business: its Governance for Newsweek, www.msnbc.msn.com/id/4660477/site/newsweek. Sustainability (Routledge New York, 1998). Richard Narva i Beth Silver, “How to Create Effective Governance in a Family Daniela Montemerlo i John Ward, The Family Constitution: Agreements to Controlled Enterpriseâ€?, NACD Directors Monthly, avgust 2003. Secure and Perpetuate Your Family and Your Business (Family Enterprise Publishers, 2005). Sir Adrian Cadbury, Family Firms and Their Governance: Creating Tomorrow’s Company from Today’s (Egon Zehnder International, 2000). MeÄ‘unarodna finansijska korporacija, http://www.ifc.org/ corporategovernance. Mreža za porodiÄ?ne firme, www.fbn-i.org/fbn/main.nsf/doclu/facts. MeÄ‘unarodna finansijska korporacija, http://ifcln1.ifc.org/ifcext/ corporategovernance.nsf/Content/WhyCG. MeÄ‘unarodna finansijska korporacija, http://www.ifc.org/ifcext/ corporategovernance.nsf/Content/CGTools-FamilyFounderUnlisted. Ivan Lansberg, Succeeding Generations: Realizing the Dream of Families in Business (Harvard Business School Press, 1999). Ivan Lansberg, “The Succession Conspiracyâ€?, Family Business Review, jun 1988. John Ward, Creating Effective Boards for Private Enterprises (Family Enterprise Publishers, 1991). John Ward, “The Family Business Advantage: Unconventional Strategyâ€?, Families in Business, 2002. Kelin E. Gersick, John A. Davis, Marion McCollom Hampton, Ivan Lansberg, Generation to Generation: Life Cycles of the Family Business (Harvard University Press, 1997). 58 59 NAPOMENE 19 PrilagoÄ‘eno i rezimirano iz verzije PorodiÄ?nog protokola Carvajal Grupe za 2002. Napomene godinu. 20 Fred Neubauer i Alden G.Lank, The Family Business: its Governance for Sustainability (Routledge New York, 1998). 1 Mreža za porodiÄ?ne firme, www.fbn-i.org/fbn/main.nsf/doclu/facts. 21 Richard Narva i Beth Silver, “How to Create Effective Governance in a Family 2 Mreža za porodiÄ?ne firme, www.fbn-i.org/fbn/main.nsf/doclu/facts. Controlled Enterpriseâ€?, NACD Directors Monthly, avgust 2003. 3 Mreža za porodiÄ?ne firme, www.fbn-i.org/fbn/main.nsf/doclu/facts. 22 PrilagoÄ‘eno iz: Fred Neubauer i Alden G.Lank, The Family Business: its 4 Denis Leach i John Leahy, “ Ownership Structures, Control and the Performance Governance for Sustainability (Routledge New York, 1998). of Large British Companies “, “Economic Journalâ€?, 1991. 23 Fred Neubauer i Alden G.Lank, The Family Business: its Governance for 5 “Newsweekâ€?, www.msnbc.msn.com/id/4660477/site/newsweek. Sustainability (Routledge New York, 1998). 6 Sir Adrian Cadbury, Family Firms and Their Governance: Creating Tomorrow’s 24 NACD, “The Board of Directors in a Family-Owned Businessâ€?, Director’s Company from Today’s (Egon Zehnder International, 2000.); John Ward, “ The Handbook Series, 2004. Family Business Advantage: Unconventional Strategyâ€?, Families in Business, 2002. 25 John Ward, Creating Effective Boards for Private Enterprises (Family Enterprise 7 Fred Neubauer i Alden G.Lank, The Family Business: its Governance for Publishers, 1991). Sustainability (Routledge New York, 1998.). 26 Fred Neubauer i Alden G.Lank, The Family Business: its Governance for 8 John Ward, Creating Effective Boards for Private Enterprises (Family Enterprise Sustainability (Routledge New York, 1998). Publishers, 1991); Kelin E. Gersick, John A. Davis, Marion McCollom Hampton, 27 MeÄ‘unarodna finansijska korporacija, http://www.ifc.org/ifcext/ Ivan Lansberg, Generation to Generation: Life Cycles of the Family Business corporategovernance.nsf/Content/CGTools-FamilyFounderUnlisted. (Harvard University Press, 1997). 28 Mike Cohn, “ Does your Company Put Family or Business First?â€?, “The Business 9 John Ward, Creating Effective Boards for Private Enterprises (Family Enterprise Journal of Phoenixâ€?, januar 2005. Publishers, 1991). 29 Fred Neubauer i Alden G.Lank, The Family Business: its Governance for 10 Fred Neubauer i Alden G.Lank, The Family Business: its Governance for Sustainability (Routledge New York, 1998). Sustainability (Routledge New York, 1998). 30 Ivan Lansberg, “ The Succession Conspiracy “, “Family Business Reviewâ€?, jun 11 Fred Neubauer i Alden G.Lank, The Family Business: its Governance for 1988.; Fred Neubauer i Alden G.Lank, The Family Business: its Governance for Sustainability (Routledge New York, 1998); Ivan Lansberg, Succeeding Generations: Sustainability (Routledge New York, 1998). Realizing the Dream of Families in Business (Harvard Business School Press, 1999). 31 Fred Neubauer i Alden G.Lank, The Family Business: its Governance for 12 MeÄ‘unarodna finansijska korporacija, http://ifcln1.ifc.org/ifcext/ Sustainability (Routledge New York, 1998). corporategovernance.nsf/Content/WhyCG. 32 Monica Wagen, “ Perspectives on Going Public “, “Family Businessâ€?, proleće 13 Ovi principi mogu da se kreću od osnovnih (kada je porodica joÅ¡ u fazi osnivaÄ?a) 1996.; Fred Neubauer i Alden G.Lank, The Family Business: its Governance for do detaljnih i specifiÄ?nijih kako se porodica uvećava. Sustainability (Routledge New York, 1998). 14 Fred Neubauer i Alden G.Lank, The Family Business: its Governance for 33 Fred Neubauer i Alden G.Lank, The Family Business: its Governance for Sustainability (Routledge New York, 1998); Daniela Montemerlo i John Ward, The Sustainability (Routledge New York, 1998). Family Constitution: Agreements to Secure and Perpetuate Your Family and Your 34 MeÄ‘unarodna finansijska korporacija. www.ifc.org/corporategovernance. Business (Family Enterprise Publishers, 2005); Craig Aronoff, Joseph Astrachan, i John Ward, Developing Family Business Policies: Your Guide to the Future (Family Enterprise Publishers, 1998). 15 PrilagoÄ‘eno i rezimirano iz Politike SABIS®-a u pogledu zapoÅ¡ljavanja Ä?lanova porodice za 2006. godinu. 16 Ivan Lansberg, Succeeding Generations: Realizing the Dream of Families in Business (Harvard Business School Press, 1999); Fred Neubauer i Alden G.Lank, The Family Business: its Governance for Sustainability (Routledge New York, 1998). 17 Ivan Lansberg, Succeeding Generations: Realizing the Dream of Families in Business (Harvard Business School Press, 1999). 18 Ivan Lansberg, Succeeding Generations: Realizing the Dream of Families in Business (Harvard Business School Press, 1999); Fred Neubauer i Alden G.Lank, The Family Business: its Governance for Sustainability (Routledge New York, 1998). 60 61 IFC PRIRUÄŒNIK ZA UPRAVLJANJE PORODIÄŒNIM FIRMAMA IFC Family Business Governance Handbook 62 Disclaimer The IFC Family Business Governance Handbook (Handbook) is produced by the staff of the International Finance Corporation (IFC). The judgments and conclusions contained herein should not be attributed to, and do not neces- sarily reflect the views of the IFC, the World Bank Group, its Board of Direc- tors, or the countries they represent. The material in this Handbook is set out in good faith for general guidance, but the IFC and the World Bank Group do not guarantee its accuracy and accept no responsibility whatsoever for any consequence of its use. The material in this work is protected by copyright. Copying and/or trans- mitting portions or all of this work may be a violation of applicable law. IFC encourages dissemination of this publication and hereby grants permission to the user of this work to copy portions of it for the user’s personal, noncom- mercial use, without any right to resell, redistribute, or create derivative works herefrom. Any other copying or use of this work requires the express written permission of IFC. Second Edition: Available in Albanian, English, French, Macedonian, Portuguese, and Spanish. Copyright © 2008 International Finance Corporation 2121 Pennsylvania Ave. NW, Washington, DC 20433 United States of America A Member of the World Bank Group IFC FAMILY BUSINESS GOVERNANCE HANDBOOK Foreword The purpose of the IFC Family Business Governance Handbook is to help IFC investment and advisory services staff to identify and address basic family business governance issues with their family business clients. The Handbook may also serve as a guidance tool for IFC clients that are looking to strength- en their family governance practices. The Handbook complements the IFC Corporate Governance Methodology tools for family companies that are cur- rently used within IFC to assess the governance of family business clients. This Handbook is not intended as a comprehensive reference work on fam- ily business governance. Nor is it a substitute for the individualized advice that may be provided by qualified family business consultants and legal and accounting professionals. Rather, we intend it to be a concise and practical description of essential family business corporate governance components together with suggested approaches to common family business governance dilemmas. Further details on the topics covered by this Handbook can be found in the extensive literature that exists on this topic provided in the foot- notes and the bibliography at the end of the Handbook. This Handbook was developed by Sanaa Abouzaid, Corporate Governance Officer at the Investor & Corporate Practice of the International Finance Cor- poration. Any questions or comments on the content of the Handbook should be addressed to: Sanaa Abouzaid Investor & Corporate Practice Corporate Governance & Capital Markets Advisory Department International Finance Corporation 2121 Pennsylvania Avenue, N.W. Washington, D.C. 20433 U.S.A Telephone: 202-458-1614 Email: sabouzaid@ifc.org IFC FAMILY BUSINESS GOVERNANCE HANDBOOK Acknowledgements The author would like to express her appreciation to all the individuals who participated in the development of this Handbook. Included among those who contributed to the Handbook are: Natalya Arabo- va, First Freight Company (Russia); Ayman Eltarabishy, The George Washing- ton University (United States); Leo Goldschmidt, Bank Degroof (Belgium); Darrin Hartzler, Davit Karapetyan, Sebastian Molineus, and Cecilia Rabassa, IFC/World Bank; Herbert Steinberg, Mesa Corporate Governance (Brazil); and John Ward, Kellog School of Management (United States). Each provided invaluable input in developing and reviewing the content of the Handbook. The author would also like to thank Joe Achkar, SABIS (Lebanon); and Alfredo Carvajal Sinisterra, Carvajal Group (Colombia), for sharing some examples of their family governance practices in the Handbook. Special thanks go to Sandra Guerra, Better Governance (Brazil); Kiril Nejkov, Fabio Isay Saad, Enrique Sanchez-Armass, and Anderson Caputo Silva, IFC/ World Bank, for their review of the translated versions of the Handbook. Our appreciation also goes to Jewel Caguiat and Maya Polishchuk, IFC, who were instrumental in supervising the design, printing, and distribution of the Handbook. Finally, the author would like to extend a special acknowledgment to Mike Lubrano, Cartica Capital (United States), for his essential role in orienting and reviewing the development process of the Handbook. IFC FAMILY BUSINESS GOVERNANCE HANDBOOK Table of Contents INTRODUCTION ................................................................................................................ 00 1- Family Business Definition and Characteristics – Strengths and Weaknesses ....................................................................... 00 2- Stages of Growth in a Family Business ................................................... 00 2.1. The Founder(s) ................................................................................... 00 2.2. The Sibling Partnership ..................................................................... 00 2.3. The Cousin Confederation ............................................................... 00 SECTION I: FAMILY MEMBER ROLES IN THE GOVERNANCE OF THEIR BUSINESS ................. 00 1- Owners (Shareholders) .............................................................................. 00 2- Managers (Senior Management) .............................................................. 00 3- Directors (Board of Directors) ................................................................. 00 4- Family Members (the Family and its Institutions) ................................ 00 SECTION II: FAMILY GOVERNANCE ..................................................................................................... 00 1- Family Constitution .................................................................................. 00 1.1. Family Member Employment Policies ............................................ 00 1.2. Family Member Shareholding Policies ............................................ 00 2- Family Governance Institutions ............................................................... 00 2.1. Family Assembly ................................................................................. 00 2.2. Family Council .................................................................................... 00 2.3. Family Office ....................................................................................... 00 2.4. Other Family Institutions .................................................................. 00 SECTION III: BOARD OF DIRECTORS IN A FAMILY BUSINESS ......................................................... 00 1- Advisory Boards ......................................................................................... 00 1.1. Definition and Role of the Advisory Board .................................... 00 1.2. Composition of the Advisory Board ................................................ 00 1.3. Advantages and Disadvantages of Advisory Boards ...................... 00 2- Board of Directors ..................................................................................... 00 2.1. Role of the Board of Directors .......................................................... 00 2.2. Composition of the Board of Directors ........................................... 00 2.3. Duties of Directors ............................................................................. 00 IFC FAMILY BUSINESS GOVERNANCE HANDBOOK 3- Independent Directors ............................................................................. 00 3.1. Importance of Independent Directors ............................................ 00 INTRODUCTION 3.2. Definition of Director Independence .............................................. 00 Family businesses constitute the world’s oldest and most dominant form of business organizations. In many countries, family businesses represent more than 70 percent of the overall businesses and play a key role in the economy SECTION IV: SENIOR MANAGEMENT IN A FAMILY BUSINESS ..................................................... 00 growth and workforce employment. In Spain, for example, about 75 percent of 1- Family vs. Non-Family Managers ........................................................... 00 the businesses are family-owned and contribute to 65 percent of the country’s 2- CEO and Senior Management Succession ............................................. 00 GNP on average.1 Similarly, family businesses contribute to about 60 percent of 2.1. Importance of a Formal Senior Management the aggregate GNP in Latin America.2 Succession Plan ................................................................................. 00 2.2. Steps of a Formal CEO Succession Plan Family businesses range from small and medium-sized companies to large conglomerates that operate in multiple industries and countries. Some of the well-known family businesses include: Salvatore Ferragamo, Benetton, and SECTION V: Fiat Group in Italy; L’Oreal, Carrefour Group, LVMH, and Michelin in France; FAMILY BUSINESS GOING PUBLIC .............................................................................. 00 Samsung, Hyundai Motor, and LG Group in South Korea; BMW, and Siemens 1- Why Go Public? Why Not? ..................................................................... 00 in Germany; Kikkoman, and Ito-Yokado in Japan; and finally Ford Motors Co, 1.1. Advantages of Going Public for a Family Business ....................... 00 and Wal-Mart Stores in the United States. 1.2. Disadvantages of Going Public for a Family Business .................. 00 2- Getting Ready for an IPO ......................................................................... 00 It is also a fact that most family businesses have a very short life span beyond their founder’s stage and that some 95 percent of family businesses do not survive the third generation of ownership.3 This is often the consequence of CONCLUSION ................................................................................................................... 00 a lack of preparation of the subsequent generations to handle the demands of a growing business and a much larger family. Family businesses can improve BIBLIOGRAPHY ................................................................................................................ 00 their odds of survival by setting the right governance structures in place and by starting the educational process of the subsequent generations in this area as soon as possible. This Handbook will focus on the unique corporate governance challenges that family businesses face and propose structures and practices that can mitigate these challenges and ensure the viability of the business. The Handbook gives an international perspective since it focuses on characteristics of family businesses that can be observed across countries. The suggested governance structures of the Handbook will need to be adapted to the local requirements and regulations of family businesses before being applied in a specific country. 1- Family Business Definition and Characteristics – Strengths and Weaknesses Definition: In this Handbook, a family business refers to a company where the voting majority is in the hands of the controlling family; including the founder(s) who intend to pass the business on to their descendants. The terms 73 IFC FAMILY BUSINESS GOVERNANCE HANDBOOK INTRODUCTION “family businessâ€?, “family firmâ€?, “family companyâ€?, “family-owned businessâ€?, Weaknesses: Perhaps the most often cited characteristic of family businesses is “family-owned companyâ€?, and “family-controlled companyâ€? will be used that many of them fail to be sustainable in the long term. Indeed about two- interchangeably throughout the Handbook to refer to family businesses. thirds to three-quarters of family businesses either collapse or are sold by the founder(s) during their own tenure. Only 5 to 15 percent continue into the Strengths: Several studies have shown that family-owned companies third generation in the hands of the descendents of the founder(s).7 outperform their non-family counterparts in terms of sales, profits, and other growth measures.4 A Thomson Financial study for Newsweek compared family This high rate of failure among family businesses is attributed to a multitude firms to rivals on the six major indexes in Europe and showed that family of reasons. Some of these reasons are the same ones that could make any other companies outperformed their rivals on all of these indexes, from London’s business fail such as poor management, insufficient cash to fund growth, FTSE to Madrid’s IBEX. Thomson Financial created a unique index for both inadequate control of costs, industry and other macro conditions. However, family and non-family firms in each country, and tracked them over 10 years family businesses also show some weaknesses that are especially relevant to through December 2003. In Germany, the family index climbed 206 percent, their nature. Some of these weaknesses are: while the non-family stocks increased just 47 percent. In France, the family index surged 203 percent, while its counterpart rose only 76 percent. Family t Complexity. Family businesses are usually more complex in terms businesses also outperformed their counterparts in Switzerland, Spain, Britain of governance than their counterparts due to the addition of a new and Italy.5 variable: the family. Adding the family emotions and issues to the business increases the complexity of issues that these businesses have This high performance is the result of the inherent strengths that family to deal with. Unlike in other types of businesses, family members play businesses have compared to their counterparts. Some of these strengths different roles within their business, which can sometimes lead to a include:6 non-alignment of incentives among all family members. This point will be discussed in more detail in Section I of the Handbook. t Commitment. The family –as the business owner– shows the highest dedication in seeing its business grow, prosper, and get passed on to t Informality. Because most families run their businesses themselves (at the next generations. As a result, many family members identify with least during the first and second generations), there is usually very little the company and are usually willing to work harder and reinvest part interest in setting clearly articulated business practices and procedures. of their profits into the business to allow it to grow in the long term. As the family and its business grow larger, this situation can lead to In dealing with its family business clients, IFC highly values having a many inefficiencies and internal conflicts that could threaten the committed set of shareholders at the core of the company. continuity of the business. t Knowledge Continuity. Families in business make it a priority to t Lack of Discipline. Many family businesses do not pay sufficient pass their accumulated knowledge, experience, and skills to the attention to key strategic areas such as: CEO and other key management next generations. Many family members get immersed into their positions’ succession planning, family member employment in the family business from a very young age. This increases their level of company, and attracting and retaining skilled outside managers. commitment and provides them with the necessary tools to run their Delaying or ignoring such important strategic decisions could lead to family business. business failure in any family business. t Reliability and Pride. Because family businesses have their name and 2- Stages of Growth in a Family Business reputation associated with their products and/or services, they strive to increase the quality of their output and to maintain a good relationship Several models have been developed to describe and analyze the different stages with their partners (customers, suppliers, employees, community, that family businesses go through during their existence. In this Handbook, etc.). we will use the basic three-stage model that summarizes the family business 74 75 IFC FAMILY BUSINESS GOVERNANCE HANDBOOK INTRODUCTION lifecycle as: (i) the Founder(s) Stage; (ii) the Sibling Partnership Stage; and members are directly or indirectly involved in the business, including children (iii) the Cousin Confederation Stage.8 Although this model allows for a good of the siblings, cousins, and in-laws. Since many of these members belong to analysis of the three basic steps of evolution of the family business, it does not different generations and different branches of the family, they might have mandate that all family-owned companies will necessarily go through all three diverse ideas on how the company should be run and how the overall strategy stages of development. For example, some companies will disappear during should be set. In addition, any conflicts that existed among the siblings in the the early stages of their lifecycle because of bankruptcy or getting acquired by previous stage would most likely be carried to the cousin generation as well. another firm. As a consequence, this stage involves most family governance issues. Some of the most common issues that family businesses face at this stage are: family The evolution of ownership and management within most family businesses member employment; family shareholding rights; shareholding liquidity; goes through the following stages: dividend policy; family member role in the business; family conflict resolution; and family vision and mission. 2.1. Stage 1: The Founder(s) (Controlling Owner(s)) The following table summarizes the key corporate governance issues faced by This is the initial step of the family business’ existence. The business is entirely family businesses during their development cycle:9 owned and managed by the founder(s). Most founders might seek advice from a small number of outside advisors and/or business associates but they Ownership Stage Dominant Shareholder Issues will make the majority of the key decisions themselves. This stage is usually characterized by a strong commitment of the founder(s) to the success of Stage 1: The Founder(s) - Leadership transition their company and a relatively simple governance structure. Overall, this stage - Succession contains limited corporate governance issues compared to the next two stages - Estate planning since both the control and ownership of the company are still in the hands of Stage 2: The Sibling - Maintaining teamwork and harmony the same person(s): the founder(s). Perhaps the most important issue that will Partnership - Sustaining family ownership need to be addressed during the life of the founder(s) is succession planning. - Succession For the family business to survive into its next stage, the founder(s) should make the necessary efforts to plan for their succession and start grooming the Treća faza: Savez roÄ‘aka - Allocation of corporate capital: dividends, debt, next leader(s) of the company. and profit levels - Shareholder liquidity - Family conflict resolution 2.2. Stage 2: The Sibling Partnership - Family participation and role - Family vision and mission This is the stage where management and ownership have been transferred to - Family linkage with the business the children of the founder(s). As more family members are now involved in the company, governance issues tend to become relatively more complex than those observed during the initial stage of the business’ existence. Some of the Each stage presents different challenges and issues that if properly managed can common challenges of the sibling partnership stage are: maintaining siblings’ ensure the continuity of the family business. Most family-owned companies are harmony, formalizing business processes and procedures, establishing efficient successful during their infancy stage thanks to the tremendous efforts made by communication channels between family members, and ensuring succession the founder(s) as they are implicated in all aspects of the business. In the longer planning for key management positions. term though, it becomes necessary to set up the right governance structures and mechanisms that will allow for efficient communication channels and a 2.3. Stage 3: The Cousin Confederation clear definition of the roles and expectations of every person involved in the (Cousin Consortium or Family Dynasty) family business. At this stage, the business’ governance becomes more complex as more family 76 77 IFC FAMILY BUSINESS GOVERNANCE HANDBOOK SECTION I: FAMILY MEMBER ROLES IN THE GOVERNANCE OF THEIR BUSINESS In a typical non-family business, any involved individual can be an employee, a manager, an owner, a director, or some combination of these roles. In a family- owned business however, matters become more complex as an individual can have multiple roles and responsibilities. These multiple roles are usually associated with different incentives, which increase the challenges that family businesses face as opposed to their non-family counterparts.10 1- Owners (Shareholders) Owners in a family business have several roles and motivations that can sometimes lead to conflicting opinions. For example, a decision to reinvest profits in the company instead of distributing them as dividends can be differently seen by the various owners depending on their other roles in the business. An owner who works in the family business might not object to such a decision since he/she is already receiving a salary from the company. On the other hand, this situation would look different from the perspective of an owner who does not work in the business and relies on dividends as a main source of income. This owner would actually be interested in receiving higher and more frequent dividends. Matters usually get more complex as the family business grows and its owners hold different roles, with different incentives. Some of the roles that an owner in a family business can have are: t Owner only. t Owner/manager. t Owner/family member. t Owner/family member/manager. t Owner/director. t Owner/family member/director. t Owner/family member/director/manager. 78 79 IFC FAMILY BUSINESS GOVERNANCE HANDBOOK FAMILY MEMBER ROLES IN THE GOVERNANCE OF THEIR BUSINESS 2- Managers (Senior Management) about the business, strategy, challenges, and the overall direction where the company is heading. Managers in a family business will also have different motivations depending on their other roles within the business. A common issue in this area is the unequal treatment of family and non-family managers. In many family businesses, Corporate Governance Definition part or all of the senior management positions are strictly reserved for family members. This could negatively impact the motivation and performance “Corporate governance refers to the structures and processes for the of non-family managers who know for a fact that no matter how hard they direction and control of companies. Corporate governance concerns work, they will never be part of the senior management of the company. As the relationships among the management, board of directors, control- a consequence, many family businesses find it very hard to attract and retain ling shareholders, minority shareholders and other stakeholders. Good talented non-family managers. Setting up a clear and fair employment policy corporate governance contributes to sustainable economic develop- (for both family and non-family employees) will make it easier for family ment by enhancing the performance of companies and increasing businesses to keep their very best employees motivated and interested in the their access to outside capitalâ€?. 12 growth of the company. Such policy would align the employees’ incentives to their performance regardless of whether they are part of the family or not. This definition focuses on three key elements: - Direction refers to all the decisions that relate to setting the overall 3- Directors (Board of Directors) strategic direction of the company such as: (i) long-term strategic decisions; (ii) large-scale investment decisions; (iii) mergers and ac- When it comes to board membership, most family businesses reserve this quisitions; and (iv) succession planning and appointment of key senior right to members of the family and in a few cases to some well trusted non- managers, such as the CEO of the company. family managers. This practice is generally used as a way of keeping the family control over the direction of its business. Indeed, most decisions are usually - Control refers to all the actions necessary to oversee the manage- taken by the family-member directors. In the previous example of dividend ment’s performance and follow up on the implementation of the distribution, family directors who are also managers in the business would strategic decisions set above. naturally encourage reinvesting profits in the company so as to increase its growth potential. On the contrary, family directors who do not work in the - Relationship among the main governing bodies of the firm refers to business would rather make the decision of distributing the profits as dividends the interactions among the shareholders, the directors of the board, to family shareholders. These contradicting views can lead to major conflicts in and the managers. An important element of any good corporate gov- the board and negatively impact its way of functioning. ernance structure is the clear definition of the role, duties, rights, and expectations of each of these governing bodies. 4- Family Members (the Family and its Institutions) The next three sections of this Handbook will focus on the governance As previously mentioned, family members can have different responsibilities, bodies of a family business by defining the roles, rights, and responsi- rights, and expectations from their business. This situation can sometimes bilities of the shareholders/family members, the directors of the board, lead to conflicts and issues that might jeopardize the continuity of the family and the managers. business. One issue that can increase conflicts among family members is the level of access to information about the company and its activities. This can be problematic as the members who work in the business usually have access to This section described how several issues that family businesses face arise such information in a timely manner while those outside of the business can’t from the numerous roles that their members can have. These issues, added access it in the same way.11 Family businesses should establish the necessary to the constant challenges that any business faces, make it harder for family communication channels and institutions to keep all family members informed businesses to survive. This is probably one of the reasons for the high failure rate 80 81 IFC FAMILY BUSINESS GOVERNANCE HANDBOOK observed among family businesses. Family businesses can of course increase their survival chances by paying particular attention to their governance and establishing the necessary mechanisms that are needed in this area. Some of these mechanisms are discussed in the next section of this Handbook. SECTION II: FAMILY GOVERNANCE The family aspect is what differentiates family companies from their counterparts. As a consequence, the family plays a crucial role in the governance of its business. When the family is still at its initial founder(s) stage, very few family governance issues may be apparent as most decisions are taken by the founder(s) and the family voice is still unified. Overtime, as the family goes through the next stages of its lifecycle, newer generations and more members join the family business. This implies different ideas and opinions on how the business should be run and its strategy set. It becomes mandatory then to establish a clear family governance structure that will bring discipline among family members, prevent potential conflicts, and ensure the continuity of the business. A well functioning family governance structure will mainly aim at: t Communicating the family values, mission, and long term vision to all family members. t Keeping family members (especially those who are not involved in the business) informed about major business accomplishments, challenges, and strategic directions. t Communicating the rules and decisions that might affect family members’ employment, dividends, and other benefits they usually get from the business. t Establishing formal communication channels that allow family members to share their ideas, aspirations and issues. t Allowing the family to come together and make any necessary decisions. Developing such a governance structure will help build trust among family members (especially between those inside and outside of the business), and unify the family thus increasing the viability chances of the business. The major constituents of a family governance structure are: 82 83 IFC FAMILY BUSINESS GOVERNANCE HANDBOOK FAMILY GOVERNANCE t A family constitution that clearly states the family vision, mission, obligations, and expectations of family members and other governance bodies values, and policies regulating family members’ relationship with of the business. As the family increases in size, it becomes crucial to develop the business. a written and formal constitution that is shared among the governance bodies t Family institutions, which can have different forms and purposes, and all family members of the business. e.g. family assembly, family council, and other family committees. 1.1. Family Member Employment Policies 1- Family Constitution One very important area of the family constitution is the definition of family Definition: The family constitution is also referred to as “Family Creedâ€?, member employment policies. Many family businesses that didn’t set up “Family Protocolâ€?, “Statement of Family Principlesâ€?, “Family Rules and clear employment policies for their members end up with more employees Valuesâ€?, “Family Rules and Regulationsâ€?, and “Family Strategic Planâ€?. from the family than the company needs. Some of these employees might The Family constitution is a statement of the principles that outline the not even be suitable for the jobs that they are given within the business. Even family commitment to core values, vision, and mission of the business.13 worse, some family businesses find themselves acquiring businesses that have The constitution also defines the roles, compositions, and powers of no relationship with their original business or keeping some unprofitable key governance bodies of the business: family members/shareholders, business lines just to make sure that everybody in the family gets a job within management, and board of directors. In addition, the family constitution the company. defines the relationships among the governance bodies and how family members can meaningfully participate in the governance of their business.14 Once at the sibling partnership stage, families in business should formalize their family members’ employment policies. This would require setting up The family constitution is a living document that evolves as the family and clear rules about the terms and conditions of family employment within the its business continue to evolve. As a consequence, it is necessary to regularly firm. Some of these rules would clearly state the conditions of entry, staying, update the constitution in order to reflect any changes in the family and/or and exit from the business. The policy should also cover the treatment of the business. family member employees in comparison with non-family employees. Components: The form and content of family constitutions differ from one The content of family employment policies differs from one family business family business to another depending on the size of the family, its stage to another. There is no right set of rules that all family businesses have to of development, and the degree of involvement of family members in the follow in this area. For example, some families completely forbid any of their business. However, a typical family constitution will cover the following members from working in the family business. Other families allow their elements: members to work in the business but impose certain conditions on them such as the minimum required level of education, prior work experience, and age t Family values, mission statement, and vision. limits. In developing its family employment policy, the family should focus on t Family institutions, including the family assembly, the family the rules, conditions, and processes that allow it to attract and motivate the council, the education committee, the family office, etc. best competence available (whether from within the family or outside of it). It t Board of directors (and board of advisors if one exists). is also very important to set employment conditions that do not discriminate t Senior management. against or favor family members. This would help establish an atmosphere of t Authority, responsibility, and relationship among the family, the fairness and motivation for all employees of the family business. board, and the senior management. t Policies regarding important family issues such as family Finally, once developed and agreed upon by the family, the written members’ employment, transfer of shares, CEO succession, etc. employment policy should be made available to all family members. This will help set the right expectations about family employment among all family Although most family companies don’t have a formal constitution, they members. usually have an informal set of rules and customs that determine the rights, 84 85 IFC FAMILY BUSINESS GOVERNANCE HANDBOOK FAMILY GOVERNANCE (continued) CASE STUDY 1 SABIS® - Family Employment Policy 3. Once hired, family members will be treated as all other non- family employees. SABIS® is an international, college-preparatory education system 4. There is no guarantee that family employees will be promoted with roots in the 19th century. Schools in the SABIS® School Network to top management positions, simply because they are part of provide Pre-K and K-12 students with a distinctively rigorous, college- the family. preparatory education. SABIS®’ unique educational system is currently being successfully implemented in 50 schools in 14 countries with 5. Family employees are expected to set the example in as far as 40,000 students around the world. SABIS® and its team of experienced dedication, performance, and conduct. professionals are dedicated to offering educational management 6. We cannot afford to carry individuals, whether family mem- products and services to a membership network of private and public bers or not, who do not make a full contribution. schools. B. Existence of an Open Position The first school in the SABIS® School Network was founded in 1886 in the suburbs of Beirut, Lebanon. The name SABIS® is actually derived SABIS® must have a position available for which the applying family from the first letters of the last names of the founders: the Saad and the member is qualified. SABIS® will not create a position for a family Bistany families. As of August 2007, there were 25 family members, 10 member unless the growth of the business justifies it, which is to be of them were working at SABIS®. decided by the Board. Furthermore, non-family employees will not be dismissed to make room for family members. IFC’s investment in SABIS® in 2005 was related to the new SABIS® International School in Adma, Lebanon. SIS-Adma was a greenfield elementary and secondary school designed to accommodate 1,700 C. Prerequisite Qualifications students. IFC invested $8 million towards the new facilities which have become both the flagship school and international headquarters of SABIS®. IFC has also provided advice to SABIS® in its efforts to build a 1. Educational Requirements: sound family business governance structure. A university degree (bachelor or higher, from a reputable university approved by SABIS®) is required for employment in any position Family Employment Policy of SABIS®15 within the company. 2. Outside Working Experience: A. Employment Philosophy A successful working experience (of 3 to 5 years) outside of SABIS® is strongly recommended, although not always required. The final The driving force behind our decisions should be the best interest of the decision would be taken by the Board, based on the assessment and organization and not that of individual family members. recommendation of the Group VP of Organization Development (VP-OD) and the President/CEO. 1. We would like to attract the most qualified people to SABIS®, both family and non-family. Family employees joining with no outside experience will go 2. A job at SABIS® is neither a birthright nor an obligation for through an “initial trainingâ€? of about 6 to 12 months, with the family members. following objectives: (continued) (continued) 86 87 IFC FAMILY BUSINESS GOVERNANCE HANDBOOK FAMILY GOVERNANCE (continued) (continued) a. To introduce and expose them to SABIS®. 7- As part of their performance management and self-development, b. To help them uncover, or validate, their professional family employees will be asked to provide a yearly self-assess- interests. ment, including personal development objectives for the follow- c. To help the company assess them. ing year. 8- In the area of promotion and advancement of family employees, 3. Age Limit: a recommendation will be made by their supervisor or by the In line with our employment philosophy, the company should company’s management, with the final decision being taken by not be considered a “shelterâ€? for family members in search of a the Board. job. Hence, in the case of family members seeking employment 9- The grounds for dismissing a family member include continued with SABIS® after the age of 40, the Board will examine their poor performance, unacceptable personal conduct, and any other professional career path and the reasons they did not join earlier grounds on which a non-family employee may be dismissed. before making a decision about their application. 10- If a family member has been dismissed by the company, he/she will not be reconsidered for employment. 11- If a family member has left SABIS® voluntarily, he/she may return D. Family Employment- Specifics to work at SABIS® subject to the approval of the Board, if an appropri- ate position is vacant. This would generally be limited to one time only. 1- Family members who wish to join SABIS® should inform the President/CEO of their desire to join. They would then be asked to complete the standard application form. E. Compensation 2- Family members will then go through the standard interviewing, assessment and selection process. Compensation and benefits of family employees will be based on their 3- The final decision for hiring, or rejecting, a family candidate rests position, responsibilities, qualifications and performance, and will with the Board. be comparable to that of non-family employees in the same position 4- Once a family member becomes an employee, he/she will be and with similar qualifications. They will receive compensation and treated as any other non-family employee. Family employees benefits based on being employees, and not on the shares they own. As will be trained, supervised, evaluated, and promoted like other owners, they will be compensated through the return on their shares. employees. 5- Family employees will have regular performance reviews 2. Supervision and Reporting Relationships: (through the standard channels) and will be given feedback Wherever possible, family members will not be supervised by on how they are doing, and guidance on how to improve their other family members. This may sometimes be unavoidable, performance. Additionally, the Group VP–OD will also review especially in the case of senior leadership roles; however, such their performance for possible guidance or action in view of their situations should be approved and monitored by the Board. In prospective career plans within the company. addition, if both members of a couple are working at SABIS®, 6- In order to contribute to the development and advancement they cannot work in the same department. of family members, a “Development Planâ€? will be elaborated for every family member working at SABIS®. This plan would encompass training, continuing education, coaching, mentoring, special projects and assignments, job rotations, etc. (continued) (continued) 88 89 IFC FAMILY BUSINESS GOVERNANCE HANDBOOK FAMILY GOVERNANCE (continued) 2- Family Governance Institutions 3. Short-term Internships and Summer Employment: Family governance institutions help strengthen the family harmony and Younger family members who show a desire of working at relationship with its business. By allowing family members to get together SABIS® will be encouraged to go through short-term internships under one or more organized structures, family institutions increase the with the organization (generally ranging from a few weeks to a communication links between the family and its business as well as provide couple of months). Such an internship shall not replace the re- opportunities for family members to network and discuss aspects that can be quired “initial trainingâ€? that they may have to go through if they related to the business or the family. These organized activities help increase join the company at a later stage. understanding and build consensus among family members. 4. Continuing Education: Family members should be well informed about the purpose and activities Standard company policy will apply both to continuing educa- of any established family governance institutions. It is also very important tion (towards a degree), and to professional development (e.g. to make sure that family members distinguish between the role of these training, seminars, and conferences). In the case of continuing institutions and the governing bodies of the business such as the board of education, if the family employee would like additional financial directors and senior management. This can be achieved by developing written contribution from the SABIS® Family Council, above what the procedures for these institutions and sharing them with all family members. company may provide employees, a request to this end will be put forward to the Family Council by the President/CEO. The Below is a description of some family governance institutions that a family Family Council will then study the request and take a decision business might have. Of course, not all family businesses need or must accordingly. establish all of these institutions. Deciding what type of institution to establish will depend on the size of the business, the family’s stage of development, the number of existing family members, and the degree of involvement of family members in their business. 1.2. Family Member Shareholding Policies 2.1. Family Assembly For some families it is crucial to clearly define shareholding policies at the earliest stages of the family’s existence. This usually helps set the right Definition: Also called “Family Forumâ€?, the family assembly is a formal expectations among family members regarding shares’ ownership rights, forum for discussion for all family members about business and family issues. e.g., whether in-laws and other related family members are allowed to own During the founder(s) stage of the business, the family assembly is replaced shares or not. A good shareholding policy would also define the mechanisms by a more frequent and informal “Family Meetingâ€?. These informal meetings that allow family members to sell their shares if they prefer cash instead. allow the founder(s) to communicate family values, generate new business Indeed, as the shareholders’ pool grows larger, most shareholders will end ideas, and prepare the next generation of the family business’ leaders. As up with a smaller percentage of the company’s shares that would yield lower the family and the business get more complex (sibling and cousin stages), it dividends (if the company is paying dividends at all). This situation can create becomes crucial to establish a formal family assembly. frustration among these minority shareholders and lead to conflicts with salary receiving family members. Purpose: To bring family members together so as to reflect on areas of common interest (family and family business issues). The family assembly Providing the shareholders with a liquidity option for their shares could help allows all family members to stay informed on business issues and gives them avoid many conflicts and increase the business’ chances of survival. Some the opportunity to voice their opinions on business development and other family businesses establish a Shares’ Redemption Fund in order to buy back family issues. These assemblies help avoid potential conflicts that might arise any shares that family members would like to liquidate. The Fund is usually among family members because of an unequal access to information and financed by contributing a small percentage of profits to it every year. other resources. Family assemblies are usually held about once or twice a year 90 91 IFC FAMILY BUSINESS GOVERNANCE HANDBOOK FAMILY GOVERNANCE in order to discuss and manage issues of interest to the family. Some of the Membership: Just like any well-functioning committee, the family council issues handled during family assemblies include: should have a manageable size, i.e. from 5 to 9 members. These members are usually elected by the family assembly by taking into consideration their t Approval of any change in the family values and vision. qualifications and availability to perform the council’s duties. Some families t Education of family members about their rights and prefer to impose certain restrictions regarding membership in the council responsibilities. such as age limits and experience requirements, and non-participation of t Approval of family employment and compensation policies. in-laws and family members that also serve on the board or are part of the t Election of family council members (if the council exists). company’s senior management. One good practice is to set limited terms for t Election of other family committees’ members. the council’s membership so as to allow more family members to be part of t Other important family matters. the council and create a feeling of fairness and equal opportunities within the family. Membership: As a general rule, family assemblies are open to all family members. However, some families prefer to set certain membership The family council should have a chairman, who is also appointed by the restrictions such as minimum age limits, participation of in-laws, and family assembly. The chairman leads the work of the council and is the main voting rights during the assembly. The scheduling and chairing of the family contact person for the family. It is also a good practice to appoint a secretary assembly is usually handled by the family patriarch or some other respected of the council that keeps minutes of meetings and makes them available to the family figure. In larger families, this task is usually given to the family council. family. Depending on the complexity of issues facing the family, the council would meet from 2 to 6 times per year. Decisions are usually approved by 2.2. Family Council majority votes of the council’s members. Definition: Also called “Family Supervisory Boardâ€?, “Inner Councilâ€? and The following table outlines the major differences between the family “Family Executive Committeeâ€?, the family council is a working governing meeting, family assembly, and family council: body that is elected by the Family Assembly among its members to deliberate on family business issues. The council is usually established once the family reaches a critical size, i.e. more than 30 members. In this situation, it becomes Family Meeting Family Assembly Family Council very difficult for the family assembly to have meaningful discussions and make prompt and qualified decisions. The family council is established at Stage Founder(s) Sibling Sibling this point as a representative governance body for the family assembly in Partnership/ Partnership/ coordinating the interests of the family members in their business. Cousin Cousin Confederation Confederation Purpose: The composition, structure and functioning of family councils differ Status Usually informal Formal Formal from one family business to another. However, the duties of a typical family Membership Usually open to all Usually open to all Family members council would include:16 family members. family members. elected by the Additional Additional family assembly. t Being the primary link between the family, the board, and senior membership membership Selection criteria management. criteria might criteria might be defined by the t Suggesting and discussing names of candidates for board be set by the set by the family. family. membership. founder(s). t Drafting and revising family position papers on its vision, mission, and values. t Drafting and revising family policies such as family employment, (continued) compensation, and family shareholding policies. t Dealing with other important matters to the family. 92 93 IFC FAMILY BUSINESS GOVERNANCE HANDBOOK FAMILY GOVERNANCE (continued) coverage, estate planning, career counseling and other topics of interest to individual family members. Family Meeting Family Assembly Family Council Small size since Depends on the Depends on Membership: The family office is a quite separate operation from the business, Size family still at size of the family criteria set up for although a few of its members may work in the business as well. The office is founder(s) stage. and membership the membership. usually populated by professional managers who monitor the investments, tax Usually 6- 12 criteria. Ideally 5- 9 compliance, insurance, financial planning, and intra-family transactions such family members. members. as gifts of stocks and estate plans.17 Number of Depends on 1- 2 times a year. 2- 6 times a year. the stage of 2.4. Other Family Institutions Meetings the business’ development. Families in business might find it useful to develop other types of institutions When the business that cover areas of particular interest to them. Some of these institutions are:18 is growing fast, can be as frequent as - Education Committee: This committee is responsible for nurturing the once a week. family’s human capital and its capacity to effectively collaborate in the tasks Main - Communication - Discussion and - Conflict of governance. The education committee anticipates developmental needs of Activities of family values communication resolution. family members and organizes educational events and activities for them. For and vision. of ideas, - Development of example, this committee could organize an accounting seminar for family - Discussion and disagreements, and the major family members to help them read and understand the financial statements of their generation of new vision. related policies and company. business ideas. - Approval of procedures. - Preparation of major family - Planning. - Shares Redemption Committee: This committee is overseen by the family the next business related policies and - Education. council, and manages an established fund for shareholders who wish to leader(s). procedures. - Coordination cash in their stock at a fair price in order to pursue other activities with - Education of of the work with family members on the management this money. The fund is usually built by contributing a percentage of the business issues. and the board company’s profits to it each year. - Election of and balancing the family council and business and the - Career Planning Committee: Serves to establish and oversee entry other committees’ family. policies for family members interested in joining the family business. This members. committee also helps monitor the careers of family members, offers career mentoring and keeps shareholders and the family council informed on their development. The career planning committee can also be very useful in 2.3. Family Office advising family members who choose not to work in the family business on their external careers. Definition: The family office is an investment and administrative center that is organized and overseen by the family council. Family offices are usually - Family Reunion and Recreational Committee: The purpose of this commit- very common within large and wealthy families in business, whose members tee is to plan fun and other events in order to get family members together express a need for getting personal financial, banking, accounting, and other around recreational activities. The committee also organizes yearly family advice. reunions designed to nurture relationships among family relatives by provid- ing opportunities to get together and enjoy each other’s company. Purpose: To provide advice on personal investment planning, taxes, insurance 94 95 IFC FAMILY BUSINESS GOVERNANCE HANDBOOK FAMILY GOVERNANCE (continued) CASE STUDY 2 3. Council for the Development of Family Members Working in the The Carvajal Group Company a. Objective of the Development Council Family Protocol - Table of Contents b. Composition of the Development Council c. Functions of the Development Council The Carvajal Group is a leading privately-owned Colombian multi- national company with businesses in 19 countries, primarily in Latin C. The Carvajal Family Foundation (Charity Institution) America. The Carvajal Group operates in 12 different sectors, the larg- 1. Objective of the Family Foundation est of which are: paper manufacturing and conversion; school and of- 2. Board of the Family Foundation fice supplies; telephone directories; publishing and editing; and plastic 3. President of the Family Foundation and paper packaging. D. Institutions of the Company The Carvajal Group was founded in 1904 in Cali, Colombia, by 1. Shareholders Meeting Manuel Carvajal Valencia who established a printing company called a. Objective of the Shareholders Meeting La Imprenta Comercial. Over time, the company expanded into other b. Decisions of the Shareholders Meeting businesses and regions to become one of Latin America’s most respect- 2. Board of Directors ed multinational firms. a. Objective of the Board of Directors b. Composition of the Board of Directors IFC’s two investments in the Carvajal Group, in 2004 and 2006, had c. Chairman of the Board of Directors a purpose of supporting the Group in its strategic and modernization plans. The most recent IFC investment in the Carvajal Group is related E. Management of the Company to the revamping and modernization of the Group’s information sys- 1. CEO of the Company tems. IFC has also provided advice to the Carvajal Group in the area of a. Appointment of the CEO of the Company corporate governance. F. Shareholding Policies 1. Sale of Shares Table of Contents of the Family Protocol of The Carvajal Group19 a. Right of First Refusal b. Conditions of Sale A. Objective of the Family Protocol 2. Liens on Shares 1. Integrity of the Carvajal Company 3. Issuances of Shares 2. Unity of the Carvajal Family 4. Reserve Fund a. Objective of the Reserve Fund B. Family Institutions b. Board of Directors of the Reserve Fund 1. Family Assembly 5. Conflicts of Interest a. Objective of the Family Assembly a. Investment in Other Companies b. Functions of the Family Assembly b. Transactions with the Company 2. Family Council c. Other Activities a. Objective of the Family Council b. Composition of the Family Council c. Functions of the Family Council d. Decisions of the Family Council (continued) e. Frequency of Meetings of the Family Council 96 97 (continued) IFC FAMILY BUSINESS GOVERNANCE HANDBOOK (continued) G. Employment of Family Members 1. Entrance 2. Responsibilities 3. Remuneration 4. Evaluation for Development 5. Retirement SECTION III: H. Social Dividend (Subsidies for Family Members) 1. Objective of the Social Dividend BOARD OF DIRECTORS IN A FAMILY BUSINESS 2. Components of the Social Dividend 3. Regulation of the Social Dividend I. Family Activities The board of directors is a central institution in the governance of most 1. Social Meetings companies, including family-owned ones. The role, structure, and 2. Informative Meetings composition of the board of directors vary from one family business to 3. Communication another. These are usually determined by the size and complexity of the 4. History of the Company business and the maturity of the owning family. J. Relations with the Public During the first years of their existence, most family businesses create a board 1. Cilj supervizora of directors in order to comply with legal requirements. Known as a “paper 2. Imenovanje supervizora boardâ€?, its purpose is usually limited to approving the company’s financials, 3. Funkcije supervizora dividends, and other procedures that require board approval by law. These boards usually meet about once or twice a year (depending on the local K. Overseer of the Family Protocol regulation) and their sessions last for a very short period of time. The board 1. Objective of the Overseer in this case is generally composed exclusively of family members and –in 2. Appointment of the Overseer some cases- a few well trusted non-family senior managers. It is also very 3. Functions of the Overseer common to see the same individuals serve as managers and board directors, while being the company’s owners. Such a governance structure adds L. Secretary of the Family Council little value to the family business as each element of this structure (board, 1. Objective of the Secretary of the Family Council management, and family) could play a more active and constructive role 2. Appointment of the Secretary of the Family Council within the governance of the company. As a consequence, roles are mixed, 3. Functions of the Secretary of the Family Council possibly leading to conflicts and inefficiencies in overseeing the company and M. Resolution of Conflicts its strategic decision. N. Updating of the Family Protocol As the family business gets more complex, it becomes necessary to rely on the board to play an active role in more important matters such as setting the O. Definitions company’s strategy and reviewing its management performance. These tasks require the board to meet more often and to have the necessary expertise and independence to challenge the company’s management. This is when the family business board becomes more organized, well focused, and open to outside independent directors. 98 99 IFC FAMILY BUSINESS GOVERNANCE HANDBOOK BOARD OF DIRECTORS IN A FAMILY BUSINESS Before moving to a fully professional board that has the ability to act in board usually meets 3 to 4 times a year, depending on the family business’ size the best interest of the business, independently from the management and and complexity of operations. The CEO and a few senior managers from the controlling shareholders, many family businesses set up an advisory board family business can also be part of the advisory board in order to coordinate that complements the skills and qualifications of their current directors. and orient the meetings’ discussions towards the company’s needs. In this case, the advisory board closely works with the company’s board of directors and senior management to address any key strategic issues that the In order to ensure the objectivity of the advisory board members, the business is facing. following individuals should not be part of this board:21 1- Advisory Boards t Suppliers or vendors to the company. t Friends of the owners with no relevant expertise to offer. 1.1. Definition and Role of the Advisory Board t Existing providers of service to the company (e.g., bankers, lawyers, external auditors, consultants), since their advice is already provided The advisory board is a group of experienced and respected individuals that in other forms and their objectivity and independence might be many family businesses form when their own boards of directors remain only questionable because they are working for and being paid by the composed of family members and company senior managers. In this case, the company. board might lack expertise and outside perspective in certain strategic areas t Individuals who have a conflict of interest in being advisors to the such as marketing, finance, human resources management, and international company. markets. Accordingly, the advisory board is then created to compensate for t Individuals who are already overcommitted and would not be able to shortcomings of the board of directors without the family diluting any control correctly perform their roles as members of the advisory board. over decision-making or being required to share information with outsiders. The advisory board can also add value to the family business through the 1.3. Advantages and Disadvantages of Advisory Boards business connections that its members might have.20 The following table summarizes some key advantages and disadvantages of The advisory board is often considered a “compromise solutionâ€? between a advisory boards:22 family dominated and a more independent board. Many family businesses recognize the need for an independent board, but are also uncomfortable sharing sensitive company information and decision-making power with a group of outsiders. These family businesses usually opt for the creation of advisory boards as a way of getting outside advice and expertise while keeping control over the company’s real board. Over time and once the family sees the added value of the advisory board, some of its members are often invited to join the company’s board of directors. 1.2. Composition of the Advisory Board The most practical size for an advisory board is from 3 to 7 members. Keeping the size of this board small will help maintain its effectiveness and make it possible for its members to clearly communicate their ideas to the rest of the group. Members of the advisory board are usually experts in the family business’ industry and market, or in other areas such as finance, marketing, and international markets. They also provide expertise and experience when the family business moves into new activities or countries. The advisory 100 101 IFC FAMILY BUSINESS GOVERNANCE HANDBOOK BOARD OF DIRECTORS IN A FAMILY BUSINESS 2- Board of Directors Advisory Board 2.1. Role of the Board of Directors Advantages t Its members have no legal responsibilities; this reduces the company’s cost (insurance is not neces- The core roles of a well performing board of directors are to set the overall sary) and makes it easier to recruit members (since strategy of the firm; oversee the management performance; and ensure that membership is not as risky as being part of the an appropriate corporate governance structure is in place, including a robust company’s board of directors). control environment, sufficient disclosure levels, and an adequate minority shareholders’ protection mechanism. The amount of time and effort allocated t Can provide the company with additional skills, by the board to each of these areas will depend on the size and complexity of technical expertise, and knowledge that are not the family business. For example, a company with a few shareholders, simple available at the current management and board business processes, efficient internal controls, and a high level of involvement levels. of its owners in the operations, would need its board to focus more on strat- egy and long-term planning issues. t Its advice is usually unbiased. The board of a family-owned company should add value to the business, and t Its members may offer new contacts that can lead not replicate activities already handled by other bodies of the company. For to additional sales or sources of capital. example, the board should guide, but not get involved in the day-to-day man- Disadvantages t The advisory board functions like a group of ex- agement of the company as this is fundamentally the task of the company’s perts whose advice is not systematically followed management. Moreover, directors should have the necessary resources and by the company. As a consequence, the advisory freedom to oversee and challenge the decisions and other actions performed board might not be taken as seriously as a real by the management and/or family members. board of directors. In addition to strategy and oversight, some of the main tasks assigned to the t The advisory board has no authority to request in- board of directors include: formation from the management, so its recommen- dations can only be based on what management is t Securing senior management succession. willing to share with its members. t Ensuring the availability of financial resources. t Ensuring the adequacy of the company’s internal controls and risk t Advisory board members have little or no influence management systems. on the strategy and performance oversight of the t Reporting to the owners and other interested parties. management. 2.2. Composition of the Board of Directors t The lack of legal responsibility makes it difficult to hold members of the advisory board accountable The composition and size of the board of directors will depend on the size for their advice. and complexity of the company’s operations. Although there is no simple formula for determining the proper number of directors for all family busi- t Some advisory board members might not take nesses, best practice recommends having a manageable board size, i.e. 5 to their role seriously and put in the necessary prepa- 9 members. The advantages of a smaller board size include: an increased ration and contribution as they would as real board efficiency as directors will have better chances for communicating, listening members. to each other, and keeping the discussions on track. In addition, it is easier to organize board meetings and to reach the quorum for a smaller group than a larger one. 102 103 IFC FAMILY BUSINESS GOVERNANCE HANDBOOK BOARD OF DIRECTORS IN A FAMILY BUSINESS In selecting their directors, family-owned companies should focus on indi- t Carefully study any material information available to them before viduals who will add value to the business and supply any necessary skills in taking any decisions. the areas of strategy and/or management and operations’ oversight. Further- t Act with diligence and competence. more, a successful selection of directors focuses on their potential contribu- t Make decisions on an informed and deliberative basis. tion to the company rather than whether they belong to the family or not. In t Regularly attend the board’s meetings, come prepared to these meet- reality, family businesses tend to have boards that are almost entirely popu- ings, and actively participate in them (this part of the duty of care is lated by family members. The benefits of having a board that acts independ- also referred to as the “duty of attentionâ€? or “duty of obedienceâ€?). ently from the management and controlling shareholders will be discussed in section III-3 further below. - Duty of Loyalty: In performing their duties, directors must be loyal to the company, putting this loyalty ahead of any other interests. Directors cannot The following table summarizes some of the criteria that good directors personally benefit from any action taken on behalf of the company. Under the should possess: duty of loyalty, directors must: t Put the interests of the company above any personal or other Personal Traits Professional Qualifications interests. t Immediately disclose any conflicts of interest to the rest of the board. t Personal integrity and account- t Industry experience t Abstain from voting on matters that could involve a personal conflict ability t Proper business judgment of interest. t Team work ability t Expertise and skills in rel- t Good communication skills evant areas (to be defined by t Leadership skills the company). These could 3- Independent Directors t Strong analytical skills include: Strategy; Marketing; 3.1. Importance of Independent Directors t Courage, self confidence and Law; Finance and Accounting; Establishing a strong and independent board is a wise decision that most ability to challenge other Risk Management and Internal families in business take once their company’s operations reach a critical directors, family members, and Control; Human Resources; size and complexity. A study conducted in the United States of more than 80 senior managers and Corporate Governance family-owned companies run by the third or later generation, showed that t Useful ties and connections the existence of an active and outside (non-family-controlled) board was the most critical element in the survival and success of these companies.25 2.3. Duties of Directors In reality however, when it comes to board membership, most family businesses reserve this right to members of the family and in a few cases Directors are elected by the company shareholders and are supposed to act to some well trusted non-family managers. This practice is generally used in the best interest of the company and to exercise care in doing so. The as a way of keeping the family control over the direction of its business. following are the main duties of directors:24 Unfortunately, the absence of outside independent directors might make it difficult for a family business board to gain the knowledge and expertise - Duty of Care: Before making a decision, directors must act in a reasonable that it is missing. Truly independent directors will also challenge the family manner and make a good faith effort to analyze and consider all relevant and thinking and add more discipline to the board meetings. In addition, the material information available for their consideration. Under the duty of care, presence of independent directors during board meetings will discourage directors must: family members from wasting valuable time on family issues and concentrate on the business strategy and oversight instead. Finally, independent directors can also play the “bufferâ€? role among different family members in case these have contradictory views on business issues. 104 105 IFC FAMILY BUSINESS GOVERNANCE HANDBOOK BOARD OF DIRECTORS IN A FAMILY BUSINESS Some of the advantages of having independent directors include:26 Indicative Independent Director Definition27 t Bringing an outside perspective on strategy and control. t Adding new skills and knowledge that might not be available within “Independent Directorâ€? means a director who is a person who: the firm. 1- has not been employed by the Company or its Related Parties in t Bringing an independent and objective view from the family. the past five years; t Making hiring and promotion decisions independent of the family ties. 2- is not, and is not affiliated with a company that is an advisor or t Acting as a balancing element between the different members of the consultant to the Company or its Related Parties; family and, in some cases, serving as objective judges of disagree- 3- is not affiliated with a significant customer or supplier of the Com- ments among family-member managers. pany or its Related Parties; t Benefiting from their business and other contacts and connections. 4- has no personal service contracts with the Company, its Related Parties, or its senior management; 3.2. Definition of Director Independence 5- is not affiliated with a non-profit organization that receives signifi- cant funding from the Company or its Related Parties; The definition of director independence differs from one market to another; however, its main components remain the same. The general principle is that 6- is not employed as an executive of another company where any of an independent director should be free of links to management, controllers the Company’s executives serve on that company’s board of direc- (family), and others that could influence his/her judgment. The following is tors; the IFC definition of independent directors: 7- is not a member of the immediate family of an individual who is, or has been during the past five years, employed by the Company or its Related Parties as an executive officer; 8- is not, nor in the past five years has been, affiliated with or em- ployed by a present or former auditor of the Company or of a Related Party; or 9- is not a controlling person of the Company (or member of a group of individuals and/or entities that collectively exercise effective control over the Company) or such person’s brother, sister, par- ent, grandparent, child, cousin, aunt, uncle, nephew or niece or a spouse, widow, in-law, heir, legatee and successor of any of the foregoing (or any trust or similar arrangement of which any such persons or a combination thereof are the sole beneficiaries) or the executor, administrator or personal representative of any Person described in this sub-paragraph who is deceased or legally incom- petent, and for the purposes of this definition, a person shall be deemed to be “affiliatedâ€? with a party if such person: (i) has a direct or indirect ownership interest in; or (ii) is employed by such party; “Related Partyâ€? shall mean, with respect to the Company, any person or entity that controls, is controlled by or is under common control with the Company. 106 107 IFC FAMILY BUSINESS GOVERNANCE HANDBOOK SECTION IV: SENIOR MANAGEMENT IN A FAMILY BUSINESS Senior managers are an essential part of the family business governance structure and their quality directly affects the company performance and family wealth. The senior managers are in charge of implementing the strategic direction set out by the board of directors and managing the daily operations of the company. Having the right managers at the head of the company is a key element of family business success. 1- Family vs. Non-Family Managers During the first years of their existence, family businesses are usually directed and managed by the founder(s). Their management structure may remain quite informal and the decision-making power is concentrated in the hands of the founder(s) and a few close relatives. This management structure usually works well during the early stage of development of the company. A driven and hard-working founder(s) is usually the main reason for the success of a family business at this stage. As the company grows in size and its business operations become more complex, a more formal management structure, a decentralized decision- making process, and a qualified management body become necessary to deal with the complexity of the business and the more challenging day-to- day operations. Unfortunately, many family businesses ignore the need for professionalizing their businesses and keep senior management positions exclusively for family members. Although many of these family members are skilled managers that add value to their business, often they are not qualified to perform such duties. Even in the cases where all family members are good managers, they may not have the specialized skills and expertise that the growing and more complex company requires. Successful families in business understand that in the longer term, some family members should step down 108 109 IFC FAMILY BUSINESS GOVERNANCE HANDBOOK SENIOR MANAGEMENT IN A FAMILY BUSINESS and be replaced by more professional and skilled outsiders. (continued) Ensuring that the family-owned company has the right senior managers is a Issue Family First Companies Business First Companies process that should start early, even as early as during the founder(s) stage of the family business. Some of the steps of this process are: Compensation Equal pay for all. Everyone Compensation is based on is paid the same, regard- performance and responsibil- t Analyzing the organizational structure and contrasting the current less of their experience and ity. Compensation is based on and optimal roles and responsibilities (compared to peer companies) contribution to the business. market and industry meas- of each senior manager. Competent family members ures, not on family needs. are expected to care for (via Accountabilities and report- t Designing a formal organizational structure that clearly defines the compensation, benefits, etc.) ing relationships are clearly roles and responsibilities of all senior managers. This should be based their less-than-competent communicated and under- on the company’s current and future business operations’ needs. siblings or cousins. stood. High performers are t Evaluating the skills and qualifications of the current senior manage- highly paid. Family members ment based on the new organizational structure. may be terminated for poor t Replacing and/or hiring senior managers. performance. t Decentralizing the decision-making process and approval levels as necessary. Decision-making powers should be linked to the roles/re- Leadership Leadership is based on Making sure leadership is seniority, rather than dem- earned. The family mantra sponsibilities of managers and not to their ties to the family. onstrated competences or is to have “the best and the t Establishing a clear family employment policy and making its content successes. Longevity in the brightestâ€? running the busi- available to all family members (see section II-1-1 of this Handbook family business may be more ness: family or non-family. for more details on family employment policies). highly valued than working Non-family senior executives t Developing an internal training program that allows skilled employ- and succeeding outside the may be recruited from within ees to be prepared for taking on senior assignments in the future. business. the industry although some t Establishing a remuneration system that provides the right incentives companies successfully grow to all managers depending on their performance and not their ties to their own top managers. the family. Business Business resources are used Business resources are used Resources for family members’ personal strategically. There is a clear The following table summarizes how family businesses address some needs (housing, cars, per- separation of business and Allocation employment issues depending on whether they are prioritizing the family or sonal purchases, etc.). family assets. Budgeting the business:28 and planning are important; earnings are used for growth initiatives or paid out as Issue Family First Companies Business First Companies dividends. Employment Open door policy for all Only qualified family mem- Training No formal training pro- Need for formal training is Policy family members. The family- bers join the company. Condi- grams. Family members are timely recognized. Trainings owned company often be- tions for family employment expected to intuitively learn are scheduled and delivered to comes a safety net for those are clearly set and contain business practices. teach family members neces- who can not succeed outside requirements concerning sary business practices. the business. education and prior work experience outside of the fam- ily business. (continued) 110 111 IFC FAMILY BUSINESS GOVERNANCE HANDBOOK SENIOR MANAGEMENT IN A FAMILY BUSINESS 2- CEO and Senior Management Succession of the most competent person (whether it is a family member or not) as the next CEO. In addition, it is crucial to involve all family members, the CEO and senior management succession is probably the most important issue board, key senior managers, and other important external stakeholders in the that confronts companies, including family-owned ones. This is because a selection process and make sure they agree on the next CEO choice. company’s top managers are usually the drivers of its performance, growth, and survival. The issue of management succession is even more important for 2.2. Steps of a Formal CEO Succession Plan family businesses as it becomes particularly thorny as the family grows larger and several potential senior management candidates from different branches The CEO succession planning process usually differs from one family of the family become available. Many family businesses put off the succession business to another depending on the complexity of the business, the degree planning of their senior managers until the last minute, which leads to crises of involvement of the family in it, and the availability of competent CEO that sometimes can cause the death of the family business. Poor senior candidates from within the family. The following is a step-by step process that management succession planning could indeed be one of the reasons most can help family businesses get better prepared for their CEO succession:31 family businesses disappear before they reach their third generation.29 Starting Early: Many family business advisors recommend starting the selec- This section of the Handbook will mainly provide some basic advice on tion process of the next CEO as early as when the current CEO is appointed. establishing a sound CEO succession planning process within the family This will ensure the continuity of the business and provide the company business. Most of this advice can also be used for ensuring a smooth with a new CEO that was carefully chosen and well-prepared to succeed to succession for the other senior managers of the family business. the current one. The early start of the CEO selection process is particularly important if the next CEO is expected to be chosen from within the family. Families in business might ignore the necessity of planning for the succession In this case, the process of selecting and grooming the next CEO from the of their CEO for a multitude of reasons. Some of these reasons include:30 younger generation would take longer than if the CEO is to be chosen from outside the family. t Family members delaying the decision in order not to create potential frictions among family members in case several potential CEOs are In most family businesses, it is the current CEO who initiates the succession available within the family. planning process. An active board can also play an important role by insisting t Family members delaying the decision because no current family on the establishment of a succession plan in case the current CEO is not member or outsider is deemed capable of replacing the current CEO. taking this on early enough. t Family members avoiding to address this issue in order not to discuss the topic of the eventual loss of a family leader (the current CEO). Creating Career Development Systems: A successful succession plan is one t Current CEO refusing to admit that the company can survive without that selects the best possible candidate for the job, regardless of whether this him/her and/or is afraid of retirement and refusing to address succes- candidate is related to the family or not. If the next CEO will be chosen from sion issues. the family or its current employees, a rigorous career development system should be developed to prepare the potential CEOs. Such a system would en- 2.1. Importance of a Formal Senior Management Succession Plan hance the competence of the CEO candidates by offering them any necessary education, training, and by giving them periodic feedback on their perform- Senior management succession is a process that follows several steps in order ance within the company. to ensure proper succession to key management positions including the CEO one. A formal succession plan ensures business continuity and thus increases Some family businesses decide to hire an external CEO if no good CEO the chances of survival of a family business as it is handed over from one candidates are available from within the family or its employees. In this case, generation to the next. The purpose of this plan is to ensure the skills and a committee of the board (Nomination Committee for example) should lead leadership necessary to replace any outgoing senior manager are available the succession planning of the CEO. The committee would start by setting the when needed. An effective CEO succession plan should allow for the selection selection criteria for the next CEO before searching for suitable candidates. In 112 113 IFC FAMILY BUSINESS GOVERNANCE HANDBOOK addition, many family-owned businesses find it useful to employ professional headhunters to get access to a wider pool of candidates. Seeking Advice: Particularly while narrowing the list of potential succes- sors, the CEO should get advice from the external independent directors of the board. If these don’t exist, trusted senior non-family managers should be consulted. Some families also find it useful to get the opinion of the family SECTION V: council in the selection process, especially if the CEO candidate is from the family. FAMILY BUSINESS GOING PUBLIC Building Consensus: The success of the future CEO is largely dependent on his/her acceptance by the key stakeholders involved in the company. It becomes then mandatory to involve all key stakeholders in the CEO selection 1- Why Go Public? Why Not? process including the board of directors, senior non-family managers, and family members. Many family businesses take the decision of going public at some stage in their life to be able to secure financial resources for the business expansion or Clarifying the Transition Process: Once an adequate succeeding CEO has to give its shareholders a way of selling their shares in case they prefer to cash been selected, a clear transition process for both the current CEO and the them in. Going public is a complex process that requires careful consideration successor should be developed. This transition process would specify the of the alternatives, plenty of preparation from the board and the management, transition date and also define the levels of involvement of the current CEO and extensive outside specialists’ advice. Going public is also a decision that after retirement (advice to the successor, board membership, additional ac- presents many advantages and disadvantages to the family business. tivities, etc.). 1.1. Advantages of Going Public for a Family Business32 Going public may offer several advantages to family businesses and their shareholders, including: - Improved Marketability of Shares: This makes it possible for family shareholders to sell their shares at the prevailing stock price in the open market. It also makes it easier for shareholders to use their shares as collateral to obtain loans. As a result, the improved marketability of the company’s shares helps reduce family issues as it solves the liquidity needs for shareholders who prefer to hold their wealth in assets other than their interest in the company. - Improvement of the Company’s Financial Position: This is a direct result from selling the company’s shares to the public. The stronger financial position makes it easier for the company to seek loans and to negotiate the terms of these loans. - Potential Increase in the Value of the Shares: Many family-owned 114 115 IFC FAMILY BUSINESS GOVERNANCE HANDBOOK FAMILY BUSINESS GOING PUBLIC companies that went public saw their stock price rise above the initial estimation made by the investment banking firm. This increase in value 2- Getting Ready for an IPO is partly due to the willingness of investors to pay a higher price for the company’s stock because of its greater credibility as a public company, the Going public is a long and complicated process that does not take place improved marketability of the shares, and the increased transparency of overnight. Family businesses that are planning to go public have to get accounts. professional advice and help in many legal, technical, financial, and marketing - Greater Visibility: Going public gives family businesses increased prestige areas. In addition, many investors are now requiring the companies that are and visibility in the market. Markets tend to perceive public companies as going public to show a long-term track-record of good corporate governance professionally managed and more transparent (audited accounts and periodic practices before the actual IPO. In particular, investors and the market publication of financial statements and performance data). As a result, a highly value the company’s practices in the areas of the board of directors, family business that goes public might increase its visibility in the market. shareholder rights, and transparency and disclosure. 1.2. Disadvantages of Going Public for a Family Business33 The following table provides a summary of key corporate governance practices that would help convey a positive image to the market about Going public may also present potential disadvantages to family businesses. companies that are preparing to go public. Of course, most of these practices Some of these disadvantages are: need to be put in place a few years before the IPO in order to show a good track-record of adequate governance to the market and potential investors.34 - Loss of Privacy: This is probably the most unwelcome outcome of going public for family businesses. Indeed, once public, the family business will have to reveal more information than before, including: detailed financial statements and other performance measures, and any advantages given to family members. Governance Attributes Examples of Best Practices - Loss of Autonomy: This is a consequence of the arrival of new shareholders Shareholder Rights t Clear protection of minority sharehold- after the family business goes public. Even in cases where the family remains ers in charter, by-laws, and company a controlling shareholder, minority shareholders have rights that will make it governance code. difficult for the original family members to operate unfettered. t Adequate notice and shared agenda of all shareholders’ meetings. - Increased Liability: Public companies have a higher liability than their t Ability to participate and vote mean- counterparts. For example, public companies have to make sure that all the ingfully at shareholders’ meetings (e.g., information that they provide to their shareholders and to the market is cumulative voting for directors). accurate. t Fair treatment regarding information disclosure (material shareholder agree- - Possibility of a Takeover: If enough shares have been issued to outsiders ments, conflicts of interest, etc.) during the process of going public, it could be possible for competitors or other investors to gain control over the family business. t Clarity in rights of different classes of shares – voting rights vs. economic - Additional Costs: The initial cost of going public can be quite substantial. rights. Some of the potential components of this cost are: underwriter’s commission, t Equitable treatment in changes of control auditing fees, legal fees, and any registration costs. In addition, once public, (e.g., tag-along rights). the company will incur additional costs such as audit fees, periodic disclosure (continued) of financial information costs, and any other compliance requirements’ fees for public companies. 116 117 IFC FAMILY BUSINESS GOVERNANCE HANDBOOK (continued) CONCLUSION Governance Attributes Examples of Best Practices Family businesses are the backbone and the main driver of growth in many, if not most economies. Because of their nature, family businesses face many Board of Directors t Right mix of professional skills (e.g., additional challenges to those that their counterparts have to deal with. Some marketing, strategy, international of these challenges can be addressed by adopting a sound corporate governance financial markets, and audit committee structure within the company. This governance structure should clearly define expertise). the roles, responsibilities, rights, and interaction among the company’s main t Strong independence component. governing bodies. t Separate chairman and CEO roles. t Regular schedule and agenda of meet- The responsibility for corporate governance tasks in a family business is generally ings. shared among the owners, the board of directors and the senior management. t Existence of board committees respon- However, family members probably have more responsibility in ensuring that sible for oversight in key areas (Audit, their business is governed in a way that will make it viable and sustainable in Governance and Nomination, and Re- the long term. In addition, family members’ duty is not only limited to the muneration). governance of their company, they are also responsible for the governance of their family and its relationship with the business. Setting up a solid family t Initial and continuous director educa- governance system early in the lifecycle of the family will help anticipate and tion. resolve potential conflicts among family members about business issues. This t Periodic evaluation of directors. will make it possible for family members to concentrate on other key issues such as growing the business. Transparency and t Information prepared and disclosed in Disclosure accordance with high quality standards In addition to their own governance, family members have to set up an adequate of accounting, financial and non-finan- structure for their company’s board of directors and senior management. A cial disclosure. skilled, predominantly independent, and well organized board of directors t Annual audit conducted by an independ- would make it possible to set the right strategy of the company and properly ent, competent, and qualified auditor in oversee its management’s performance. Also, a professional and well-driven accordance with the International Stand- management is essential to running the day-to-day activities of the company. ards on Auditing. The choice of directors and senior managers should be based on their t External auditors accountable to the qualifications and performance and not on their ties to the family. shareholders and owe a duty to the com- pany to exercise due professional care in Finally, it is very important that families in business become aware of the the conduct of their audit. importance of these issues and start building an adequate corporate governance structure as soon as possible. Waiting until the size of the family is very large, t Channels for disseminating information and its business operations more complex would make it very difficult to should provide for equal, timely, and address the already existing conflicts between family members. A timely and cost-efficient access to relevant informa- clear governance structure would make it easier to maintain family cohesion tion by users. and its members’ interest in the family and its business. 118 119 BIBLIOGRAPHY Mike Cohn, “Does your Company Put Family or Business First?â€?, The Bibliography Business Journal of Phoenix, January 2005. Craig Aronoff, Joseph Astrachan, and John Ward, Developing Family Business Monica Wagen, “Perspectives on Going Publicâ€?, Family Business, Spring 1996. Policies: Your Guide to the Future (Family Enterprise Publishers, 1998). NACD, “The Board of Directors in a Family-Owned Businessâ€?, Director’s Denis Leach and John Leahy, “Ownership Structures, Control and the Handbook Series, 2004. Performance of Large British Companiesâ€?, Economic Journal, 1991. Newsweek, www.msnbc.msn.com/id/4660477/site/newsweek. Fred Neubauer and Alden G.Lank, The Family Business: its Governance for Sustainability (Routledge New York, 1998). Richard Narva and Beth Silver, “How to Create Effective Governance in a Family Controlled Enterpriseâ€?, NACD Directors Monthly, August 2003. Daniela Montemerlo and John Ward, The Family Constitution: Agreements to Secure and Perpetuate Your Family and Your Business (Family Enterprise Sir Adrian Cadbury, Family Firms and Their Governance: Creating Tomorrow’s Publishers, 2005). Company from Today’s (Egon Zehnder International, 2000). International Finance Corporation, The Family Business Network, www.fbn-i.org/fbn/main.nsf/doclu/facts. http://www.ifc.org/corporategovernance. International Finance Corporation, http://ifcln1.ifc.org/ifcext/ corporategovernance.nsf/Content/WhyCG. International Finance Corporation, http://www.ifc.org/ifcext/ corporategovernance.nsf/Content/CGTools-FamilyFounderUnlisted. Ivan Lansberg, Succeeding Generations: Realizing the Dream of Families in Business (Harvard Business School Press, 1999). Ivan Lansberg, “The Succession Conspiracyâ€?, Family Business Review, June 1988. John Ward, Creating Effective Boards for Private Enterprises (Family Enterprise Publishers, 1991). John Ward, “The Family Business Advantage: Unconventional Strategyâ€?, Families in Business, 2002. Kelin E. Gersick, John A. Davis, Marion McCollom Hampton, Ivan Lansberg, Generation to Generation: Life Cycles of the Family Business (Harvard University Press, 1997). 120 121 NOTES Carvajal Group. Notes 20 Fred Neubauer and Alden G.Lank, The Family Business: its Governance for Sustainability (Routledge New York, 1998). 21 Richard Narva and Beth Silver, “How to Create Effective Governance in a Family 1 The Family Business Network, www.fbn-i.org/fbn/main.nsf/doclu/facts. Controlled Enterpriseâ€?, NACD Directors Monthly, August 2003. 2 The Family Business Network, www.fbn-i.org/fbn/main.nsf/doclu/facts. 22 Adapted from: Fred Neubauer and Alden G.Lank, The Family Business: its 3 The Family Business Network, www.fbn-i.org/fbn/main.nsf/doclu/facts. Governance for Sustainability (Routledge New York, 1998). 4 Denis Leach and John Leahy, “Ownership Structures, Control and the 23 Fred Neubauer and Alden G.Lank, The Family Business: its Governance for Performance of Large British Companiesâ€?, Economic Journal, 1991. Sustainability (Routledge New York, 1998). 5 Newsweek, www.msnbc.msn.com/id/4660477/site/newsweek. 24 NACD, “The Board of Directors in a Family-Owned Businessâ€?, Director’s 6 Sir Adrian Cadbury, Family Firms and Their Governance: Creating Tomorrow’s Handbook Series, 2004. Company from Today’s (Egon Zehnder International, 2000); John Ward, “The 25 John Ward, Creating Effective Boards for Private Enterprises (Family Enterprise Family Business Advantage: Unconventional Strategyâ€?, Families in Business, 2002. Publishers, 1991). 7 Fred Neubauer and Alden G.Lank, The Family Business: its Governance for 26 Fred Neubauer and Alden G.Lank, The Family Business: its Governance for Sustainability (Routledge New York, 1998). Sustainability (Routledge New York, 1998). 8 John Ward, Creating Effective Boards for Private Enterprises (Family Enterprise 27 International Finance Corporation, http://www.ifc.org/ifcext/ Publishers, 1991); Kelin E. Gersick, John A. Davis, Marion McCollom Hampton, corporategovernance.nsf/Content/CGTools-FamilyFounderUnlisted. Ivan Lansberg, Generation to Generation: Life Cycles of the Family Business 28 Mike Cohn, “Does your Company Put Family or Business First?â€?, The Business (Harvard University Press, 1997). Journal of Phoenix, January 2005. 9 John Ward, Creating Effective Boards for Private Enterprises (Family Enterprise 29 Fred Neubauer and Alden G.Lank, The Family Business: its Governance for Publishers, 1991). Sustainability (Routledge New York, 1998). 10 Fred Neubauer and Alden G.Lank, The Family Business: its Governance for 30 Ivan Lansberg, “The Succession Conspiracyâ€?, Family Business Review, June Sustainability (Routledge New York, 1998). 1988; Fred Neubauer and Alden G.Lank, The Family Business: its Governance for 11 Fred Neubauer and Alden G.Lank, The Family Business: its Governance for Sustainability (Routledge New York, 1998). Sustainability (Routledge New York, 1998); Ivan Lansberg, Succeeding Generations: 31 Fred Neubauer and Alden G.Lank, The Family Business: its Governance for Realizing the Dream of Families in Business (Harvard Business School Press, 1999). Sustainability (Routledge New York, 1998). 12 International Finance Corporation, http://ifcln1.ifc.org/ifcext/ 32 Monica Wagen, “Perspectives on Going Publicâ€?, Family Business, Spring 1996; corporategovernance.nsf/Content/WhyCG. Fred Neubauer and Alden G.Lank, The Family Business: its Governance for 13 These principles can range from basic (when the family is still at its founder(s) Sustainability (Routledge New York, 1998). stage) to detailed and more specific as the family gets larger. 33 Fred Neubauer and Alden G.Lank, The Family Business: its Governance for 14 Fred Neubauer and Alden G.Lank, The Family Business: its Governance for Sustainability (Routledge New York, 1998). Sustainability (Routledge New York, 1998); Daniela Montemerlo and John 34 International Finance Corporation. www.ifc.org/corporategovernance. Ward, The Family Constitution: Agreements to Secure and Perpetuate Your Family and Your Business (Family Enterprise Publishers, 2005); Craig Aronoff, Joseph Astrachan, and John Ward, Developing Family Business Policies: Your Guide to the Future (Family Enterprise Publishers, 1998). 15 Adapted and summarized from the 2006 Family Employment Policy of SABIS®. 16 Ivan Lansberg, Succeeding Generations: Realizing the Dream of Families in Business (Harvard Business School Press, 1999); Fred Neubauer and Alden G.Lank, The Family Business: its Governance for Sustainability (Routledge New York, 1998). 17 Ivan Lansberg, Succeeding Generations: Realizing the Dream of Families in Business (Harvard Business School Press, 1999). 18 Ivan Lansberg, Succeeding Generations: Realizing the Dream of Families in Business (Harvard Business School Press, 1999); Fred Neubauer and Alden G.Lank, The Family Business: its Governance for Sustainability (Routledge New York, 1998). 19 Adapted and summarized from the 2002 version of the Family Protocol of The 122 123