45077 IFC Priručnik za upravljanje porodičnim firmama / IFC Family Business Governance Handbook Stručni saradnik / Associate Operations Officer Katarina Đulić / Katarina Djulic Email: KVeljovic@ifc.org Srbija / Serbia 11000 Beograd / 11000 Belgrade Bulevar kralja Aleksandra 86 Tel: (+381-11) 3023 750 Fax: (+381-11) 3023 740 Predstavnik za odnose sa javnošću / Communications Officer Slobodan Brkić / Slobodan Brkic Email: SBrkic@ifc.org Srbija / Serbia 11000 Beograd / 11000 Belgrade Bulevar kralja Aleksandra 86 Tel: (+381-11) 3023 750 Fax: (+381-11) 3023 740 IFC Priručnik za upravljanje porodičnim firmama IFC Family Business Governance Handbook IFC Priručnik za upravljanje porodičnim firmama Izjava o odbijanju odgovornosti IFC Priručnik za upravljanje porodičnim firmama (Priručnik) je pripremilo osoblje Međunarodne finansijske korporacije (IFC). Mišljenja i zaključci koji se u njemu nalaze ne treba da se pripisuju stavovima IFC-a, Grupe Svjetske banke, njenog Upravnog odbora ili zemalja koje oni predstavljaju niti ih nužno odražavaju. Materijal u ovom Priručniku se iznosi u dobroj namjeri kao opšte smjernice, ali IFC i Grupa Svjetske banke ne garantuju njegovu tačnost i ne prihvataju nikakvu odgovornost za bilo kakvu posljedicu njegovog korišćenja. Materijal u ovom dokumentu je zaštićen autorskim pravom. Umnožavanje i/ili prenošenje djelova ili cijelog ovog dokumenta može da predstavlja kršenje mjerodavnog prava. IFC podstiče širenje ove publikacije i ovim daje dozvolu korisniku ovog dokumenta da umnožava njegove djelove za ličnu, nekomercijalnu upotrebu od strane korisnika, bez ikakvog prava da preproda, redistribuira ili od njega pravi izvedene dokumente. Za svako drugo umnožavanje ili upotrebu ovog dokumenta neophodna je izričita pismena dozvola IFC-a. Drugo izdanje: dostupno na albanskom, engleskom, francuskom, makedonskom, portugalskom, španskom, srpskom i crnogorskom jeziku. Copyright © 2008 International Finance Corporation 2121 Pennsylvania Ave. NW, Washington, DC 20433 United States of America Članica Grupe Svjetske banke Predgovor Svrha IFC Priručnika za upravljanje porodičnim firmama jeste da pomogne osoblju IFC-ja koje se bavi investicijama i savjetodavnim uslugama da identi- fikuje i rješava osnovne probleme upravljanja porodičnim firmama sa svojim klijentima porodičnim firmama. Priručnik može da služi i kao smjernica za klijente IFC-a koji žele da ojačaju svoje prakse upravljanja porodičnim fir- mama. Priručnik dopunjava instrumente Metodologije IFC-a za korporativno upravljanje za porodična preduzeća koji se trenutno koriste unutar IFC-a da se procijeni upravljanje klijenata porodičnih firmi. Namjera Priručnika nije da bude sveobuhvatan referentni dokument o uprav- ljanju porodičnim firmama, niti je on zamjena za individualizovane savjete koje mogu da pruže kvalifikovani konsultanti za porodične firme i pravni i računovodstveni stručnjaci. Umjesto toga, namjera nam je da on bude sažet i praktičan opis bitnih komponenata korporativnog upravljanja porodičnim firmama zajedno sa predloženim pristupima opštim dilemama u pogledu upravljanja porodičnim firmama. Dalje pojedinosti o temama koje obuhvata ovaj Priručnik mogu da se nađu u obimnoj literaturi koja postoji o ovoj temi, a koja je data u fusnotama i bibliografiji na kraju Priručnika. Ovaj Priručnik je sačinila Sanaa Abouzaid, referent za korporativno upravl- janje u Službi za investitorsku i korporativnu praksu Međunarodne finansi- jske korporacije. Sva pitanja ili komentare o sadržaju Priručnika treba uputiti na sljedeću 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 Zahvalnost Autor bi želio da izrazi svoju zahvalnost svim pojedincima koji su učestvovali u izradi ovog Priručnika. Među onima koji su dali doprinos stvaranju Priručnika su i Natalija Arabova, First Freight Company (Rusija), Ajman Eltarabiši, Univerzitet Džordž Vašington (SAD), Leo Goldšmit, Banka Degroof (Belgija), Darin Harcler, Davit Karapetijan, Sebastijan Molineus i Sesilija Rabasa, IFC/Svjetska Banka, Herbert Štajnberg, Mesa Corporate Governance (Brazil) i Džon Vard, Škola menadžmenta Kellogg (SAD). Svako od njih je dao neprocjenjiv doprinos tokom izrade i lekture sadržaja Priručnika. Autor bi takođe želio da se zahvali Džou Akaru, SABIS (Liban), i Alfredu Karvahal Sinisteru, Carvajal Group (Kolumbija), koji su u Priručniku naveli više primjera upravljanja iz prakse svoje porodice. Posebna zahvalnost pripada Sandri Gueri, Better Governance (Brazil), Kirilu Nejkovu, Fabiu Isaj Sadu, Enrike Sančez-Armasu i Anderson Kaputo Silvi, IFC/Svjetska banka, za lekturu prevedenih verzija Priručnika. Našu zahvalnost dugujemo i Džuel Kaguiat i Maji Poliščuk, IFC, zbog njihovog važnog doprinosa u nadzoru uređivanja, štampanja i distribucije Priručnika. Na kraju, autor želi da se posebno zahvali Majku Lubranu, Cartica Capital (SAD), zbog njegove ključne uloge u usmjeravanju i praćenju procesa stvaranja Priručnika. Sadržaj UVOD ................................................................................................................................. 13 1- Definicija i karakteristike porodične firme – jake i slabe strane ....... 14 2- Faze rasta u porodičnoj firmi ................................................................. 16 2.1. Osnivač(i) ......................................................................................... 16 2.2. Partnerstvo braće i sestara ............................................................. 16 2.3. Savez rođaka .................................................................................... 17 I ODJELJAK: ULOGE ČLANOVA PORODICE U UPRAVLJANJU NJIHOVOM FIRMOM ............. 19 1- Vlasnici (akcionari) ................................................................................. 19 2- Direktori (visoko rukovodstvo) ............................................................. 20 3- Članovi upravnog odbora (upravni odbor).......................................... 20 4- Članovi porodice (porodica i njene institucije)................................... 20 II ODJELJAK: PORODIČNO UPRAVLJANJE ........................................................................................ 23 1- Porodični statut ....................................................................................... 24 1.1. Politike zapošljavanja članova porodice....................................... 25 1.2. Politike u pogledu posjedovanja akcija od strane članova porodice ..................................................................................... 30 2- Institucije porodičnog upravljanja ........................................................ 31 2.1. Porodična skupština ....................................................................... 31 2.2. Porodični savjet ............................................................................... 32 2.3. Porodična kancelarija ..................................................................... 34 2.4. Druge porodične institucije ........................................................... 35 III ODJELJAK: UPRAVNI ODBOR U PORODIČNOJ FIRMI ................................................................. 39 1- Savjetodavni odbori .................................................................................. 40 1.1. Definicija i uloga savjetodavnog odbora ....................................... 40 1.2. Sastav savjetodavnog odbora .......................................................... 40 1.3. Prednosti i mane savjetodavnih odbora ........................................ 41 2- Upravni odbor .......................................................................................... 43 2.1. Uloga upravnog odbora .................................................................. 43 2.2. Sastav upravnog odbora .................................................................. 43 2.3. Obaveze članova upravnog odbora ............................................... 44 3- Nezavisni članovi upravnog odbora ..................................................... 45 3.1. Važnost nezavisnih članova upravnog odbora ............................ 45 3.2. Definicija nezavisnosti člana upravnog odbora .......................... 46 IV ODJELJAK: VISOKO RUKOVODSTVO U PORODIČNOJ FIRMI ................................................... 49 1- Direktori iz porodice nasuprot direktorima koji nijesu članovi porodice .......................................................................... 49 2- Sukcesija generalnog direktora i visokog rukovodstva ...................... 52 2.1. Važnost formalnog plana sukcesije visokog rukovodstva ......... 52 UVOD 2.2. Koraci formalnog plana sukcesije generalnog direktora ........... 53 Porodične firme predstavljaju najstariji i najčešći oblik privrednih organizacija u svijetu. U mnogim zemljama, porodične firme predstavljaju V ODJELJAK: više od 70% ukupnog broja firmi i igraju ključnu ulogu u rastu privrede PORODIČNA FIRMA IZLAZI NA BERZU .................................................................... 55 i zapošljavanju radne snage. U Španiji je, na primjer, oko 75% firmi u 1- Zašto izaći na berzu? Zašto ne? ............................................................. 55 porodičnom vlasništvu i doprinose u prosjeku 65% BNP-a zemlje.1 Isto tako, 1.1. Prednosti izlaska na berzu za porodičnu firmu .......................... 55 porodične firme doprinose oko 60% ukupnog BNP-a u Latinskoj Americi.2 1.2. Mane izlaska na berzu za porodičnu firmu ................................. 56 2- Pripremanje za IPO (inicijalnu javnu ponudu) .................................. 57 Porodične firme se kreću od malih i srednjih preduzeća do velikih konglomerata koji posluju u više privrednih grana i zemalja. Neke od dobro poznatih porodičnih firmi obuhvataju: Salvatore Ferragamo, Benetton i Fiat ZAKLJUČAK ..................................................................................................................... 59 Grupu u Italiji; L’Oreal, Carrefour Grupu, LVMH i Michelin u Francuskoj; Samsung, Hyundai Motor i LG Grupu u Južnoj Koreji; BMW i Siemens u Njemačkoj; Kikkoman i Ito-Yokado u Japanu i konačno Ford Motors Co. i LITERATURA .................................................................................................................... 60 Wal-Mart Stores u Sjedinjenim Državama. Takođe je činjenica da najveći broj porodičnih firmi ima vrlo kratak životni vijek posle faze osnivanja i da nekih 95% porodičnih firmi ne nadživi treću generaciju vlasništva.3 To je često posljedica nedostatka pripreme narednih generacija da savladaju zahtjeve proširenog poslovanja i mnogo veće porodice. Porodične firme mogu da poboljšaju svoje šanse za opstanak uspostavljanjem odgovarajućih struktura upravljanja i započinjanjem obrazovnog procesa narednih generacija u toj oblasti što je prije moguće. Ovaj Priručnik će se fokusirati na jedinstvene probleme korporativnog upravljanja sa kojima se suočavaju porodične firme i predložiti strukture i prakse koje mogu da ublaže ove probleme i obezbijede održivost firme. Priručnik daje međunarodnu perspektivu jer sefokusira na karakteristike 13 porodičnih firmi koje mogu da se posmatraju u više zemalja. Predložene strukture upravljanja je neophodno prilagoditi lokalnim zahtjevima i regulativi za porodične firme prije njihove primjene u određenoj zemlji. 1- Definicija i karakteristike porodične firme – Jake i slabe strane • Pouzdanost i ponos. Zbog toga što se ime i reputacija porodičnih firmi povezuju sa njihovim proizvodima i/ili uslugama, one ulažu napore Definicija: U ovom Priručniku, termin porodična firma se odnosi na u cilju podizanja kvaliteta svoje proizvodnje i održavanja dobrih preduzeće u kojem je većina glasova u rukama porodice pod čijom kontrolom odnosa sa svojim partnerima (kupcima, dobavljačima, zaposlenima, je firma, uključujući osnivača (osnivače) koji namjeravaju da prenesu firmu zajednicom itd.). na svoje potomke. Pojmovi “porodično poslovanje”, “porodična firma”, “porodično preduzeće” “firma u porodičnom vlasništvu”, “preduzeće u Slabe strane: Možda najčešće pominjana karakteristika porodičnih firmi je to porodičnom vlasništvu” i “preduzeće koje kontroliše porodica” koriste se kao da mnoge od njih ne uspijevaju da budu održive na dugi rok. Zaista, oko dvije ekvivalenti u cijelom Priručniku i odnose se na porodične firme. trećine do tri četvrtine porodičnih firmi propadnu ili ih osnivač(i) prodaju tokom perioda dok su u njihovom vlasništvu. Samo 5 do 15% nastave da Jake strane: Nekoliko studija je pokazalo da preduzeća u porodičnom postoje u trećoj generaciji u rukama potomaka osnivača.7 vlasništvu nadmašuju preduzeća koja to nijesu, i to u pogledu prometa, dobiti i drugih mjera rasta.4 Studija firme Thomson International za “Njuzvik” Ova visoka stopa neuspjeha među porodičnim firmama pripisuje se mnoštvu uporedila je porodične firme sa rivalima na šest najvećih indeksa u Evropi razloga. Neki od ovih razloga su isti oni koji mogu da dovedu do toga da bilo i pokazala da porodična preduzeća nadmašuju svoje rivale na svim ovim koja druga firma propadne, kao što su loše upravljanje, nedovoljno gotovine indeksima, od londonskog FTSE do madridskog IBEX. Firma Thomson da se finansira rast, neadekvatna kontrola troškova, uslovi u privrednoj grani International je napravila jedinstven indeks i za porodične firme i za firme i drugi makroekonomski uslovi. Međutim, porodične firme pokazuju i neke koje nijesu u porodičnom vlasništvu u svakoj zemlji i pratila ih tokom 10 slabe strane koje su posebno u vezi sa njihovom prirodom. Neke od tih slabih godina do decembra 2003. godine. U Njemačkoj je indeks porodičnih firmi strana su: porastao 206%, dok su akcije firmi koje nijesu u porodičnom vlasništvu porasle za samo 47%. U Francuskoj je indeks porodičnih firmi skočio za • Složenost. Porodične firme su obično složenije u pogledu upravljanja 203%, dok je indeks firmi koje nijesu porodične porastao za samo 76%. od preduzeća koja nijesu u porodičnom vlasništvu usled dodavanja Porodična preduzeća su nadmašila ona koje nijesu u porodičnom vlasništvu i nove promjenljive: porodice. Dodavanje porodičnih emocija i u Švajcarskoj, Španiji, Velikoj Britaniji i Italiji.5 problema poslovanju povećava složenost problema kojima te firme treba da se bave. Za razliku od drugih vrsta preduzeća, članovi Ovaj odličan učinak je rezultat inherentnih jakih strana koje imaju porodične porodice igraju različite uloge u svojoj firmi koje ponekad mogu da firme u odnosu na ostala preduzeća. Neke od ovih jakih strana obuhvataju:6 dovedu do nesklada motivacija među svim članovima porodice. Ova tačka će se detaljnije razmatrati u 1. odjeljku Priručnika. • Posvećenost. Porodica - kao vlasnik firme - pokazuje najveću posvećenost u staranju da ta firma raste, napreduje i da se prenese • Neformalnost. Zbog toga što većina porodica same vode svoje firme na sljedeću generaciju. Kao rezultat toga, mnogi članovi porodice (bar tokom prve i druge generacije), obično postoji vrlo mali interes se identifikuju sa tim preduzećem i obično su spremni da rade za uspostavljanje jasno definisanih poslovnih praksi i procedura. marljivije i reinvestiraju dio svoje dobiti u firmu da bi joj omogućili Kako porodica i njena firma postaju veće, ova situacija može da da dugoročno raste. U poslovanju sa svojim klijentima porodičnim dovede do mnogih neefikasnosti i internih sukoba koji bi mogli da firmama IFC visoko cijeni postojanje posvećenog skupa akcionara u postanu prijetnja kontinuitetu firme. jezgru preduzeća. • Nedostatak discipline. Mnoge porodične firme ne posvećuju dovoljnu • Kontinuitet znanja. Porodice u firmi postavljaju kao prioritet pažnju ključnim strateškim oblastima kao što su: planiranje sukcesije prenošenje svog akumuliranog znanja, iskustva i vještina na sljedeću generalnog direktora i drugih ključnih upravljačkih pozicija, 14 15 generaciju. Mnogi članovi porodice se uključuju u poslovanje svoje zapošljavanje člana porodice u preduzeću i privlačenje i zadržavanje porodične firme od vrlo rane mladosti. To povećava njihov stepen kvalifikovanih spoljnih rukovodilaca. Odlaganje ili ignorisanje takvih posvećenosti i obezbjeđuje im potrebne instrumente da vode važnih strateških odluka moglo bi da dovede do neuspjeha poslovanja porodičnu firmu. u svakoj porodičnoj firmi. 2- Faze rasta u porodičnoj firmi 2.3. Treća faza: Savez rođaka (Konzorcijum rođaka ili porodična dinastija) Nekoliko modela je razvijeno u namjeri da se opišu i analiziraju različite faze U ovoj fazi upravljanje firmom postaje složenije jer je više članova porodice kroz koje prolaze porodične firme tokom svog postojanja. U ovom Priručniku direktno ili indirektno uključeno u firmu, uključujući i djecu braće i sestara, koristićemo osnovni trofazni model koji sažeto prikazuje životni ciklus rođaka i rođaka po osnovu braka. Budući da mnogi od ovih članova pripada- porodične firme kao: (i) fazu osnivača; (ii) fazu partnerstva braće i sestara ju različitim generacijama i različitim granama porodice, mogli bi da imaju i (iii) fazu saveza rođaka.8 Mada ovaj model omogućava dobru analizu tri različite ideje o tome kako treba voditi preduzeće i kako treba odrediti uku- osnovna koraka evolucije porodične firme, on ne tvrdi da će sva preduzeća u pnu strategiju. Pored toga, svi sukobi koji su postojali između braće i sestara porodičnom vlasništvu nužno proći kroz sve tri faze razvoja. Na primjer, neka u prethodnoj fazi najverovatnije bi se prenijeli i na generaciju rođaka. Kao preduzeća će nestati tokom ranih faza svog životnog ciklusa zbog stečaja ili posljedica toga, ova faza obuhvata većinu problema porodičnog upravljanja. akvizicije od strane neke druge firme. Neki od najčešćih problema sa kojima se porodične firme suočavaju u ovoj fazi su: zapošljavanje članova porodice; akcionarska prava porodice; akcion- Evolucija vlasništva i upravljanja unutar većine porodičnih firmi prolazi kroz arska likvidnost; politika dividendi; uloga članova porodice u firmi; rješavanje sljedeće faze: porodičnih sukoba, kao i vizija i misija porodice. 2.1. Prva faza: Osnivač(i) (Kontrolni vlasnik (vlasnici)) Sljedeća tabela daje sažet prikaz ključnih problema korporativnog upravljanja sa kojima se suočavaju porodične firme tokom svog razvojnog ciklusa:9 Ovo je početni korak postojanja porodične firme. Firmu u potpunosti posjeduje i njom upravlja osnivač (ili više njih). Većina osnivača traži savjete Faza vlasništva Dominantni akcionarski problemi malog broja spoljnih savjetnika i/ili poslovnih saradnika, ali većinu ključnih odluka će donositi sami. Ovu fazu obično karakteriše snažna posvećenost Prva faza: • Prelaz rukovođenja osnivača uspjehu njegovog (njihovog) preduzeća i relativno jednostavna Osnivač(i) • Sukcesija struktura upravljanja. Generalno, ova faza sadrži ograničeni broj problema • Planiranje nasljeđivanja imovine korporativnog upravljanja u poređenju sa naredne dvije faze jer su i kontrola Druga faza: • Održavanje timskog rada i sklada i vlasništvo nad preduzećem još uvek u rukama istog (istih) lica: osnivača. Partnerstvo braće i sestara • Održavanje porodičnog vlasništva Možda najvažniji problem kojim se treba pozabaviti tokom života osnivača jeste planiranje sukcesije. Da bi porodična firma preživjela i ušla u sljedeću • Sukcesija fazu, osnivač(i) moraju da ulože potrebne napore da planiraju ko će da ih Treća faza: • Raspoređivanje korporativnog kapitala: dividende, naslijedi i da počnu da pripremaju sljedećeg rukovodioca (rukovodioce) Savez rođaka dug i nivoi dobiti preduzeća. • Akcionarska likvidnost • Rješavanje porodičnih sukoba 2.2. Druga faza: Partnerstvo braće i sestara • Učešće i uloga porodice • Vizija i misija porodice Ovo je faza u kojoj su upravljanje i vlasništvo prenijeti na djecu osnivača. Kako je sada u društvo uključeno više članova porodice, problemi upravljanja • Veza porodice sa firmom imaju tendenciju da postanu relativno složeniji od onih uočenih tokom početne faze postojanja firme. Neki od čestih izazova faze partnerstva braće i Svaka faza postavlja različite izazove i probleme koji, ako se uspješno sestara su: održavanje skladnih odnosa između braće i sestara, formalizovanje riješe, mogu da obezbijede kontinuitet porodične firme. Većina preduzeća poslovnih procesa i procedura, uspostavljanje efikasnih kanala komunikacije u porodičnom vlasništvu je uspješna tokom početne faze zahvaljujući 16 17 između članova porodice i obezbjeđivanje planiranja sukcesije za ključne ogromnim naporima koje čini osnivač (osnivači) jer su uključeni u sve upravljačke funkcije. aspekte poslovanja. Ipak, na duži rok, postaje neophodno da se postave odgovarajuće strukture i mehanizmi upravljanja koji će uzeti u obzir efikasne kanale komunikacije i jasnu definiciju uloga i očekivanja svakog lica uključenog u porodičnu firmu. I ODJELJAK: ULOGE ČLANOVA PORODICE U UPRAVLJANJU NJIHOVOM FIRMOM U tipičnoj neporodičnoj firmi, svaki uključeni pojedinac može da bude zaposleni, direktor, vlasnik, član upravnog odbora ili neka kombinacija ovih uloga. Međutim, u firmi u porodičnom vlasništvu stvari postaju složenije jer pojedinac može da ima više uloga i odgovornosti. Ove višestruke uloge se obično povezuju sa različitim motivacijama, koje povećavaju probleme sa kojima se porodične firme suočavaju za razliku od neporodičnih firmi.10 1- Vlasnici (akcionari) Vlasnici u porodičnoj firmi imaju nekoliko uloga i motivacija koje ponekad mogu da dovedu do oprečnih mišljenja. Na primjer, odluku da se dobit reinvestira u preduzeće umesto da se raspodijeli kao dividende mogu različito da posmatraju različiti vlasnici zavisno od njihovih uloga u firmi. Vlasnik koji radi u porodičnoj 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 drugačije iz perspektive vlasnika koji ne radi u toj firmi i koji se oslanja na dividende kao glavni izvor prihoda. Ovaj vlasnik bi faktički bio zainteresovan za dobijanje većih i češćih dividendi. Stvari obično postaju komplikovanije kako porodična firma raste, a njeni vlasnici imaju različite uloge sa različitim motivacijama. Neke od uloga koje jedan vlasnik u porodičnoj firmi može da ima su sljedeće: • Samo vlasnik • Vlasnik/direktor • Vlasnik/član porodice • Vlasnik/član porodice/direktor 18 19 • Vlasnik/član upravnog odbora • Vlasnik/član porodice/član upravnog odbora • Vlasnik/član porodice/član upravnog odbora/direktor. ULOGE ČLANOVA PORODICE U UPRAVLJANJU NJIHOVOM FIRMOM 2- Direktori (visoko rukovodstvo) izvan firme ne mogu da im pristupe na isti način.11 Porodične firme treba da uspostave potrebne kanale komunikacije i institucije kako bi svi članovi Direktori u porodičnoj firmi takođe će imati različite motivacije zavisno porodice sve vrijeme bili informisani o firmi, strategiji, problemima i opštem od svojih drugih uloga unutar firme. Čest problem u ovoj oblasti je smjeru u kojem se preduzeće kreće. neravnopravan tretman direktora koji su članovi porodice i onih koji to nijesu. U mnogim porodičnim firmama, dio ili svi visoki rukovodeći položaji striktno su rezervisani za članove porodice. Ovo bi moglo da negativno utiče Definicija korporativnog upravljanja na motivaciju i učinak direktora koji nijesu članovi porodice, a koji znaju da je tačno da bez obzira na to koliko vrijedno rade nikada neće biti dio “Korporativno upravljanje se odnosi na strukture i procese za visokog rukovodstva preduzeća. Kao posljedica toga, za mnoge porodične usmjeravanje i kontrolu preduzeća. Korporativno upravljanje se tiče firme je vrlo teško da privuku i zadrže talentovane direktore koji nijesu odnosa između rukovodstva, upravnog odbora, većinskih akcionara, članovi porodice. Ustanovljavanje jasne i nepristrasne politike zapošljavanja manjinskih akcionara i drugih nosilaca interesa. Dobro korporativno (i za zaposlene koji jesu i za zaposlene koji nijesu članovi porodice) olakšaće upravljanje doprinosi održivom ekonomskom razvoju poboljšanjem porodičnim firmama da zadrže motivisanost i zainteresovanost svojih učinka preduzeća i povećanjem njihovog pristupa spoljnom kapitalu12”. najboljih zaposlenih za rast preduzeća. Takva politika bi uskladila podsticaje za zaposlene sa njihovim učinkom bez obzira na to da li su dio porodice ili ne. Ova definicija se fokusira na tri ključna elementa: 3- Članovi upravnog odbora (upravni odbor) • Usmjeravanje se odnosi na sve odluke koje se tiču određivanja ukupnog strateškog smjera preduzeća kao što su: (i) dugoročne Što se tiče članstva u upravnom odboru, većina porodičnih firmi ovo pravo strateške odluke; (ii) odluke o investiranju velikog obima; (iii) inte- rezerviše za članove porodice, a u malom broju slučajeva za neke direktore gracije i akvizicije i (iv) planiranje sukcesije i imenovanje ključnih od povjerenja koji nijesu članovi porodice. Ova praksa se obično koristi kao visokih rukovodilaca, kao što je generalni direktor preduzeća. način zadržavanja porodične kontrole nad smjerom kojim ide njena firma. I zaista, većinu odluka obično donose članovi upravnog odbora koji su članovi • Kontrola se odnosi na sve aktivnosti potrebne za nadgledanje porodice. U prethodnom primjeru raspodjele dividendi, članovi upravnog učinka rukovodstva i naknadnih aktivnosti oko implementacije odbora iz porodice koji su takođe i direktori u firmi prirodno bi podsticali gore navedenih strateških odluka. reinvestiranje dobiti u preduzeće da bi se povećao njegov potencijal za rast. Nasuprot tome, članovi upravnog odbora iz porodice koji ne rade u firmi • Odnos među glavnim organima upravljanja firme odnosi se na radije bi donijeli odluku o raspodjeli dobiti u vidu dividendi porodičnim interakcije među akcionarima, članovima upravnog odbora i akcionarima. Ovi suprotni stavovi mogu da dovedu do velikih sukoba u direktorima. Važan element svake dobre strukture korporativnog upravnom odboru i da negativno utiču na njegov način funkcionisanja. upravljanja je jasna definicija uloge, dužnosti, prava i očekivanja svakog od ovih organa upravljanja. 4- Članovi porodice (porodica i njene institucije) Sljedeća tri odjeljka ovog Priručnika fokusiraće se na organe Kao što je prethodno pomenuto, članovi porodice mogu da imaju različite upravljanja porodične firme definisanjem uloga, prava i odgovornosti odgovornosti, prava i očekivanja od svoje firme. Ova situacija ponekad akcionara/članova porodice, članova upravnog odbora i direktora. može da dovede do sukoba i problema koji bi mogli da ugroze kontinuitet porodične firme. Jedan od problema koji može da poveća sukobe među članovima porodice jeste nivo pristupa informacijama o preduzeću i U ovom odjeljku je opisano kako se više problema sa kojima se porodične 20 21 njegovim aktivnostima. To može da bude problematično jer članovi koji rade firme suočavaju javlja zbog brojnih uloga koje njihovi članovi mogu da u firmi obično blagovremeno imaju pristup takvim informacijama, dok oni imaju. Ovi problemi, uz neprestane poteškoće sa kojima se suočava svaka firma, otežavaju opstanak porodičnim firmama. To je vjerovatno jedan od razloga za visoku stopu neuspjeha koja se uočava među porodičnim firmama. Naravno, porodične firme mogu da povećaju svoje šanse za opstanak tako što će obratiti naročitu pažnju na svoje upravljanje i uspostavljati neophodne mehanizme koji su potrebni u ovoj oblasti. Neki od ovih mehanizama se razmatraju u sljedećem odjeljku ovog Priručnika. II ODJELJAK: PORODIČNO UPRAVLJANJE Porodični aspekt je ono što razlikuje porodična preduzeća od neporodičnih. Kao posljedica toga, porodica igra presudnu ulogu u upravljanju svojom firmom. Kada je porodica još u početnoj fazi osnivača, može biti vidljivo vrlo malo problema u pogledu porodičnog upravljanja jer većinu odluka donosi osnivač (osnivači) i glas porodice je još uvjek jedinstven. Vremenom, kako porodica prolazi kroz sljedeće faze svog životnog ciklusa, porodičnoj firmi se priključuju novije generacije i više članova. To podrazumijeva različite ideje i mišljenja o tome kako treba voditi firmu i određivati njenu strategiju. Tada postaje obavezno da se uspostavi jasna struktura porodičnog upravljanja koja će uvesti disciplinu među članovima porodice, spriječiti potencijalne sukobe i obezbijediti kontinuitet firme. Struktura porodičnog upravljanja koja dobro funkcioniše uglavnom će imati za cilj: • Saopštavanje porodičnih vrijednosti, misije i dugoročne vizije svim članovima porodice. • Neprekidno informisanje članova porodice (naročito onih koji nijesu uključeni u firmu) o većim poslovnim dostignućima, problemima i strateškim smjerovima. • Saopštavanje pravila i odluka koje bi mogle da utiču na zaposlenje, dividende i druge naknade članova porodice koje oni obično dobijaju od firme. • Uspostavljanje formalnih kanala komunikacije koji članovima po- rodice omogućavaju da razmjenjuju ideje, aspiracije i probleme. • Omogućavanje porodici da se okuplja i donosi sve potrebne odluke. Razvijanje takve strukture upravljanja pomoći će da se izgradi povjerenje među članovima porodice (naročito između onih unutar i izvan firme) i ujedini porodicu povećavajući tako šanse za održivost firme. Glavni sastavni 22 23 djelovi strukture porodičnog upravljanja su: PORODIČNO UPRAVLJANJE • Porodični statut koji jasno navodi porodičnu viziju, misiju, vrijed- 1.1. Politika zapošljavanja članova porodice nosti i politike koji regulišu odnos članova porodice sa firmom. • Porodične institucije koje mogu da imaju različite oblike i svrhe, npr. Jedna veoma važna oblast porodičnog statuta jeste definisanje politika porodična skupština, porodični savjet i drugi porodični odbori. zapošljavanja članova porodice. Mnoge porodične firme koje nijesu ustanovile jasne politike zapošljavanja za svoje članove završavaju sa više 1- Porodični statut zaposlenih iz porodice nego što je preduzeću potrebno. Neki od ovih zaposlenih su čak nepodobni za radna mesta koja su im data u okviru firme. Definicija: Porodični statut naziva se i “porodični kredo”, “porodični Još gore, neke porodične firme se nađu u situaciji da kupuju firme koje protokol”, “izjava o porodičnim principima”, “porodična pravila i vrijednosti”, nemaju nikakve veze sa njihovim prvobitnim poslovanjem ili da zadržavaju “porodična pravila i odredbe”, i “porodični strateški plan”. Porodični statut je neke neprofitabilne linije poslovanja samo da bi se postarale da svi u porodici izjava o principima koji ukratko prikazuju porodičnu posvećenost osnovnim dobiju radno mjesto u okviru preduzeća. vrijednostima, viziji i misiji firme.13 Statut definiše i uloge, sastav i ovlašćenja glavnih organa upravljanja firme: članova porodice/akcionara, rukovodstva Kada uđu u fazu partnerstva braće i sestara, porodice koje se bave biznisom i upravnog odbora. Pored toga, porodični statut definiše odnose između treba da formalizuju politike zapošljavanja svojih članova porodice. To organa upravljanja i kako članovi porodice mogu da smisleno učestvuju u bi iziskivalo postavljanje jasnih pravila o uslovima zapošljavanja članova upravljanju svojom firmom.14 porodice u firmi. Neka od ovih pravila bi jasno iznijela uslove ulaska, ostanka i izlaska iz firme. Politika treba i da obuhvati tretman zaposlenih članova Porodični statut je živ dokument koji evoluira kako nastavljaju da evoluiraju porodice u odnosu na zaposlene koji nijesu članovi porodice. porodica i njena firma. Kao posljedica toga, potrebno je da se statut redovno ažurira da bi odrazio sve promjene u porodici i/ili firmi. Sadržaj politika zapošljavanja članova porodice razlikuje se od jedne porodične firme do druge. Ne postoji nikakav pravi skup pravila koji sve Komponente: Oblik i sadržaj porodičnih statuta razlikuje se od jedne porodične firme moraju da slijede u ovoj oblasti. Na primjer, neke porodice porodične firme do druge zavisno od veličine porodice, faze njenog razvoja potpuno zabranjuju da iko od njihovih članova radi u porodičnoj firmi. i stepena uključenosti članova porodice u firmi. Međutim, tipičan porodični Druge porodice dozvoljavaju svojim članovima da rade u firmi ali im statut obuhvataće sljedeće elemente: nameću određene uslove kao što je minimalan potreban stepen obrazovanja, prethodno radno iskustvo i starosne granice. Prilikom razvijanja svoje • Porodične vrijednosti, izjavu o misiji i viziju politike porodičnog zapošljavanja porodica treba da se fokusira na pravila, • Porodične institucije, uključujući porodičnu skupštinu, porodični uslove i procese koji joj omogućavaju da privuče i motiviše najbolje savjet, odbor za obrazovanje, porodičnu kancelariju, itd. raspoložive stručnjake (bilo iz kruga porodice bilo izvan nje). Takođe je vrlo • Upravni odbor (i savjetodavni odbor ako postoji) važno da se odrede uslovi zapošljavanja koji ne diskriminišu niti favorizuju • Visoko rukovodstvo članove porodice. To bi pomoglo da se uspostavi atmosfera nepristrasnosti i • Nadležnost, odgovornost, i odnos između porodice, odbora i visokog motivacije za sve zaposlene u porodičnoj firmi. rukovodstva • Politike koje se odnose na važna porodična pitanja kao što su Najzad, kada je porodica razvije i dogovori, pismena politika zapošljavanja zapošljavanje članova porodice, prenos akcija, sukcesija generalnog treba da se dostavi svim članovima porodice. To će pomoći da se među svim direktora, itd. članovima porodice uspostave prava očekivanja o porodičnom zapošljavanju. Mada većina porodičnih preduzeća nema formalni statut, ona obično imaju neformalan skup pravila i običaja koji utvrđuju prava, obaveze i očekivanja 24 25 članova porodice i drugih organa upravljanja firme. Kako se veličina porodice povećava, veoma je važno da se sačini pismeni i formalni statut sa kojim se upoznaju organi upravljanja i svi članovi porodice firme. PORODIČNO UPRAVLJANJE (nastavlja se) STUDIJA SLUČAJA BR. 1 3. Kada se zaposle, članovi porodice će se tretirati kao i svi drugi SABIS® - Politika zapošljavanja zaposleni koji nijesu članovi porodice. 4. Nema garancije da će zaposleni iz porodice biti unaprijeđeni članova porodice na najviše rukovodeće položaje samo zato što su dio porodice. 5. Od zaposlenih iz porodice očekuje se da daju primjer u po- SABIS® je međunarodni obrazovni sistem pripreme za više obrazovanje gledu posvećenosti, učinka i ponašanja. sa korijenima u 19. veku. Škole u Školskoj mreži SABIS® pružaju 6. Ne možemo sebi da priuštimo da držimo pojedince, bilo da su karakteristično rigorozno obrazovanje učenicima predškolskog, članovi porodice ili ne, koji ne daju pun doprinos. osnovnog i srednjeg nivoa obrazovanja za pripremu za više obrazovanje. SABIS®-ov jedinstveni obrazovni sistem trenutno se uspješno sprovodi B. Postojanje slobodnog radnog mjesta u 50 škola u 14 zemalja sa 40.000 učenika širom svijeta. SABIS® i njegov tim iskusnih profesionalaca posvećeni su pružanju proizvoda i usluga SABIS® mora da ima raspoloživo mjesto za koje je kvalifikovan član iz oblasti upravljanja obrazovanjem članskoj mreži privatnih i državnih porodice koji podnosi prijavu za posao. SABIS® neće otvarati radno škola. mjesto za nekog člana porodice ukoliko to ne opravdava rast firme, što treba da odluči Upravni odbor. Osim toga, neće biti otpuštani zapos- Prva škola u Školskoj mreži SABIS® osnovana je 1886. godine u leni koji nijesu članovi porodice da bi se napravilo mjesta za članove predgrađu Bejruta u Libanu. Naziv SABIS® je u stvari izveden od prvih porodice. slova prezimena osnivača: porodica Saad i Bistany. U avgustu 2007. godine bilo je 25 članova porodice, a njih 10 je radilo u SABIS®-u. C. Obavezne kvalifikacije Ulaganje IFC-a u SABIS® u 2005. godini odnosilo se na novu SABIS® Međunarodnu školu u Admi u Libanu. SIS-Adma je bila “grinfild” 1. Zahtjevi u pogledu obrazovanja: osnovna i srednja škola projektovana da primi 1.700 učenika. IFC je Za zaposlenje na bilo kom radnom mjestu unutar preduzeća traži uložio 8 miliona dolara u nove objekte koji su postali i glavna škola i se fakultetska diploma (diplomiranog studenta ili viša od ugled- međunarodno sjedište SABIS®-a. IFC je takođe pružao savjete SABIS®-u nog univerziteta koji je odobrio SABIS®). u njegovim naporima da izgradi adekvatnu strukturu upravljanja porodičnom firmom. 2. Spoljno radno iskustvo: Veoma je preporučljivo, mada nije uvek obavezno, uspješno Politika SABIS®-a u pogledu zapošljavanja članova porodice15 radno iskustvo (od 3 do 5 godina) izvan SABIS®-a. Konačnu odluku bi donio Upravni odbor na osnovu procjene i preporuke potpredsjednika Grupe za razvoj organizacije (VP-OD) i pred- A. Filozofija zapošljavanja– sjednika/generalnog direktora. Pokretačka snaga koja stoji iza naših odluka treba da bude najbolji Zaposleni iz porodice koji se pridružuju bez spoljnog iskustva interes organizacije, a ne pojedinačnih članova porodice. proći će kroz “početnu obuku” od oko 6 do 12 mjeseci sa 1. Željeli bismo da privučemo najkvalifikovanije ljude u SABIS®, i sljedećim ciljevima: iz porodice i van nje. a. Da se upoznaju i suoče sa SABIS®-om. 2. Radno mjesto u SABIS®-u nije ni pravo stečeno rođenjem ni b. Da im se pomogne da otkriju ili potvrde svoja stručna 26 27 obaveza za članove porodice. interesovanja. c. Da se pomogne preduzeću da ih procijeni. (nastavlja se) (nastavlja se) PORODIČNO UPRAVLJANJE (nastavlja se) (nastavlja se) 3. Starosna granica: 9- Razlozi za otpuštanje člana porodice obuhvataju duži slab učinak, U skladu sa našom filozofijom zapošljavanja, preduzeće se neprihvatljivo lično ponašanje i sve druge razloge zbog kojih neće smatrati “utočištem” za članove porodice u potrazi za može da bude otpušten i zaposleni koji nije član porodice. poslom. Stoga, u slučaju članova porodice koji traže zaposlenje 10- Ako je preduzeće otpustilo člana porodice, njegovo/njeno u SABIS®-u posle 40 godina starosti, Upravni odbor će prije zapošljavanje se neće ponovo razmatrati. donošenja odluke o njihovoj prijavi ispitati njihovu profesionalnu 11- Ako je član porodice dobrovoljno napustio SABIS®, on/ona karijeru i razloge zašto se nijesu ranije pridružili firmi. može da se vrati da radi u SABIS®-u zavisno od odobrenja Upravnog odbora, ukoliko je slobodno odgovarajuće radno D. Zapošljavanje članova porodice - posebni uslovi mjesto. Ovo bi se generalno ograničilo na samo jedan put. 1- Članovi porodice koji žele da se pridruže SABIS®-u treba da o toj E. Naknada za rad svojoj želji obavijeste predsjednika/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- Članovi porodice će zatim proći kroz standardni proces njihovom radnom mjestu, odgovornosti, kvalifikacijama i učinku i biće razgovora, procjene i selekcije. slični naknadama i primanjima zaposlenih koji nijesu članovi porodice 3- Konačna odluka o zapošljavanju ili odbijanju kandidata iz na istom radnom mjestu i sa sličnim kvalifikacijama. Oni će naknadu porodice je na Upravnom odboru. i primanja dobijati na osnovu toga što su zaposleni a ne na osnovu ak- 4- Kada član porodice postane zaposleni, on/ona će biti tretiran cija koje posjeduju. Kao vlasnici, oni će dobijati naknadu kroz prinos kao svaki drugi zaposleni koji nije član porodice. Zaposleni iz na svoje akcije. porodice će biti obučavan, nadziran, procjenjivan i unapređivan kao i drugi zaposleni. F. Druge politike porodičnog zapošljavanja 5- Zaposleni iz porodice će imati redovne kontrole učinka (putem standardnih kanala) i dobijaće povratne informacije o tome 1. Zapošljavanje rođaka po osnovu braka: kako rade i smjernice o tome kako da poboljšaju svoj učinak. Supružnici članova porodice koji žele da se pridruže SABIS®-u Pored toga, VP–OD Grupe će kontrolisati njihov učinak i radi proći će kroz standardni proces razgovora, procjene i selekcije. eventualnih uputstava ili aktivnosti u pogledu njihovih budućih Konačna odluka o zapošljavanju ili odbijanju supružnika člana planova za karijeru u okviru preduzeća. porodice je na Upravnom odboru, koji bi se sastao bez dotičnog 6- Radi doprinosa razvoju i napredovanju članova porodice, člana porodice i tajno glasao. razradiće se “plan razvoja” za svakog člana porodice koji radi u SABIS®-u. Ovaj plan bi obuhvatio obuku, kontinuirano 2. Odnosi u pogledu nadzora i izvještavanja: obrazovanje, tutorstvo, mentorstvo, posebne projekte i zadatke, Gde god je moguće, članove porodice neće nadzirati drugi rotacije radnih mesta, itd. članovi porodice. To ponekad može da bude neizbježno, naročito 7- U sklopu njihovog upravljanja učinkom i samorazvoja, od u slučaju visokih rukovodećih funkcija; međutim, takve situacije zaposlenih iz porodice će se zatražiti da daju godišnji izvještaj o treba da odobri i prati Upravni odbor. Pored toga, ako oba člana samoocjenjivanju, uključujući i lične razvojne ciljeve za sljedeću jednog bračnog para rade u SABIS®-u, oni ne mogu da rade u godinu. istom sektoru. 28 29 8- U oblasti unaprjeđivanja i napredovanja zaposlenih iz porodice, njihov nadređeni ili rukovodstvo preduzeća će dati preporuku, a (nastavlja se) Upravni odbor donosi konačnu odluku. (nastavlja se) PORODIČNO UPRAVLJANJE (nastavlja se) 2- Institucije porodičnog upravljanja 3. Kratkoročno stažiranje i zapošljavanje preko ljeta: Institucije porodičnog upravljanja pomažu jačanju porodičnog sklada i Mlađi članovi porodice koji pokazuju želju da rade u SABIS®-u odnosa sa njenom firmom. Omogućavanjem članovima porodice da se okupe podsticaće se da prođu kratkoročno stažiranje u organizaciji pod jednom ili više organizovanih struktura, porodične institucije pojačavaju (koje se generalno kreće od nekoliko nedjelja do par mjeseci). komunikacione veze između porodice i njene firme i pružaju mogućnosti Takvo stažiranje ne može da zamijeni obaveznu “početnu obuku” za članove porodice da razmjenjuju informacije i razmatraju aspekte koji kroz koju možda moraju da prođu ako se zaposle u preduzeću u mogu da budu povezani sa firmom ili porodicom. Te organizovane aktivnosti nekoj kasnijoj fazi. pomažu da se poveća razumijevanje i izgradi konsenzus među članovima porodice.  4. Kontinuirano obrazovanje: I na kontinuirano obrazovanje (za sticanje stepena stručnosti) Članovi porodice treba da budu dobro obaviješteni o svrsi i aktivnostima svih i na stručni razvoj (npr. obuku, seminare i konferencije) osnovanih institucija porodičnog upravljanja. Takođe je vrlo važno da članovi primjenjivaće se standardna politika preduzeća. U slučaju porodice prave razliku između uloge ovih institucija i organa upravljanja kontinuiranog obrazovanja, ako bi zaposleni iz porodice htio firme kao što su upravni odbor ili visoko rukovodstvo. To se može postići dodatni finansijski doprinos od strane Porodičnog savjeta razvijanjem pismenih procedura za ove institucije i njihovim dostavljanjem SABIS®-a pored onoga što preduzeće može da obezbijedi svim članovima porodice. zaposlenima, predsjednik/generalni direktor će podnijeti Porodičnom savjetu zahtjev u tom smislu. Porodični savjet će U donjem tekstu je opis nekih institucija porodičnog upravljanja koje bi zatim proučiti zahtjev i prema tome donijeti odluku. mogla da ima porodična firma. Naravno, ne treba ili ne moraju sve porodične firme da osnuju sve ove institucije. Odlučivanje koju vrstu institucije osnovati zavisiće od veličine firme, faze razvoja porodice, broja postojećih članova porodice i stepena uključenosti članova porodice u njihovu firmu. 1.2. Politike u pogledu posjedovanja akcija od strane članova porodice Za neke porodice je presudno da se u najranijim fazama postojanja porodice 2.1. Porodična skupština jasno definišu politike u pogledu posjedovanja akcija. To obično pomaže da Definicija: Nazivana i “porodični forum”, porodična skupština je formalni se uspostave prava očekivanja među članovima porodice u pogledu prava forum za diskusiju o poslovnim i porodičnim pitanjima za sve članove vlasništva nad akcijama, npr. da li se rođacima po osnovu braka i drugim porodice. Tokom faze osnivača firme, porodičnu skupštinu zamjenjuje češći povezanim članovima porodice dozvoljava da posjeduju akcije ili ne. Dobra i neformalni “porodični sastanak”. Ovi neformalni sastanci omogućavaju politika posjedovanja akcija bi takođe definisala mehanizme koji dozvoljavaju osnivaču (osnivačima) da saopštavaju porodične vrijednosti, stvaraju nove članovima porodice da prodaju svoje akcije ako umjesto njih preferiraju poslovne ideje i pripremaju sljedeću generaciju rukovodilaca porodične firme. gotovinu. Zaista, kako se skup akcionara uvećava, većina akcionara će završiti Kako porodica i firma postaju složenije (faze braće i sestara i rođaka), postaje sa manjim procentom akcija preduzeća koje bi donosile niže dividende (ako presudno da se osnuje formalna porodična skupština. preduzeće uopšte isplaćuje dividende). Ta situacija može da stvori negativnu atmosferu među tim manjinskim akcionarima i da dovede do sukoba sa Svrha: Da okupi članove porodice da bi razmišljali o temama od zajedničkog članovima porodice koji primaju platu. Pružanje mogućnosti akcionarima da interesa (pitanja porodice i porodične firme). Porodična skupština pretvore svoje akcije u gotovinu moglo bi da pomogne da se izbjegnu mnogi omogućava svim članovima porodice da se neprekidno informišu o sukobi i povećaju šanse firme za opstanak. Neke porodične firme osnivaju poslovnim pitanjima i daje im mogućnost da iskažu svoja mišljenja o razvoju 30 31 fond za otkup akcija kako bi otkupile sve akcije koje bi članovi porodice željeli poslovanja i drugim porodičnim pitanjima. Ove skupštine pomažu da se da pretvore u gotovinu. Fond se obično finansira ulaganjem malog procenta izbjegnu potencijalni sukobi koji bi mogli da se pojave među članovima dobiti u njega svake godine. PORODIČNO UPRAVLJANJE porodice zbog neravnopravnog pristupa informacijama i drugim resursima. • Da pravi nacrte i revidira porodične politike kao što su politike Porodične skupštine se obično održavaju otprilike jednom ili dvaput godišnje porodičnog zapošljavanja, naknada za rad i posjedovanja akcija od da bi se razmatrala i rješavala pitanja od interesa za porodicu. Neka od pitanja strane članova porodice. koja se tretiraju tokom porodičnih skupština obuhvataju: • Bavljenje drugim važnim pitanjima za porodicu. • Odobravanje svih promjena porodičnih vrijednosti i vizije. Članstvo: Baš kao i svaki odbor koji dobro fukcioniše, porodični savjet • Informisanje članova porodice o njihovim pravima i odgovornostima. treba da ima praktičnu veličinu tj. od 5 do 9 članova. Te članove obično bira • Odobravanje politika porodičnog zapošljavanja i naknada za rad. porodična skupština uzimajući u obzir njihove kvalifikacije i raspoloživost • Izbor članova porodičnog savjeta (ako taj savjet postoji). da obavljaju dužnosti savjeta. Neke porodice nameću određena ograničenja • Izbor članova drugih porodičnih odbora. u pogledu članstva u savjetu kao što su starosne granice i zahtevi u pogledu • Druga važna porodična pitanja. iskustva i izbjegavanje učešća rođaka po osnovu braka i članova porodice koji rade i u upravnom odboru ili su dio visokog rukovodstva preduzeća. Jedna od Članstvo: Po pravilu, porodične skupštine su otvorene za sve članove dobrih praksi je da se odredi ograničeni broj uslova za članstvo u savjetu da porodice. Međutim, neke porodice postavljaju određena ograničenja bi se omogućilo većem broju članova porodice da budu dio savjeta i stvorilo na članstvo kao što su minimalne starosne granice, učešće rođaka po osjećanje nepristrasnosti i jednakih mogućnosti unutar porodice. osnovu braka i prava glasa tokom skupštine. Zakazivanje i predsjedavanje porodičnom skupštinom obično vrši glava porodice ili neka druga cijenjena Porodični savjet treba da ima predsjednika kojeg takođe imenuje porodična osoba iz porodice. U većim porodicama ovaj zadatak se obično daje skupština. Predsjednik upravlja radom savjeta i glavna je osoba za kontakt za porodičnom savjetu. porodicu. Dobra je praksa i da se imenuje sekretar savjeta koji vodi zapisnike sa sastanaka i stavlja ih na raspolaganje porodici. Zavisno od složenosti 2.2. Porodični savjet problema sa kojima se suočava porodica, savjet bi se sastajao od 2 do 6 puta godišnje. Odluke se obično usvajaju većinom glasova članova savjeta. Definicija: Nazivan i “porodični nadzorni odbor”, “unutrašnji savjet” i “porodični izvršni odbor”, porodični savjet je radni organ upravljanja koji Sljedeća tabela daje kratak prikaz glavnih razlika između porodičnog bira porodična skupština među svojim članovima da raspravlja o pitanjima sastanka, porodične skupštine i porodičnog savjeta: porodične firme. Savjet se obično osniva kada porodica dostigne kritičnu veličinu, tj. više od 30 članova. U toj situaciji postaje vrlo teško da porodična Porodični Porodična Porodični skupština vodi smislene rasprave i donosi brze i kompetentne odluke. U tom sastanak skupština savjet trenutku se osniva porodični savjet kao reprezentativni organ upravljanja za porodičnu skupštinu u koordinisanju interesa članova porodice u njihovoj Faza Osnivač(i) Partnerstvo braće i Partnerstvo braće i firmi. sestara/ sestara/ Savez rođaka Savez rođaka Svrha: Sastav, struktura i funkcionisanje porodičnih savjeta razlikuju se od Status Obično neformalan Formalna Formalan jedne porodične firme do druge. Međutim, dužnosti tipičnog porodičnog savjeta bi obuhvatale:16 Članstvo Obično otvoren Obično otvorena Članovi porodice za sve članove za sve članove koje je izabrala porodice. porodice. Porodica porodična • Da bude primarna veza između porodice, upravnog odbora i visokog Osnivač(i) bi mogli bi mogla da skupština. Porodica rukovodstva. da odrede dopunske odredi dopunske definiše kriterijume • Da predlaže i razmatra imena kandidata za članstvo u upravnom kriterijume za kriterijume za selekcije. 32 33 odboru. članstvo. članstvo. • Da pravi nacrte i revidira porodične dokumente sa stavovima o (nastavlja se) njenoj viziji, misiji i vrijednostima. PORODIČNO UPRAVLJANJE (nastavlja se) Članstvo: Porodična kancelarija je sasvim odvojeno poslovanje od firme mada nekoliko njenih članova može da radi i u firmi. Kancelarija obično Porodični Porodična Porodični ima stručne menadžere koji prate investicije, poštovanje poreskih propisa, sastanak skupština savet osiguranje, finansijsko planiranje i unutarporodične transakcije kao što su Veličina Mali broj članova Zavisi od veličine Zavisi od poklanjanja akcija i planovi nasljeđivanja imovine.17 jer je porodica još porodice i kriterijuma u fazi osnivača. kriterijuma za postavljenih za 2.4. Druge porodične institucije Obično 6-12 članstvo. članstvo. članova porodice. Idealno 5-9 članova. Za porodice u biznisu može da bude korisno da razvijaju druge vrste institucija koje obuhvataju oblasti od naročitog interesa za njih. Neke od tih Broj Zavisi od faze 1-2 puta godišnje. 2-6 puta godišnje. sastanaka razvoja firme. Kada institucija su:18 firma brzo raste, mogu da budu čak i - Odbor za obrazovanje: Ovaj odbor je odgovoran za njegovanje ljudskog jednom nedjeljno. kapitala porodice i njegovog kapaciteta da djelotvorno sarađuje u zadacima upravljanja. Odbor za obrazovanje predviđa razvojne potrebe članova Glavne • Saopštavanje • Razmatranje i • Rješavanje sukoba. porodice i organizuje obrazovne skupove i aktivnosti za njih. Na primer, ovaj aktivnosti porodičnih saopštavanje ideja, • Razvoj važnijih vrijednosti i vizije. neslaganja i vizije. odbor bi mogao da organizuje seminar iz računovodstva za članove porodice politika i da im pomogne da čitaju i razumiju finansijske izvještaje svog preduzeća. • Razmatranje i • Odobravanje procedura vezanih stvaranje novih važnijih politika i za porodicu. poslovnih ideja. procedura vezanih - Odbor za otkup akcija: Ovaj odbor je pod nadzorom porodičnog savjeta i • Planiranje. za porodicu. upravlja osnovanim fondom za akcionare koji žele da unovče svoje akcije po • Priprema sljedećeg • Obrazovanje. (sljedećih) • Obavještavanje poštenoj cijeni da bi se sa tim novcem bavili drugim aktivnostima. Fond se • Koordinacija rada obično formira ulaganjem izvjesnog procenta dobiti preduzeća u isti svake rukovodilaca članova porodice sa rukovodstvom godine. firme. o poslovnim i upravnim pitanjima. odborom i • Izbor članova - Odbor za planiranje karijere: Služi za ustanovljavanje i nadziranje politika nalaženje porodičnog saveta ravnoteže između ulaska za članove porodice koji su zainteresovani da se pridruže porodičnoj i drugih odbora. firme i porodice. firmi. Ovaj odbor pomaže i praćenje karijera članova porodice, pruža mentorske usluge u pogledu karijere i stalno informiše akcionare i porodični savjet o njihovom razvoju. Odbor za planiranje karijere takođe može da bude 2.3. Porodična kancelarija vrlo koristan i oko savjetovanja članova porodice koji se odluče da ne rade u porodičnoj firmi o njihovim karijerama u drugim firmama. Definicija: Porodična kancelarija je investicioni i administrativni centar kojeg organizuje i nadzire porodični savjet. Porodične kancelarije su obično vrlo - Odbor za okupljanje porodice i rekreaciju: Svrha ovog odbora je da planira česte u velikim i bogatim porodicama u biznisu čiji članovi izražavaju potrebu zabavne i druge skupove da bi okupio članove porodice oko rekreativnih da dobijaju lične finansijske, bankarske, računovodstvene i druge savjete. aktivnosti. Odbor takođe organizuje godišnja porodična okupljanja osmišljena da njeguju odnose među rođacima u porodici pružanjem Svrha: Da daje savjete o planiranju ličnog investiranja, porezima, osiguranju, mogućnosti da se okupe i uživaju u međusobnom društvu. planiranju nasleđivanja imovine, karijeri i drugim temama od interesa za 34 35 pojedinačne članove porodice. PORODIČNO UPRAVLJANJE (nastavlja se) STUDIJA SLUČAJA BR. 2 3. Savjet za razvoj članova porodice koji rade u preduzeću Carvajal Grupa a. Cilj Savjeta za razvoj b. Sastav Savjeta za razvoj Porodični protokol - Sadržaj c. Funkcije Savjeta 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 Porodične fondacije Carvajal Grupa posluje u 12 različitih sektora od kojih su najveći: 2. Upravni odbor Porodične fondacije proizvodnja papira i papirnih proizvoda; školski i kancelarijski 3. Predsjednik Porodične fondacije materijal; telefonski imenici; izdavački i urednički poslovi; kao i plastična i papirna ambalaža. D. Institucije preduzeća 1. Skupština akcionara Carvajal Grupu je 1904. godine u Kaliju u Kolumbiji osnovao a. Cilj Skupštine akcionara Manuel Carvajal Valencia koji je osnovao štamparsko preduzeće pod b. Odluke Skupštine akcionara nazivom “La Imprenta Comercial”. Vremenom se preduzeće proširilo 2. Upravni odbor na druge djelatnosti i regione da bi postalo jedna od najuglednijih a. Cilj Upravnog odbora multinacionalnih firmi Latinske Amerike. b. Sastav Upravnog odbora c. Predsjednik Upravnog odbora Dvije investicije IFC-a u Carvajal Grupu 2004. i 2006. godine imale E. Rukovodstvo preduzeća su svrhu da podržavaju Grupu u njenim strateškim planovima i 1. Generalni direktor preduzeća planovima modernizacije. Posljednja investicija IFC-a u Carvajal a. Imenovanje generalnog direktora preduzeća Grupu odnosi se na rekonstrukciju i modernizaciju informacionih sistema Grupe. IFC je takođe davala savjete Carvajal Grupi u oblasti F. Politike posjedovanja akcija korporativnog upravljanja. 1. Prodaja akcija a. Pravo preče kupovine Sadržaj Porodičnog protokola Carvajal Grupe19 b. Uslovi prodaje 2. Zalozi na akcije A. Cilj Porodičnog protokola 3. Izdavanja akcija 1. Integritet preduzeća Carvajal 4. Rezervni fond 2. Jedinstvo porodice Carvajal a. Cilj Rezervnog fonda b. Upravni odbor Rezervnog fonda B. Porodične institucije 5. Sukobi interesa 1. Porodična skupština a. Ulaganje u druga preduzeća a. Cilj porodične skupštine b. Transakcije sa preduzećem b. Funkcije porodične skupštine c. Druge aktivnosti 2. Porodični savjet a. Cilj Porodičnog savjeta b. Sastav Porodičnog savjeta 36 37 c. Funkcije Porodičnog savjeta d. Odluke Porodičnog savjeta (nastavlja se) e. Učestalost sastanaka Porodičnog savjeta (nastavlja se) (nastavlja se) G. Zapošljavanje članova porodice III ODJELJAK: 1. Ulazak u firmu 2. Odgovornosti 3. Naknada za rad 4. Procjena za razvoj 5. Penzionisanje UPRAVNI ODBOR U PORODIČNOJ FIRMI H. Socijalna dividenda (Subvencije za članove porodice) 1. Cilj socijalne dividende 2. Komponente socijalne dividende Upravni odbor je centralna institucija u upravljanju većinom preduzeća, 3. Regulisanje socijalne dividende uključujući i porodična. Uloga, struktura i sastav upravnog odbora variraju od jedne porodične firme do druge. Oni su obično determinisani veličinom i I. Porodične aktivnosti složenošću firme i zrelošću porodice koja je njen vlasnik. 1. Društveni sastanci 2. Informativni sastanci Tokom prvih godina njihovog postojanja većina porodičnih firmi formira 3. Saopštavanje upravni odbor radi poštovanja zakonskih zahtjeva. Poznat kao “odbor na 4. Istorijat preduzeća papiru”, njegova svrha obično se ograničava na odobravanje finansijskih J. Odnosi sa javnošću izvještaja preduzeća, dividendi i drugih procedura za koje je po zakonu potrebno odobrenje upravnog odbora. Ovi odbori se obično sastaju otprilike K. Supervizor Porodičnog protokola jednom ili dvaput godišnje (zavisno od lokalne regulative), a njihovi sastanci 1. Cilj supervizora traju vrlo kratko. Upravni odbor je u ovom slučaju generalno sastavljen 2. Imenovanje supervizora isključivo od članova porodice i - u nekim slučajevima - malog broja visokih 3. Funkcije supervizora rukovodilaca od povjerenja koji nijesu članovi porodice. Takođe je vrlo uobičajno vidjeti iste osobe da rade kao direktori i članovi upravnog odbora, L. Sekretar Porodičnog savjeta a uz to su vlasnici preduzeća. Takva struktura upravljanja ne daje veliku 1. Cilj sekretara Porodičnog savjeta vrijednost porodičnoj firmi jer bi svaki element ove strukture (upravni odbor, 2. Imenovanje sekretara Porodičnog savjeta rukovodstvo i porodica) mogao da igra aktivniju i konstruktivniju ulogu u 3. Funkcije sekretara Porodičnog savjeta okviru upravljanja preduzećem. Kao posljedica toga uloge su pomiješane, eventualno dovodeći do sukoba i neefikasnosti u nadgledanju preduzeća i M. Rješavanje sukoba njegovog strateškog odlučivanja. N. Ažuriranje Porodičnog protokola Kako porodična firma postaje složenija, postaje neophodno oslanjati se O. Definicije na upravni odbor da igra aktivnu ulogu u važnijim pitanjima kao što je određivanje strategije preduzeća i kontrola učinka njegovog rukovodstva. Ovi zadaci zahtijevaju da se upravni odbor češće sastaje i da ima potrebnu stručnost i nezavisnost da se suprotstavlja rukovodstvu preduzeća. To se dešava kada upravni odbor porodične firme postane organizovaniji, dobro 38 39 fokusiran i otvoren za spoljne nezavisne članove upravnog odbora. UPRAVNI ODBOR U PORODIČNOJ FIRMI Prije prelaska na potpuno profesionalan upravni odbor koji ima sposobnost što su finansije, marketing i međunarodna tržišta. Oni takođe obezbjeđuju da djeluje u najboljem interesu firme, nezavisno od rukovodstva i kontrolnih stručnost i iskustvo kada porodična firma prelazi u nove djelatnosti ili zemlje. akcionara, mnoge porodične firme osnivaju savjetodavni odbor koji Savjetodavni odbor obično se sastaje 3 do 4 puta godišnje zavisno od veličine dopunjava vještine i kvalifikacije njihovih aktuelnih članova upravnog porodične firme i složenosti poslovanja. Generalni direktor i nekoliko visokih odbora. U tom slučaju, savjetodavni odbor tijesno sarađuje sa upravnim rukovodilaca iz porodične firme takođe mogu da budu dio savjetodavnog odborom i visokim rukovodstvom preduzeća na rješavanju svih ključnih odbora da bi koordinisali i usmjeravali diskusije na sastancima prema strateških problema sa kojima se firma suočava. potrebama preduzeća. 1- Savjetodavni odbori Da bi se obezbijedila objektivnost članova savjetodavnog odbora, sljedeće osobe ne treba da budu dio ovog odbora:21 1.1. Definicija i uloga savjetodavnog odbora • Dobavljači ili prodavci preduzeća. Savjetodavni odbor je grupa iskusnih i cijenjenih osoba koje formiraju • Prijatelji vlasnika koji nemaju da ponude nikakvu bitnu stručnost. mnoge porodične firme kada su njihovi sopstveni upravni odbori sastavljeni • Postojeći pružaoci usluga preduzeću (npr. bankari, advokati, eksterni samo od članova porodice i visokih rukovodilaca preduzeća. U tom slučaju, revizori, konsultanti) jer se njihovi savjeti već obezbjeđuju u drugim upravnom odboru bi mogla nedostajati stručnost i spoljni ugao gledanja u oblicima a njihova objektivnost i nezavisnost bi mogla da bude određenim strateškim oblastima kao što su marketing, finansije, upravljanje sporna jer rade za preduzeće i ono ih plaća. ljudskim resursima i međunarodna tržišta. Prema tome, tada se formira • Osobe koje imaju sukob interesa u tome da budu savjetnici savjetodavni odbor da nadoknadi nedostatke upravnog odbora a da porodica preduzeća. ne razvodnjava kontrolu nad odlučivanjem ili da mora da dijeli informacije • Osobe koje su već previše angažovane i ne bi mogle da pravilno sa spoljnim licima. Savjetodavni odbor može da doda vrijednost porodičnoj obavljaju svoje uloge kao članovi savjetodavnog odbora. firmi i putem poslovnih veza koje bi mogli da imaju njegovi članovi.20 1.3. Prednosti i mane savjetodavnih odbora Savjetodavni odbor se često smatra “kompromisnim rješenjem” između upravnog odbora kojim dominira porodica i slobodnijeg odbora. Mnoge Sljedeća tabela rezimira neke ključne prednosti i mane savjetodavnih porodične firme prepoznaju potrebu za nezavisnim odborom ali im takođe odbora:22 smeta da dijele osjetljive informacije o preduzeću i moć odlučivanja sa grupom spoljnih lica. Te porodične firme se obično opredjeljuju za formiranje savjetodavnih odbora kao načina dobijanja spoljnog savjeta i stručnog mišljenja dok zadržavaju kontrolu nad pravim upravnim odborom preduzeća. Vremenom, i kada porodica bude vidjela dodatu vrijednost savjetodavnog odbora, neki od njegovih članova često se pozivaju da uđu u upravni odbor preduzeća. 1.2. Sastav savjetodavnog odbora Najpraktičnija veličina za savjetodavni odbor je od 3 do 7 članova. Zadržavanje male veličine ovog odbora pomoći će da se održi njegova djelotvornost i omogućiće njegovim članovima da jasno saopštavaju svoje 40 41 ideje ostalim članovima grupe. Članovi savjetodavnog odbora su obično stručnjaci u oblasti djelatnosti i tržišta porodične firme ili drugih oblasti kao UPRAVNI ODBOR U PORODIČNOJ FIRMI 2- Upravni odbor Savjetodavni odbor 2.1. Uloga upravnog odbora Prednosti • Njegovi članovi nemaju zakonsku odgovornost; to smanjuje troškove preduzeća (nije potrebno Osnovne uloge upravnog odbora koji dobro funkcioniše jesu da određuje osiguranje) i olakšava angažovanje članova (jer ukupnu strategiju firme; nadgleda učinak rukovodstva i obezbjeđuje da bude članstvo nije tako rizično kao kada su dio upravnog uspostavljena odgovarajuća struktura korporativnog upravljanja, uključujući odbora preduzeća). i jak ambijent kontrole, dovoljne nivoe objelodanjivanja i adekvatan me- hanizam zaštite manjinskih akcionara. Količina vremena i napora koje up- • Može da obezbijedi preduzeću dodatne vještine, ravni odbor posvećuje svakoj od ovih oblasti zavisiće od veličine i složenosti tehničku stručnost i znanje koji nijesu raspoloživi na porodične firme. Na primjer, preduzeću sa malo akcionara, jednostavnim sadašnjim nivoima rukovodstva i upravnog odbora. poslovnim procesima, efikasnim internim kontrolama i visokim nivoom uključenosti njegovih vlasnika u poslovanje bilo bi potrebno da se njegov up- • Njegovi savjeti su obično nepristrasni. ravni odbor više fokusira na strategiju i pitanja dugoročnog planiranja. • Njegovi članovi mogu da pruže nove kontakte koji Upravni odbor preduzeća u porodičnom vlasništvu treba da pruži dodatnu mogu da dovedu do dodatne prodaje ili izvora vrijednost toj firmi i da ne ponavlja aktivnosti kojima se već bave drugi kapitala. organi preduzeća. Na primjer, upravni odbor treba da usmjerava, ali da ne Mane • Savjetodavni odbor funkcioniše kao grupa stručnjaka učestvuje u svakodnevnom upravljanju preduzeća jer je to u osnovi zadatak čije savjete preduzeće ne slijedi sistematski. Kao rukovodstva preduzeća. Osim toga, članovi upravnog odbora treba da posljedica toga, savjetodavni odbor ne bi mogao da se imaju potrebne resurse i slobodu da nadgledaju i osporavaju odluke i druge shvata tako ozbiljno kao pravi upravni odbor. aktivnosti rukovodstva i/ili članova porodice. • Savjetodavni odbor nema nadležnost da zahtijeva Pored strategije i nadzora, neki od glavnih zadataka koji se dodjeljuju informacije od rukovodstva pa se njegove preporuke upravnom odboru obuhvataju:23 mogu zasnivati samo na onome što je rukovodstvo spremno da podijeli sa njegovim članovima. • Obezbjeđenje sukcesije visokog rukovodstva. • Obezbjeđenje raspoloživosti finansijskih resursa. • Članovi savjetodavnog odbora imaju malo ili nimalo • Obezbjeđenje adekvatnosti internih kontrola i sistema za upravljanje uticaja na strategiju i nadgledanje učinka rukovodstva. rizikom preduzeća. • Izvještavanje vlasnika i drugih zainteresovanih strana. • Nepostojanje zakonske odgovornosti čini da je članove savjetodavnog odbora teško smatrati odgovornima za 2.2. Sastav upravnog odbora njihove savjete. Sastav i veličina upravnog odbora zavisiće od veličine i složenosti poslovanja • Neki članovi savjetodavnog odbora mogli bi da ne preduzeća. Iako ne postoji jednostavna formula za utvrđivanje pravog shvataju svoju ulogu ozbiljno i da se ne pripremaju i ne broja članova upravnog odbora za sve porodične firme, najbolja praksa daju potreban doprinos kao što bi to činili kao članovi preporučuje da se ima praktična veličina upravnog odbora tj. 5 do 9 članova. pravog upravnog odbora. Prednosti manje veličine upravnog odbora obuhvataju: povećanu efikasnost 42 43 jer će članovi upravnog odbora imati bolje mogućnosti da komuniciraju, da saslušaju jedan drugog i da diskusije drže u okviru teme. Pored toga, organizovati sastanke odbora i postizati kvorum je lakše za manju grupu nego za veću. UPRAVNI ODBOR U PORODIČNOJ FIRMI Pri izboru svojih članova upravnog odbora, preduzeća u porodičnom • Pažljivo prouče sve značajne informacije koje su im dostupne prije vlasništvu treba da se fokusiraju na osobe koje će dodati vrijednost firmi donošenja bilo kakvih odluka. i obezbijediti sve potrebne vještine u oblastima strategije i/ili nadzora • Postupaju marljivo i kompetentno. rukovodstva i poslovanja. Osim toga, uspješan izbor članova upravnog • Donose odluke na osnovu dobre obaviještenosti i promišljenosti. odbora fokusira se na njihov potencijalan doprinos preduzeću a ne na to da • Redovno prisustvuju sastancima upravnog odbora, da dolaze li pripadaju porodici ili ne. U stvarnosti, porodične firme imaju tendenciju pripremljeni na te sastanke i da aktivno učestvuju na njima (ovaj dio da imaju upravne odbore koje gotovo potpuno čine članovi porodice. Koristi obaveze pažljivog postupanja naziva se i “obaveza pažnje” ili “obaveza od posjedovanja odbora koji djeluje nezavisno od rukovodstva i kontrolnih poslušnosti”). akcionara razmatraće se u odjeljku III-3 dalje u donjem tekstu. - Obaveza lojalnosti: U obavljanju svojih dužnosti, članovi upravnog odbora Sljedeća tabela rezimira neke od karakteristika koje treba da posjeduju dobri moraju da budu lojalni preduzeću, stavljajući tu lojalnost ispred svih drugih članovi upravnog odbora: interesa. Članovi upravnog odbora ne mogu da imaju ličnu korist od bilo koje aktivnosti preduzete u ime preduzeća. Prema obavezi lojalnosti članovi upravnog odbora moraju da: Lične karakteristike Stručne kvalifikacije • Stavljaju interese preduzeća iznad svih ličnih ili drugih interesa. • Lični integritet i odgovornost • Iskustvo u privrednoj grani • Odmah objelodane sve sukobe interesa ostalim članovima upravnog • Sposobnost za timski rad • Pravilno poslovno rasuđivanje odbora. • Dobre vještine komunikacije • Stručnost i vještine u • Da se uzdrže od glasanja o pitanjima koja bi mogla da uključe lični • Liderske vještine relevantnim oblastima (koje sukob interesa. • Solidne analitičke vještine treba da definiše preduzeće). • Hrabrost, samopouzdanje i One bi mogle da obuhvate: 3- Nezavisni članovi upravnog odbora sposobnost da se suprotstavi strategiju; marketing; pravo; drugim članovima upravnog finansije i računovodstvo; 3.1. Važnost nezavisnih članova upravnog odbora odbora, članovima porodice i upravljanje rizikom i internu visokom rukovodstvu kontrolu; ljudske resurse i Osnivanje jakog i nezavisnog upravnog odbora je mudra odluka koju većina korporativno upravljanje porodica u biznisu donosi kada poslovanje njihovog preduzeća dostigne • Korisne veze i kontakte kritičnu veličinu i složenost. Istraživanje sprovedeno u Sjedinjenim Državama koje je obuhvatilo više od 80 preduzeća u porodičnom vlasništvu koje vodi treća ili kasnija generacija pokazalo je da je postojanje aktivnog i eksternog 2.3. Obaveze članova upravnog odbora upravnog odbora (koji ne kontroliše porodica) bilo najpresudniji element u opstanku i uspjehu ovih preduzeća.25 Članove upravnog odbora biraju akcionari preduzeća i od njih se očekuje da djeluju u najboljem interesu preduzeća i da pritom pažljivo postupaju. Slijede Međutim, u stvarnosti, kada se radi o članstvu u upravnom odboru, većina glavne obaveze članova upravnog odbora:24 porodičnih firmi zadržava ovo pravo za članove porodice, a u malom broju slučajeva za neke direktore od povjerenja koji nijesu članovi porodice. Ova - Obaveza pažljivog postupanja: Prije donošenja neke odluke, članovi praksa se uglavnom koristi kao način zadržavanja porodične kontrole nad upravnog odbora moraju da postupaju na razuman način i da savjesno ulažu smjerom kojim ide njena firma. Nažalost, odsustvo spoljnih nezavisnih napore da analiziraju i razmotre sve relevantne i značajne informacije koje članova upravnog odbora moglo bi da oteža upravnom odboru porodične 44 45 su im dostupne za razmatranje. Prema obavezi pažljivog postupanja članovi firme da stekne znanje i stručnost koji mu nedostaju. Zaista nezavisni upravnog odbora moraju da: članovi upravnog odbora takođe će osporavati razmišljanje porodice i dodati više discipline sastancima upravnog odbora. Pored toga, prisustvo UPRAVNI ODBOR U PORODIČNOJ FIRMI nezavisnih članova upravnog odbora tokom sastanaka odbora odvraćaće članove porodice od gubljenja dragocjenog vremena na porodične probleme Orijentaciona definicija i umjesto toga koncentrisaće se na poslovnu strategiju i nadzor. Najzad, nezavisni članovi upravnog odbora mogu i da igraju ulogu “amortizera” nezavisnog člana upravnog odbora27 između različitih članova porodice u slučaju da ovi imaju oprečne stavove o poslovnim pitanjima. “Nezavisni član upravnog odbora” znači član upravnog odbora koji je lice koje: Neke od prednosti uključivanja nezavisnih članova upravnog odbora 1- u proteklih pet godina nije bilo zaposleno od strane preduzeća ili obuhvataju:26 njegovih povezanih lica; 2- nije savjetnik ili konsultant preduzeća ili njegovih povezanih lica i • Unošenje spoljnog ugla gledanja na strategiju i kontrolu. nije povezan sa preduzećem koje je to isto; • Dodavanje novih vještina i znanja koje možda ne bi bile dostupne 3- nije udružen sa značajnim kupcem ili dobavljačem preduzeća ili unutar firme. njegovim povezanim licima; • Unošenje mišljenja koje je nezavisno od porodice i objektivno. • Činjenje odluka o zapošljavanju i unapređenju nezavisnim od 4- nema lične ugovore o vršenju usluga sa preduzećem, njegovim porodičnih veza. povezanim licima ili visokim rukovodstvom; • Djelovanje kao element uravnoteženja između različitih članova po- 5- nije udružen sa neprofitnom organizacijom koja dobija značajna rodice a u nekim slučajevima služe kao objektivne sudije kod nespo- sredstva od preduzeća ili njegovih povezanih lica; razuma među direktorima koji su članovi porodice. 6- nije zaposlen kao rukovodilac nekog drugog preduzeća u kojem • Izvlačenje koristi od njihovih poslovnih i drugih kontakata i veza. bilo koji rukovodioci ovog preduzeća rade u upravnom odboru tog preduzeća; 3.2. Definicija nezavisnosti člana upravnog odbora 7- nije član uže porodice osobe koja je zaposlena ili je tokom proteklih pet godina bila zaposlena od strane preduzeća ili njegovih Definicija nezavisnosti člana upravnog odbora razlikuje se od tržišta do povezanih lica kao direktor; tržišta; međutim, njene glavne komponente ostaju iste. Opšti princip je da 8- nije niti je u proteklih pet godina bio udružen sa sadašnjim ili nezavisni član upravnog odbora treba da bude bez veza sa rukovodstvom, bivšim revizorom preduzeća ili povezanog lica ili zaposlen od kontrolorima (iz porodice) i drugima koji bi mogli da utiču na njegovo/njeno strane istog i mišljenje. Slijedi definicija nezavisnih članova upravnog odbora prema IFC-u: 9- nije kontrolno lice preduzeća (ili član grupe osoba i/ili entiteta koje kolektivno vrše efektivnu kontrolu nad preduzećem) ili brat, sestra, roditelj, baba/đed, dijete, brat/sestra od strica/ujaka/tetke, tetka/ strina/ujna, stric/ujak/tetak, bratanac/sestrić ili bratanica/sestričina takvog lica ili supružnik, udovac/udovica, rođak po osnovu braka, nasljednik, primalac zavještanja i sledbenik bilo koga od prethodno pomenutih (ili bilo kojeg fonda ili sličnog aranžmana čiji su isključivi nasljednici bilo koja od takvih lica ili kombinacija istih) ili izvršilac testamenta, upravitelj imovine ili lični predstavnik bilo kog lica opisanog u ovom podstavu koje je preminulo ili nema pravnu sposobnost, 46 47 (nastavlja se) (nastavlja se) i za potrebe ove definicije, smatra se da je osoba “udružena” sa nekim licem ako takva osoba: (i) ima direktan ili indirektan vlasnički udio u njemu; ili je (ii) zaposlena od strane takvog lica; “povezano lice” znači, u pogledu preduzeća, bilo koja osoba ili entitet koji kontroliše preduzeće, koje je kontrolisano od strane preduzeća ili je pod IV ODJELJAK: zajedničkom kontrolom sa preduzećem. VISOKO RUKOVODSTVO U PORODIČNOJ FIRMI Visoki rukovodioci su suštinski važan dio strukture upravljanja porodičnim firmama i njihov kvalitet direktno utiče na uspješnost preduzeća i bogatstvo porodice. Visoki rukovodioci su zaduženi za realizaciju strateškog smjera koji je postavio upravni odbor i za upravljanje svakodnevnim poslovanjem preduzeća. Posjedovanje pravih direktora na čelu preduzeća je ključan element uspjeha porodične firme. 1- Direktori iz porodice nasuprot direktorima koji nijesu članovi porodice Tokom prvih godina njihovog postojanja, porodične firme obično vodi i njima upravlja osnivač (osnivači). Njihova struktura upravljanja može ostati prilično neformalna, a moć odlučivanja je koncentrisana u rukama osnivača i malog broja bliskih rođaka. Ova struktura upravljanja obično dobro funkcioniše tokom rane faze razvoja preduzeća. Glavni razlog za uspjeh porodične firme u ovoj fazi obično je motivisan i vrijedan osnivač (osnivači). Kako preduzeće raste i kako njegovo poslovanje postaje složenije, postaju neophodni formalnija struktura upravljanja, decentralizovan proces odlučivanja i kvalifikovan organ upravljanja da se bavi složenošću firme i izazovnijim svakodnevnim poslovima. Nažalost, mnoge porodične firme ignorišu potrebu za profesionalizacijom svoje firme i drže visoke rukovodeće položaje isključivo za članove porodice. Mada su mnogi od ovih članova porodice vješti direktori koji dodaju vrijednost svojoj firmi, oni često nijesu kvalifikovani da vrše takve dužnosti. Čak i u slučajevima u kojima su svi članovi porodice dobri direktori, oni nemaju uvjek specijalizovane vještine 48 49 i stručnost koje iziskuje složenije preduzeće koje raste. Uspješne porodice u biznisu shvataju da na duži rok neki članovi porodice treba da odstupe i da ih zamijene stručnija i kvalifikovanija spoljna lica. VISOKO RUKOVODSTVO U PORODIČNOJ FIRMI Obezbjeđivanje da preduzeće u porodičnom vlasništvu ima prave visoke (nastavlja se) rukovodioce je proces koji treba da počne rano, čak već tokom faze osnivača porodične firme. Neki od koraka ovog procesa su: Pitanje Preduzeća u kojima Preduzeća u kojima porodica ima prednost firma ima prednost • Analiziranje organizacione strukture i upoređivanje sadašnjih i optimalnih uloga i odgovornosti (u poređenju sa sličnim Naknada Jednaka plata za sve. Svako Naknada se zasniva na učinku preduzećima) svakog visokog rukovodioca. za rad je jednako plaćen bez i odgovornosti. Naknada se obzira na svoje iskustvo i zasniva na mjerama tržišta • Osmišljavanje formalne organizacione strukture koja jasno definiše doprinos firmi. Očekuje se i privredne grane a ne na uloge i odgovornosti svih visokih rukovodilaca. To treba da se zasniva da sposobni članovi porodice potrebama porodice. Jasno na sadašnjim i budućim potrebama poslovanja. brinu (putem naknade za se saopštavaju i razumiju • Procjenjivanje vještina i kvalifikacija sadašnjeg visokog rukovodstva rad, drugih naknada itd.) o odgovornosti i odnosi u na osnovu nove organizacione strukture. svojoj manje sposobnoj braći, pogledu izvještavanja. Dobri • Zamjena i/ili zapošljavanje visokih rukovodilaca. sestrama ili rođacima. radnici su visoko plaćeni. • Decentralizovanje procesa odlučivanja i nivoa odobravanja po Članovi porodice mogu da potrebi. Ovlašćenja za odlučivanje treba da budu povezana sa budu otpušteni zbog lošeg ulogama/odgovornostima direktora a ne sa njihovim vezama sa učinka. porodicom. Vođstvo Vođstvo se zasniva na starosti Obezbjeđivanje da se vođstvo • Ustanovljavanje jasne politike porodičnog zapošljavanja i a ne na pokazanim sposob- zasluži. Porodična parola omogućavanje dostupnosti njenog sadržaja svim članovima porodice nostima i uspjesima. Može je da firmu vode “najbolji i (vidjeti odjeljak II-1-1 ovog Priručnika za više pojedinosti o više da se cijeni dugovječnost najpametniji”: iz porodice ili politikama porodičnog zapošljavanja). u porodičnoj firmi nego rad i izvan nje. Visoki rukovodioci • Razvijanje internog programa obuke koji omogućava kvalifikovanim uspjeh izvan firme. koji nijesu članovi porodice zaposlenima da se pripreme za preuzimanje zadataka visokog mogu da se angažuju iz rukovodstva u budućnosti. privredne grane mada neka • Ustanovljavanje sistema naknada za rad koji obezbjeđuje prave preduzeća uspješno odgajaju sopstvene najviše rukovodioce. stimulanse svim direktorima zavisno od njihovog učinka a ne od njihovih veza sa porodicom. Raspodela Poslovna sredstva se koriste Poslovna sredstva se koriste poslovnih za lične potrebe članova strateški. Postoji jasna Sljedeća tabela rezimira kako porodične firme rješavaju neka pitanja sredstava porodice (stanovanje, razdvojenost poslovnih i zapošljavanja zavisno od toga da li prioritet daju porodici ili firmi:28 automobile, lične kupovine porodičnih sredstava. Važni itd.). su budžetiranje i planiranje; prihodi se koriste za razvojne Pitanje Preduzeća u kojima Preduzeća u kojima inicijative ili isplaćuju kao porodica ima prednost firma ima prednost dividende. Politika Politika otvorenih vrata Preduzeću se pridružuju samo Obuka Nema formalnih programa Pravovremeno se prepoznaje zapošljavanja za sve članove porodice. kvalifikovani članovi porodice. obuke. Od članova porodice potreba za formalnom Preduzeće u porodičnom Jasno su određeni uslovi za očekuje se da intuitivno uče obukom. Obuke se planiraju vlasništvu često postaje zapošljavanje članova porodice poslovne prakse. i pružaju da bi se članovi utočište za one koji ne mogu i sadrže zahtjeve u pogledu porodice naučili potrebnim 50 51 da uspiju van te firme. obrazovanja i prethodnog poslovnim praksama. radnog iskustva izvan porodične firme. (nastavlja se) VISOKO RUKOVODSTVO U PORODIČNOJ FIRMI 2- Sukcesija generalnog direktora i visokog rukovodstva kontinuitet poslovanja i tako povećava šanse za opstanak porodične firme kada je jedna generacija predaje drugoj. Svrha ovog plana je da obezbijedi Sukcesija generalnog direktora i visokog rukovodstva je vjerovatno najvažnije da vještine i vođstvo potrebni da se zamijeni bilo koji odlazeći visoki pitanje sa kojim se suočavaju preduzeća, uključujući i ona u porodičnom rukovodilac budu raspoloživi kada budu potrebni. Djelotvoran plan sukcesije vlasništvu. To je zato što su najviši rukovodioci preduzeća obično pokretači generalnog direktora treba da omogući izbor najsposobnije osobe (bilo da njegovog rada, rasta i opstanka. Pitanje sukcesije rukovodstva je još važnije je član porodice ili ne) kao sljedećeg generalnog direktora. Pored toga, od za porodične firme jer postaje naročito teško kako porodica narasta i postaje presudnog značaja je da se svi članovi porodice, upravni odbor, ključni visoki dostupno više potencijalnih kandidata za visoko rukovodstvo iz različitih rukovodioci i drugi važni eksterni nosioci interesa uključe u proces selekcije i ogranaka porodice. Mnoge porodične firme odlažu planiranje sukcesije da se obezbijedi da se dogovore oko izbora sljedećeg generalnog direktora. svojih visokih rukovodilaca do poslednjeg trenutka, što dovodi do kriza koje ponekad mogu da prouzrokuju gašenje porodične firme. Loše planiranje 2.2. Koraci formalnog plana sukcesije generalnog direktora sukcesije visokog rukovodstva bi zaista moglo da bude jedan od razloga što većina porodičnih firmi nestaje prije no što dođe do treće generacije.29 Proces planiranja sukcesije generalnog direktora obično se razlikuje od jedne do druge porodične firme zavisno od složenosti firme, stepena uključenosti Ovaj odjeljak Priručnika će uglavnom da pruži neke osnovne savjete o porodice u nju i raspoloživosti sposobnih kandidata za generalnog direktora uspostavljanju adekvatnog procesa planiranja sukcesije generalnog direktora u okviru porodice. Slijedi fazni proces koji može da pomogne porodičnim unutar porodične firme. Većina ovih savjeta se može koristiti i za osiguravanje firmama da se bolje pripreme za sukcesiju svog generalnog direktora:31 nesmetane sukcesije za druge visoke rukovodioce porodične firme. Rano započinjanje: Mnogi savjetnici porodičnih firmi preporučuju da se Porodice u biznisu mogle bi da iz mnogih razloga ignorišu potrebu planiranja proces selekcije sledećeg generalnog direktora započne još kada se imenuje sukcesije svog generalnog direktora. Neki od ovih razloga obuhvataju aktuelni generalni direktor. To će osigurati kontinuitet poslovanja i obezbi- sljedeće:30 jediti preduzeću novog generalnog direktora koji je pažljivo izabran i dobro pripremljen da naslijedi aktuelnog direktora. Rani početak procesa selekcije • Članovi porodice odlažu odluku da ne bi stvorili potencijalna trvenja generalnog direktora naročito je važan ako se očekuje da sljedeći generalni među članovima porodice u slučaju da je u okviru porodice na raspo- direktor bude izabran među članovima porodice. U tom slučaju, za proces laganju više potencijalnih generalnih direktora. izbora i pripreme sljedećeg generalnog direktora iz mlađe generacije bilo bi • Članovi porodice odlažu odluku jer nijednog aktuelnog člana po- potrebno više vremena nego ako generalni direktor treba da se izabere izvan rodice ili spoljno lice ne smatraju sposobnim da zamijeni aktuelnog porodice. generalnog direktora. • Članovi porodice izbjegavaju da se pozabave ovim pitanjem da ne bi U većini porodičnih firmi aktuelni generalni direktor je taj koji inicira proces razgovarali o temi mogućeg gubitka glave porodice (aktuelnog gener- planiranja sukcesije. Važnu ulogu može da igra i aktivni upravni odbor tako alnog direktora). što će insistirati na ustanovljavanju plana sukcesije u slučaju da aktuelni gen- • Aktuelni generalni direktor odbija da prizna da preduzeće može da eralni direktor to ne preduzima dovoljno rano. opstane bez njega/nje i/ili se plaši povlačenja i odbija da se pozabavi pitanjima sukcesije. Pravljenje sistema za razvoj karijere: Uspješan plan sukcesije je onaj koji bira najboljeg mogućeg kandidata za to radno mjesto bez obzira na to da li je taj kandidat u srodstvu sa porodicom ili ne. Ako će se sljedeći generalni direk- 2.1. Važnost formalnog plana sukcesije visokog rukovodstva tor izabrati iz porodice ili među njenim aktuelnim zaposlenima, treba razviti rigorozan sistem za razvoj karijere da bi se pripremali potencijalni generalni 52 53 Sukcesija visokog rukovodstva je proces koji slijedi više koraka da bi se direktori. Takav sistem bi poboljšao sposobnosti kandidata za generalnog osigurala pravilna sukcesija za ključne rukovodeće položaje uključujući direktora tako što bi im pružio svo potrebno obrazovanje, obuku i davao i položaj generalnog direktora. Formalni plan sukcesije obezbjeđuje periodične povratne informacije o njihovom učinku u okviru preduzeća. Neke porodične firme odlučuju da angažuju eksternog generalnog direktora ako u okviru porodice ili njenih zaposlenih nema raspoloživih dobrih kandi- data za generalnog direktora. U tom slučaju, planiranje sukcesije generalnog direktora treba da vodi neka komisija upravnog odbora (na primer komisija za imenovanja). Odbor bi počeo tako što bi postavio kriterijume za selekciju sljedećeg generalnog direktora prije no što potraži pogodne kandidate. Pored toga, mnoge firme u porodičnom vlasništvu nalaze da je korisno da angažuju V ODJELJAK: profesionalne “lovce na kadrove” da dobiju pristup širem skupu kandidata. PORODIČNA FIRMA IZLAZI NA BERZU Traženje savjeta: Naročito kada se sužava spisak potencijalnih sljedbenika, generalni direktor treba da dobije savjet od eksternih nezavisnih članova upravnog odbora. Ako njih njema, treba konsultovati visoke rukovodioce od 1- Zašto izaći na berzu? Zašto ne? povjerenja koji nijesu članovi porodice. Neke porodice takođe nalaze da je korisno da u procesu selekcije pribave mišljenje porodičnog savjeta, naročito Mnoge porodične firme u izvjesnoj fazi svog života donose odluku da izađu ako je kandidat za generalnog direktora iz porodice. na berzu da bi mogle da obezbijede finansijske resurse za širenje poslovanja ili da bi dale svojim akcionarima način da prodaju svoje akcije u slučaju da više Postizanje konsenzusa: Uspjeh 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 ključnih nosilaca interesa koji su pažljivo razmatranje alternativa, mnogo pripreme od strane upravnog odbora uključeni u preduzeće. Tada postaje obavezno da se u proces selekcije gener- i rukovodstva i obimne savjete spoljnih stručnjaka. Izlazak na berzu je i od- alnog direktora uključe svi ključni nosioci interesa uključujući upravni odbor, luka koja donosi mnoge povoljnosti i nepovoljnosti porodičnoj firmi. visoke rukovodioce koji nijesu članovi porodice i članove porodice. 1.1. Prednosti izlaska na berzu za porodičnu firmu32 Pojašnjavanje procesa prenosa: Kada se odabere adekvatan sljedeći generalni direktor treba razviti jasan proces prenosa i za aktuelnog generalnog direktora Izlazak na berzu može da pruži više pogodnosti porodičnim firmama i nji- i za sljedbenika. Ovaj proces prenosa bi odredio datum prenosa i takođe hovim akcionarima, uključujući: definisao nivoe uključenosti aktuelnog generalnog direktora posle povlačenja (savjetovanje sljedbenika, članstvo u upravnom odboru, dodatne aktivnosti, - Poboljšanu utrživost akcija: Ovo porodičnim akcionarima omogućava da itd.). prodaju svoje akcije po preovlađujućoj cijeni akcija na otvorenom tržištu. Takođe olakšava akcionarima da svoje akcije koriste kao obezbjeđenje da dobiju kredite. Kao rezultat toga, poboljšana utrživost akcija preduzeća pomaže da se smanje porodični problemi jer rješava potrebe za likvidnošću za akcionare koji više vole da svoje bogatstvo drže u drugoj imovini osim svog udjela u preduzeću. - Poboljšanje finansijskog položaja preduzeća: Ovo je direktan rezultat pro- daje akcija preduzeća javnosti. Jači finansijski položaj olakšava preduzeću da traži kredite i da pregovara o uslovima tih kredita. - Potencijalno povećanje vrijednosti akcija: Mnoga preduzeća u porodičnom 54 55 vlasništvu koja su izašla na berzu doživjela su da cijena njihovih akcija poraste iznad početne procene koju je napravila firma za investiciono bankarstvo. To povećanje vrijednosti nastaje dijelom usled spremnosti investitora da plate PORODIČNA FIRMA IZLAZI NA BERZU veću cijenu za akcije preduzeća zbog njegovog većeg kredibiliteta kao društva 2- Pripremanje za IPO (inicijalnu javnu ponudu) čije su akcije u slobodnom prometu, poboljšane utrživosti akcija i povećane transparentnosti računa. Izlazak na berzu je dug i komplikovan proces koji se ne dešava preko noći. Porodične firme koje planiraju da izađu na berzu moraju da pribave pro- - Veća vidljivost: Izlazak na berzu daje porodičnim firmama povećani prestiž fesionalne savjete i pomoć u mnogim pravnim, tehničkim, finansijskim i vidljivost na tržištu. Tržišta imaju tendenciju da posmatraju društva čije se i marketinškim oblastima. Pored toga, mnogi investitori danas traže od akcije prodaju na berzi kao društva kojima se profesionalno upravlja i koja preduzeća koja izlaze na berzu da prikažu dug istorijat dobrih praksi korpo- su transparentnija (revidirani računi i periodično objavljivanje finansijskih rativnog upravljanja prije same IPO. Investitori i tržište naročito visoko cijene izvještaja i podataka o rezultatima). Kao rezultat toga, porodična firma koja prakse preduzeća u oblastima upravnog odbora, prava akcionara i transpar- izlazi na berzu mogla bi da poveća svoju vidljivost na tržištu. entnosti i objelodanjivanja. 1.2. Mane izlaska na berzu za porodičnu firmu33 Sljedeća tabela daje rezime ključnih praksi korporativnog upravljanja koje bi pomogle da se tržištu prenese pozitivna slika o preduzećima koja se Izlazak na berzu može i da donese potencijalne nepovoljnosti za porodične pripremaju da izađu na berzu. Naravno, većina ovih praksi treba da bude firme. Neke od ovih nepovoljnosti su: uspostavljena nekoliko godina prije IPO da bi se tržištu i potencijalnim inves- titorima prikazao dobar istorijat adekvatnog upravljanja. 34 - Gubitak privatnosti: Ovo je vjerovatno najnepoželjniji ishod izlaska na berzu za porodične firme. I zaista, kada izađe na berzu, porodična firma će morati da otkriva više informacija nego prije, uključujući: detaljne finansijske izvještaje i druge mjere učinka i sve povlastice koje se daju članovima po- rodice. Atributi upravljanja Primjeri najboljih praksi - Gubitak autonomije: Ovo je posljedica dolaska novih akcionara pošto Prava akcionara • Jasna zaštita manjinskih akcionara u porodična firma izađe na berzu. Čak i u slučajevima u kojima porodica osnivačkom aktu, opštim aktima i kodeksu ostane kontrolni akcionar manjinski akcionari imaju prava koja će otežati da upravljanja preduzećem. prvobitni članovi porodice rade neometano. • Adekvatno obavještavanje o svim skupštinama akcionara i saopštavanje dnev- - Povećana odgovornost: Društva čijim se akcijama trguje na berzi imaju veću nog reda. odgovornost od onih koja to nijesu. Na primjer, moraju da se postaraju da sve • Mogućnost da učestvuju i smisleno glasaju informacije koje pružaju svojim akcionarima i tržištu budu tačne. na skupštinama akcionara (npr. kumula- tivno glasanje za članove upravnog odbora). - Mogućnost preuzimanja: Ako se tokom procesa izlaska na berzu izdalo • Ravnopravan tretman u pogledu objelo- dovoljno akcija spoljnim licima, moglo bi biti moguće da kontrolu nad danjivanja informacija (bitni akcionarski porodičnom firmom steknu konkurenti ili drugi investitori. sporazumi, sukobi interesa, itd.) • Jasnoća u pogledu prava različitih klasa - Dodatni troškovi: Početni trošak izlaska na berzu može da bude prilično akcija - prava glasa prema ekonomskim značajan. Neke od potencijalnih komponenata tog troška su: provizija pravima. pokrovitelja emisije, revizorske naknade, advokatski honorari i svi troškovi • Pravičan tretman prilikom promjene registracije. Pored toga, kada izađe na berzu, preduzeće će praviti dodatne kontrole (npr. prava pridruživanja akcija 56 57 troškove kao što su revizorske naknade, periodično objelodanjivanje troškova manjinskih akcionara prilikom prodaje). finansijskih informacija i sve druge naknade za javna društva u pogledu za- (nastavlja se) htjeva za usklađenost sa propisima. (nastavlja se) ZAKLJUČAK Atributi upravljanja Primeri najboljih praksi Porodične firme su stožer i glavni pokretač rasta u mnogim privredama ako ne i većini njih. Zbog svoje prirode, porodične firme se suočavaju sa Upravni odbor • Prava kombinacija stručnih kvalifikacija mnogim dodatnim problemima u odnosu na one kojima moraju da se bave (npr. marketing, strategija, međunarodna neporodične firme. Neki od ovih problema mogu da se rješavaju usvajanjem finansijska tržišta, i stručnost iz odbora za adekvatne strukture korporativnog upravljanja u okviru preduzeća. Ova reviziju). struktura upravljanja treba da jasno definiše uloge, odgovornosti, prava i • Jaka komponenta nezavisnosti. interakciju između glavnih organa upravljanja preduzećem. • Odvojene uloge predsednika i generalnog direktora. Odgovornost za zadatke korporativnog upravljanja u porodičnoj firmi • Redovan raspored i dnevni red sastanaka. generalno se dijeli između vlasnika, upravnog odbora i visokog rukovodstva. • Postojanje komisija upravnog odbora Međutim, članovi porodice vjerovatno imaju više odgovornosti u odgovornih za nadzor u ključnim oblastima obezbjeđivanju da se njihovom firmom upravlja na način koji će je učiniti (za reviziju, za upravljanje i imenovanja, i za uspješnom i održivom na dugi rok. Pored toga, dužnost članova porodice naknade). nije ograničena samo na upravljanje njihovim preduzećem, već su oni • Početno i kontinuirano obrazovanje članova odgovorni i za upravljanje svojom porodicom i njenim odnosom sa firmom. upravnog odbora. Uspostavljanje solidnog sistema porodičnog upravljanja rano u životnom • Periodično ocjenjivanje članova upravnog ciklusu porodice pomoći će da se predvide i razriješe potencijalni sukobi odbora. između članova porodice oko poslovnih pitanja. To će omogućiti članovima Transparentnost i • Informacije se pripremaju i objelodanjuju porodice da se koncentrišu na druga ključna pitanja kao što je razvijanje objelodanjivanje u skladu sa visokim standardima kvaliteta poslovanja firme. računovodstvenog, finansijskog i nefinansijskog objelodanjivanja. Pored sopstvenog upravljanja, članovi porodice moraju da uspostave • Godišnju reviziju vrši nezavisan, adekvatnu strukturu za upravni odbor i visoko rukovodstvo svog kompetentan i kvalifikovan revizor u skladu preduzeća. Kvalifikovan, pretežno nezavisan i dobro organizovan upravni sa Međunarodnim standardima o reviziji. odbor omogućiće da se odredi prava strategija preduzeća i da se pravilno • Eksterni revizori su odgovorni akcionarima nadzire učinak njegovog rukovodstva. Takođe, stručno i dobro motivisano i imaju obavezu prema preduzeću da reviziju rukovodstvo je suštinski važno za vođenje svakodnevnih aktivnosti obavljaju stručno i pažljivo. preduzeća. Izbor članova upravnog odbora i visokih rukovodilaca treba da • Kanali za širenje informacija treba da se zasniva na njihovim kvalifikacijama i učinku, a ne na njihovim vezama sa obezbijede ravnopravan, pravovremen i porodicom. isplativ pristup relevantnim informacijama od strane korisnika. Najzad, vrlo je važno da porodice u biznisu postanu svjesne važnosti ovih pitanja i da počnu da izgrađuju adekvatnu strukturu korporativnog upravljanja što je prije moguće. Čekanje do trenutka kada porodica postane veoma velika, a njeno poslovanje složenije, veoma bi otežalo rješavanje već postojećih sukoba između članova porodice. Pravovremena i jasna struktura 58 59 upravljanja olakšala bi održavanje porodične kohezije i zainteresovanosti njenih članova za porodicu i njenu firmu. LITERATURA Literatura Mike Cohn, “Does your Company Put Family or Business First?”, The Business Journal of Phoenix, januar 2005. Craig Aronoff, Joseph Astrachan, i John Ward, Developing Family Business Monica Wagen, “Perspectives on Going Public”, 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 Business”, Director’s Performance of Large British Companies”, 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 Enterprise”, 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). Međunarodna finansijska korporacija, http://www.ifc.org/ corporategovernance. Mreža za porodične firme, www.fbn-i.org/fbn/main.nsf/doclu/facts. Međunarodna finansijska korporacija, http://ifcln1.ifc.org/ifcext/ corporategovernance.nsf/Content/WhyCG. Međunarodna 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 Conspiracy”, Family Business Review, jun 1988. John Ward, Creating Effective Boards for Private Enterprises (Family Enterprise Publishers, 1991). John Ward, “The Family Business Advantage: Unconventional Strategy”, 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 60 61 University Press, 1997). NAPOMENE Napomene 19 Prilagođeno i rezimirano iz verzije Porodičnog protokola Karvahal Grupe za 2002. godinu. 20 Fred Neubauer i Alden G.Lank, The Family Business: its Governance for Sustainability (Routledge New York, 1998). 1 Mreža za porodične 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 porodične firme, www.fbn-i.org/fbn/main.nsf/doclu/facts. Controlled Enterprise”, NACD Directors Monthly, avgust 2003. 3 Mreža za porodične firme, www.fbn-i.org/fbn/main.nsf/doclu/facts. 22 Prilagođeno 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 Journal”, 1991. 23 Fred Neubauer i Alden G.Lank, The Family Business: its Governance for 5 “Newsweek”, 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 Business”, Director’s Company from Today’s (Egon Zehnder International, 2000.); John Ward, “ The Handbook Series, 2004. Family Business Advantage: Unconventional Strategy”, 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 Međunarodna 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?”, “The Business 9 John Ward, Creating Effective Boards for Private Enterprises (Family Enterprise Journal of Phoenix”, 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 Review”, 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 Međunarodna finansijska korporacija, http://ifcln1.ifc.org/ifcext/ Sustainability (Routledge New York, 1998). corporategovernance.nsf/Content/WhyCG. 32 Monica Wagen, “ Perspectives on Going Public “, “Family Business”, proleće 13 Ovi principi mogu da se kreću od osnovnih (kada je porodica još u fazi osnivača) 1996.; Fred Neubauer i Alden G.Lank, The Family Business: its Governance for do detaljnih i specifičnijih 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 Međunarodna 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 Prilagođeno i rezimirano iz Politike SABIS®-a u pogledu zapošljavanja članova 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). 62 63 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). IFC Family Business Governance Handbook 64 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 necessarily reflect the views of the IFC, the World Bank Group, its Board of Directors, 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 transmitting 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, noncommercial 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, Spanish, Serbian and Montenegrin. Copyright © 2008 International Finance Corporation 2121 Pennsylvania Ave. NW, Washington, DC 20433 United States of America A Member of the World Bank Group 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 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 Arabova, First Freight Company (Russia); Ayman Eltarabishy, The George Washington 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. Table of Contents INTRODUCTION ................................................................................................................ 75 1- Family Business Definition and Characteristics – Strengths and Weaknesses ....................................................................... 76 2- Stages of Growth in a Family Business ................................................... 78 2.1. The Founder(s) ................................................................................... 78 2.2. The Sibling Partnership ..................................................................... 78 2.3. The Cousin Confederation ............................................................... 79 SECTION I: FAMILY MEMBER ROLES IN THE GOVERNANCE OF THEIR BUSINESS ................. 81 1- Owners (Shareholders) . ............................................................................. 81 2- Managers (Senior Management) . ............................................................. 82 3- Directors (Board of Directors) . ................................................................ 82 4- Family Members (the Family and its Institutions) ................................ 82 SECTION II: FAMILY GOVERNANCE ..................................................................................................... 85 1- Family Constitution .................................................................................. 86 1.1. Family Member Employment Policies ............................................ 87 1.2. Family Member Shareholding Policies ............................................ 92 2- Family Governance Institutions ............................................................... 93 2.1. Family Assembly ................................................................................. 93 2.2. Family Council .................................................................................... 94 2.3. Family Office ....................................................................................... 96 2.4. Other Family Institutions .................................................................. 97 SECTION III: BOARD OF DIRECTORS IN A FAMILY BUSINESS ...................................................... 101 1- Advisory Boards ....................................................................................... 102 1.1. Definition and Role of the Advisory Board ................................... 102 1.2. Composition of the Advisory Board .............................................. 102 1.3. Advantages and Disadvantages of Advisory Boards .................... 103 2- Board of Directors ................................................................................... 105 2.1. Role of the Board of Directors ........................................................ 105 2.2. Composition of the Board of Directors ......................................... 105 2.3. Duties of Directors ........................................................................... 106 3- Independent Directors ........................................................................... 107 3.1. Importance of Independent Directors .......................................... 107 3.2. Definition of Director Independence ............................................ 108 SECTION IV: SENIOR MANAGEMENT IN A FAMILY BUSINESS ................................................... 111 1- Family vs. Non-Family Managers ......................................................... 111 2- CEO and Senior Management Succession ........................................... 114 INTRODUCTION 2.1. Importance of a Formal Senior Management Family businesses constitute the world’s oldest and most dominant form of Succession Plan ............................................................................... 114 business organizations. In many countries, family businesses represent more 2.2. Steps of a Formal CEO Succession Plan ...................................... 115 than 70 percent of the overall businesses and play a key role in the economy growth and workforce employment. In Spain, for example, about 75 percent of SECTION V: the businesses are family-owned and contribute to 65 percent of the country’s FAMILY BUSINESS GOING PUBLIC ............................................................................ 117 GNP on average.1 Similarly, family businesses contribute to about 60 percent of 1- Why Go Public? Why Not? .................................................................... 117 the aggregate GNP in Latin America.2 1.1. Advantages of Going Public for a Family Business ..................... 117 1.2. Disadvantages of Going Public for a Family Business ................ 118 Family businesses range from small and medium-sized companies to large 2- Getting Ready for an IPO ....................................................................... 119 conglomerates that operate in multiple industries and countries. Some of the well-known family businesses include: Salvatore Ferragamo, Benetton, and Fiat Group in Italy; L’Oreal, Carrefour Group, LVMH, and Michelin in France; CONCLUSION ................................................................................................................... 121 Samsung, Hyundai Motor, and LG Group in South Korea; BMW, and Siemens in Germany; Kikkoman, and Ito-Yokado in Japan; and finally Ford Motors Co, BIBLIOGRAPHY . ............................................................................................................... 122 and Wal-Mart Stores in the United States. 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 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 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 75 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 – • Reliability and Pride. Because family businesses have their name and Strengths and Weaknesses reputation associated with their products and/or services, they strive to increase the quality of their output and to maintain a good relationship Definition: In this Handbook, a family business refers to a company where with their partners (customers, suppliers, employees, community, the voting majority is in the hands of the controlling family; including the etc.). founder(s) who intend to pass the business on to their descendants. The terms “family business”, “family firm”, “family company”, “family-owned business”, Weaknesses: Perhaps the most often cited characteristic of family businesses is “family-owned company”, and “family-controlled company” 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 • 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. • Commitment. The family –as the business owner– shows the highest dedication in seeing its business grow, prosper, and get passed on to • 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. • Knowledge Continuity. Families in business make it a priority to • 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. 76 77 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. 2- Stages of Growth in a Family Business 2.3. Stage 3: The Cousin Confederation (Cousin Consortium or Family Dynasty) Several models have been developed to describe and analyze the different stages that family businesses go through during their existence. In this Handbook, At this stage, the business’ governance becomes more complex as more family we will use the basic three-stage model that summarizes the family business members are directly or indirectly involved in the business, including children lifecycle as: (i) the Founder(s) Stage; (ii) the Sibling Partnership Stage; and of the siblings, cousins, and in-laws. Since many of these members belong to (iii) the Cousin Confederation Stage.8 Although this model allows for a good different generations and different branches of the family, they might have analysis of the three basic steps of evolution of the family business, it does not diverse ideas on how the company should be run and how the overall strategy mandate that all family-owned companies will necessarily go through all three should be set. In addition, any conflicts that existed among the siblings in the stages of development. For example, some companies will disappear during previous stage would most likely be carried to the cousin generation as well. the early stages of their lifecycle because of bankruptcy or getting acquired by As a consequence, this stage involves most family governance issues. Some of another firm. the most common issues that family businesses face at this stage are: family member employment; family shareholding rights; shareholding liquidity; The evolution of ownership and management within most family businesses dividend policy; family member role in the business; family conflict resolution; goes through the following stages: 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 family businesses during their development cycle:9 This is the initial step of the family business’ existence. The business is entirely owned and managed by the founder(s). Most founders might seek advice Ownership Stage Dominant Shareholder Issues from a small number of outside advisors and/or business associates but they will make the majority of the key decisions themselves. This stage is usually Stage 1: The Founder(s) • Leadership transition characterized by a strong commitment of the founder(s) to the success of • Succession their company and a relatively simple governance structure. Overall, this stage • Estate planning contains limited corporate governance issues compared to the next two stages 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 Stage 3: The Cousin • Allocation of corporate capital: dividends, debt, make the necessary efforts to plan for their succession and start grooming the Confederation and profit levels next leader(s) of the company. • Shareholder liquidity 2.2. Stage 2: The Sibling Partnership • Family conflict resolution • Family participation and role This is the stage where management and ownership have been transferred to • Family vision and mission the children of the founder(s). As more family members are now involved in • Family linkage with the business 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 78 79 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 clear definition of the roles and expectations of every person involved in the family business. 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: • Owner only. • Owner/manager. • Owner/family member. 80 81 • Owner/family member/manager. • Owner/director. • Owner/family member/director. • Owner/family member/director/manager. 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 capital”. 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: 3- Directors (Board of Directors) • Direction refers to all the decisions that relate to setting the overall strategic direction of the company such as: (i) long-term strategic When it comes to board membership, most family businesses reserve this decisions; (ii) large-scale investment decisions; (iii) mergers and right to members of the family and in a few cases to some well trusted non- acquisitions; and (iv) succession planning and appointment of key family managers. This practice is generally used as a way of keeping the family senior managers, such as the CEO of the company. control over the direction of its business. Indeed, most decisions are usually taken by the family-member directors. In the previous example of dividend • Control refers to all the actions necessary to oversee the manage- distribution, family directors who are also managers in the business would ment’s performance and follow up on the implementation of the naturally encourage reinvesting profits in the company so as to increase its strategic decisions set above. growth potential. On the contrary, family directors who do not work in the business would rather make the decision of distributing the profits as dividends • Relationship among the main governing bodies of the firm refers to to family shareholders. These contradicting views can lead to major conflicts in the interactions among the shareholders, the directors of the board, the board and negatively impact its way of functioning. and the managers. An important element of any good corporate governance structure is the clear definition of the role, duties, 4- Family Members (the Family and its Institutions) rights, and expectations of each of these governing bodies. As previously mentioned, family members can have different responsibilities, The next three sections of this Handbook will focus on the governance rights, and expectations from their business. This situation can sometimes bodies of a family business by defining the roles, rights, and responsi- lead to conflicts and issues that might jeopardize the continuity of the family bilities of the shareholders/family members, the directors of the board, business. One issue that can increase conflicts among family members is the and the managers. 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 such information in a timely manner while those outside of the business can’t This section described how several issues that family businesses face arise 82 83 access it in the same way.11 Family businesses should establish the necessary from the numerous roles that their members can have. These issues, added communication channels and institutions to keep all family members informed to the constant challenges that any business faces, make it harder for family businesses to survive. This is probably one of the reasons for the high failure rate 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: • Communicating the family values, mission, and long term vision to all family members. • Keeping family members (especially those who are not involved in the business) informed about major business accomplishments, challenges, and strategic directions. • Communicating the rules and decisions that might affect family members’ employment, dividends, and other benefits they usually get from the business. • Establishing formal communication channels that allow family members to share their ideas, aspirations and issues. • 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 84 85 unify the family thus increasing the viability chances of the business. The major constituents of a family governance structure are: FAMILY GOVERNANCE • 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 • 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 Creed”, member employment policies. Many family businesses that didn’t set up “Family Protocol”, “Statement of Family Principles”, “Family Rules and clear employment policies for their members end up with more employees Values”, “Family Rules and Regulations”, and “Family Strategic Plan”. 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 • Family values, mission statement, and vision. limits. In developing its family employment policy, the family should focus on • 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 • Board of directors (and board of advisors if one exists). is also very important to set employment conditions that do not discriminate • Senior management. against or favor family members. This would help establish an atmosphere of • Authority, responsibility, and relationship among the family, the fairness and motivation for all employees of the family business. board, and the senior management. • 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 86 87 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, 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 training” of about 6 to 12 months, with the 88 89 family members. following objectives: (continued) (continued) 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 “shelter” 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 ap- propriate position is vacant. This would generally be limited to 1- Family members who wish to join SABIS® should inform the one time only. President/CEO of their desire to join. They would then be asked to complete the standard application form. 2- Family members will then go through the standard interviewing, E. Compensation assessment and selection process. 3- The final decision for hiring, or rejecting, a family candidate rests Compensation and benefits of family employees will be based on their with the Board. position, responsibilities, qualifications and performance, and will 4- Once a family member becomes an employee, he/she will be be comparable to that of non-family employees in the same position treated as any other non-family employee. Family employees and with similar qualifications. They will receive compensation and will be trained, supervised, evaluated, and promoted like other benefits based on being employees, and not on the shares they own. As employees. owners, they will be compensated through the return on their shares. 5- Family employees will have regular performance reviews (through the standard channels) and will be given feedback 2. Supervision and Reporting Relationships: on how they are doing, and guidance on how to improve their Wherever possible, family members will not be supervised by performance. Additionally, the Group VP–OD will also review other family members. This may sometimes be unavoidable, their performance for possible guidance or action in view of their especially in the case of senior leadership roles; however, such prospective career plans within the company. situations should be approved and monitored by the Board. In 6- In order to contribute to the development and advancement addition, if both members of a couple are working at SABIS®, of family members, a “Development Plan” will be elaborated they cannot work in the same department. for every family member working at SABIS®. This plan would encompass training, continuing education, coaching, mentoring, 90 91 special projects and assignments, job rotations, etc. (continued) (continued) 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 communication links between the family and its business as well as provide a couple of months). Such an internship shall not replace the opportunities for family members to network and discuss aspects that can be required “initial training” that they may have to go through if related to the business or the family. These organized activities help increase they 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 education of any established family governance institutions. It is also very important (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 Forum”, 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 Meeting”. 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 92 93 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 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 • Approval of any change in the family values and vision. qualifications and availability to perform the council’s duties. Some families • 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 • Approval of family employment and compensation policies. in-laws and family members that also serve on the board or are part of the • Election of family council members (if the council exists). company’s senior management. One good practice is to set limited terms for • Election of other family committees’ members. the council’s membership so as to allow more family members to be part of • 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 Board”, “Inner Council” and The following table outlines the major differences between the family “Family Executive Committee”, 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 council would include:16 Membership Usually open to all Usually open to all Family members family members. family members. elected by the Additional Additional family assembly. • Being the primary link between the family, the board, and senior membership membership Selection criteria management. criteria might criteria might be defined by the • Suggesting and discussing names of candidates for board be set by the set by the family. family. membership. founder(s). • Drafting and revising family position papers on its vision, mission, 94 95 and values. • Drafting and revising family policies such as family employment, (continued) compensation, and family shareholding policies. • Dealing with other important matters to the family. FAMILY GOVERNANCE (continued) Purpose: To provide advice on personal investment planning, taxes, insurance coverage, estate planning, career counseling and other topics of interest to Family Meeting Family Assembly Family Council individual family members. Size Small size since Depends on the Depends on family still at size of the family criteria set up for Membership: The family office is a quite separate operation from the business, founder(s) stage. and membership the membership. although a few of its members may work in the business as well. The office is Usually 6- 12 criteria. Ideally 5- 9 usually populated by professional managers who monitor the investments, tax family members. members. compliance, insurance, financial planning, and intra-family transactions such as gifts of stocks and estate plans.17 Number of Depends on 1- 2 times a year. 2- 6 times a year. Meetings the stage of the business’ 2.4. Other Family Institutions development. When the business Families in business might find it useful to develop other types of institutions is growing fast, can that cover areas of particular interest to them. Some of these institutions are:18 be as frequent as once a week. - Education Committee: This committee is responsible for nurturing the Main • Communication • Discussion and • Conflict family’s human capital and its capacity to effectively collaborate in the tasks Activities of family values communication resolution. of governance. The education committee anticipates developmental needs of and vision. of ideas, • Development of family members and organizes educational events and activities for them. For • Discussion and disagreements, the major family example, this committee could organize an accounting seminar for family generation of new and vision. related policies members to help them read and understand the financial statements of their business ideas. • Approval of major and procedures. company. • Preparation of family related • Planning. the next business policies and • Education. - Shares Redemption Committee: This committee is overseen by the family leader(s). procedures. council, and manages an established fund for shareholders who wish to • Coordination of • Education of the work with cash in their stock at a fair price in order to pursue other activities with family members this money. The fund is usually built by contributing a percentage of the the management on business company’s profits to it each year. and the board issues. and balancing the • Election of family business and the - Career Planning Committee: Serves to establish and oversee entry council and other family. policies for family members interested in joining the family business. This committees’ committee also helps monitor the careers of family members, offers career members. mentoring and keeps shareholders and the family council informed on their development. The career planning committee can also be very useful in advising family members who choose not to work in the family business on 2.3. Family Office their external careers. Definition: The family office is an investment and administrative center that - Family Reunion and Recreational Committee: The purpose of this commit- is organized and overseen by the family council. Family offices are usually tee is to plan fun and other events in order to get family members together 96 97 very common within large and wealthy families in business, whose members around recreational activities. The committee also organizes yearly family express a need for getting personal financial, banking, accounting, and other reunions designed to nurture relationships among family relatives by provid- advice. ing opportunities to get together and enjoy each other’s company. 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 98 99 c. Functions of the Family Council d. Decisions of the Family Council (continued) e. Frequency of Meetings of the Family Council (continued) (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 2. Components of the Social Dividend BOARD OF DIRECTORS IN A FAMILY BUSINESS 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 board”, 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 100 101 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. 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 • Suppliers or vendors to the company. • Friends of the owners with no relevant expertise to offer. 1.1. Definition and Role of the Advisory Board • 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 • 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 • 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 solution” 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. 102 103 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 BOARD OF DIRECTORS IN A FAMILY BUSINESS 2- Board of Directors Advisory Board 2.1. Role of the Board of Directors Advantages • Its members have no legal responsibilities; this reduces the company’s cost (insurance is not The core roles of a well performing board of directors are to set the overall necessary) and makes it easier to recruit members strategy of the firm; oversee the management performance; and ensure that (since membership is not as risky as being part of an appropriate corporate governance structure is in place, including a robust the company’s board of directors). control environment, sufficient disclosure levels, and an adequate minority shareholders’ protection mechanism. The amount of time and effort allocated • 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. • Its advice is usually unbiased. The board of a family-owned company should add value to the business, and • 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 • The advisory board functions like a group of agement of the company as this is fundamentally the task of the company’s experts 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 • The advisory board has no authority to request board of directors include: information from the management, so its recommendations can only be based on what • Securing senior management succession. management is willing to share with its members. • Ensuring the availability of financial resources. • Ensuring the adequacy of the company’s internal controls and risk • Advisory board members have little or no influence management systems. on the strategy and performance oversight of the • Reporting to the owners and other interested parties. management. 2.2. Composition of the Board of Directors • 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 104 105 formula for determining the proper number of directors for all family busi- • 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 9 members. The advantages of a smaller board size include: an increased preparation and contribution as they would as real efficiency as directors will have better chances for communicating, listening board 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. BOARD OF DIRECTORS IN A FAMILY BUSINESS In selecting their directors, family-owned companies should focus on • Carefully study any material information available to them before individuals who will add value to the business and supply any necessary taking any decisions. skills in the areas of strategy and/or management and operations’ oversight. • Act with diligence and competence. Furthermore, a successful selection of directors focuses on their potential • Make decisions on an informed and deliberative basis. contribution to the company rather than whether they belong to the family or • Regularly attend the board’s meetings, come prepared to these meet- not. In reality, family businesses tend to have boards that are almost entirely ings, and actively participate in them (this part of the duty of care is populated by family members. The benefits of having a board that acts also referred to as the “duty of attention” or “duty of obedience”). independently 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: • Put the interests of the company above any personal or other inter- Personal Traits Professional Qualifications ests. • Immediately disclose any conflicts of interest to the rest of the board. • Personal integrity and • Industry experience • Abstain from voting on matters that could involve a personal conflict accountability • Proper business judgment of interest. • Team work ability • Expertise and skills in relevant • Good communication skills areas (to be defined by the • Leadership skills company). These could 3- Independent Directors • Strong analytical skills include: Strategy; Marketing; 3.1. Importance of Independent Directors • 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 • 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 106 107 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 “buffer” role among different family members in case these have contradictory views on business issues. BOARD OF DIRECTORS IN A FAMILY BUSINESS Some of the advantages of having independent directors include:26 Indicative Independent Director Definition27 • Bringing an outside perspective on strategy and control. • Adding new skills and knowledge that might not be available within “Independent Director” means a director who is a person who: the firm. 1- has not been employed by the Company or its Related Parties in • Bringing an independent and objective view from the family. the past five years; • 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 • 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 ments among family-member managers. Company or its Related Parties; • 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 an independent director should be free of links to management, controllers of the Company’s executives serve on that company’s board of (family), and others that could influence his/her judgment. The following is directors; 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 employed 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, parent, 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 incompetent, and for the purposes of this definition, a person shall be deemed to be “affiliated” with a party if such person: (i) has a 108 109 direct or indirect ownership interest in; or (ii) is employed by such party; “Related Party” shall mean, with respect to the Company, any person or entity that controls, is controlled by or is under common control with the Company. 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 111 111 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 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 is paid the same, regardless on performance and • Analyzing the organizational structure and contrasting the current of their experience and responsibility. Compensation and optimal roles and responsibilities (compared to peer companies) contribution to the business. is based on market and of each senior manager. Competent family members industry measures, not on are expected to care for (via family needs. Accountabilities • Designing a formal organizational structure that clearly defines the compensation, benefits, etc.) and reporting relationships roles and responsibilities of all senior managers. This should be based their less-than-competent are clearly communicated and on the company’s current and future business operations’ needs. siblings or cousins. understood. High performers • Evaluating the skills and qualifications of the current senior manage- are highly paid. Family ment based on the new organizational structure. members may be terminated • Replacing and/or hiring senior managers. for poor performance. • 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 earned. The family mantra sponsibilities of managers and not to their ties to the family. demonstrated competences is to have “the best and • Establishing a clear family employment policy and making its content or successes. Longevity in the the brightest” running the available to all family members (see section II-1-1 of this Handbook family business may be more business: family or non- for more details on family employment policies). highly valued than working family. Non-family senior • Developing an internal training program that allows skilled employ- and succeeding outside the executives may be recruited ees to be prepared for taking on senior assignments in the future. business. from within the industry • Establishing a remuneration system that provides the right incentives although some companies to all managers depending on their performance and not their ties to successfully grow their own the family. top managers. Business Business resources are used Business resources are used The following table summarizes how family businesses address some for family members’ personal strategically. There is a clear Resources employment issues depending on whether they are prioritizing the family or needs (housing, cars, separation of business and Allocation the business:28 personal purchases, etc.). family assets. Budgeting and planning are important; earnings are used for growth Issue Family First Companies Business First Companies initiatives or paid out as dividends. Employment Open door policy for Only qualified family Policy all family members. The members join the company. family-owned company often Conditions for family Training No formal training programs. Need for formal training is Family members are timely recognized. Trainings becomes a safety net for employment are clearly set expected to intuitively learn are scheduled and delivered those who can not succeed and contain requirements 112 113 business practices. to teach family members outside the business. concerning education and necessary business practices. prior work experience outside of the family business. (continued) 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. • 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 • 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. • 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 • 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. 114 115 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 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 council in the selection process, especially if the CEO candidate is from the SECTION V: 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 116 117 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. FAMILY BUSINESS GOING PUBLIC - Potential Increase in the Value of the Shares: Many family-owned the company will incur additional costs such as audit fees, periodic disclosure companies that went public saw their stock price rise above the initial of financial information costs, and any other compliance requirements’ fees estimation made by the investment banking firm. This increase in value for public companies. 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 2- Getting Ready for an IPO improved marketability of the shares, and the increased transparency of accounts. Going public is a long and complicated process that does not take place overnight. Family businesses that are planning to go public have to get - Greater Visibility: Going public gives family businesses increased prestige professional advice and help in many legal, technical, financial, and marketing and visibility in the market. Markets tend to perceive public companies as areas. In addition, many investors are now requiring the companies that are professionally managed and more transparent (audited accounts and periodic going public to show a long-term track-record of good corporate governance publication of financial statements and performance data). As a result, a practices before the actual IPO. In particular, investors and the market family business that goes public might increase its visibility in the market. highly value the company’s practices in the areas of the board of directors, 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 Going public may also present potential disadvantages to family businesses. practices that would help convey a positive image to the market about Some of these disadvantages are: companies that are preparing to go public. Of course, most of these practices need to be put in place a few years before the IPO in order to show a good - Loss of Privacy: This is probably the most unwelcome outcome of going track-record of adequate governance to the market and potential investors.34 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 Governance Examples of Best Practices family members. Attributes - Loss of Autonomy: This is a consequence of the arrival of new shareholders Shareholder • Clear protection of minority shareholders in after the family business goes public. Even in cases where the family remains Rights charter, by-laws, and company governance a controlling shareholder, minority shareholders have rights that will make it code. difficult for the original family members to operate unfettered. • Adequate notice and shared agenda of all shareholders’ meetings. - Increased Liability: Public companies have a higher liability than their • Ability to participate and vote meaningfully counterparts. For example, public companies have to make sure that all the at shareholders’ meetings (e.g., cumulative information that they provide to their shareholders and to the market is voting for directors). accurate. • Fair treatment regarding information disclosure (material shareholder agreements, - Possibility of a Takeover: If enough shares have been issued to outsiders conflicts of interest, etc.) 118 119 during the process of going public, it could be possible for competitors or other investors to gain control over the family business. • Clarity in rights of different classes of shares – voting rights vs. economic rights. - Additional Costs: The initial cost of going public can be quite substantial. • Equitable treatment in changes of control Some of the potential components of this cost are: underwriter’s commission, (e.g., tag-along rights). auditing fees, legal fees, and any registration costs. In addition, once public, (continued) (continued) CONCLUSION Governance Examples of Best Practices Family businesses are the backbone and the main driver of growth in many, Attributes if not most economies. Because of their nature, family businesses face many additional challenges to those that their counterparts have to deal with. Some Board of Directors • Right mix of professional skills (e.g., of these challenges can be addressed by adopting a sound corporate governance marketing, strategy, international financial structure within the company. This governance structure should clearly define markets, and audit committee expertise). the roles, responsibilities, rights, and interaction among the company’s main • Strong independence component. governing bodies. • Separate chairman and CEO roles. • Regular schedule and agenda of meetings. The responsibility for corporate governance tasks in a family business is generally • Existence of board committees responsible for shared among the owners, the board of directors and the senior management. oversight in key areas (Audit, Governance and However, family members probably have more responsibility in ensuring that Nomination, and Remuneration). their business is governed in a way that will make it viable and sustainable in the long term. In addition, family members’ duty is not only limited to the • Initial and continuous director education. governance of their company, they are also responsible for the governance of • Periodic evaluation of directors. their family and its relationship with the business. Setting up a solid family governance system early in the lifecycle of the family will help anticipate and Transparency and • Information prepared and disclosed in resolve potential conflicts among family members about business issues. This Disclosure accordance with high quality standards of will make it possible for family members to concentrate on other key issues accounting, financial and non-financial such as growing the business. disclosure. • Annual audit conducted by an independent, In addition to their own governance, family members have to set up an adequate competent, and qualified auditor in structure for their company’s board of directors and senior management. A accordance with the International Standards skilled, predominantly independent, and well organized board of directors on Auditing. would make it possible to set the right strategy of the company and properly • External auditors accountable to the oversee its management’s performance. Also, a professional and well-driven shareholders and owe a duty to the company management is essential to running the day-to-day activities of the company. to exercise due professional care in the The choice of directors and senior managers should be based on their conduct of their audit. qualifications and performance and not on their ties to the family. • Channels for disseminating information Finally, it is very important that families in business become aware of the should provide for equal, timely, and cost- importance of these issues and start building an adequate corporate governance efficient access to relevant information by structure as soon as possible. Waiting until the size of the family is very large, users. and its business operations more complex would make it very difficult to address the already existing conflicts between family members. A timely and 120 121 clear governance structure would make it easier to maintain family cohesion and its members’ interest in the family and its business. Bibliography Bibliography Mike Cohn, “Does your Company Put Family or Business First?”, The Business Journal of Phoenix, January 2005. Craig Aronoff, Joseph Astrachan, and John Ward, Developing Family Business Monica Wagen, “Perspectives on Going Public”, Family Business, Spring 1996. Policies: Your Guide to the Future (Family Enterprise Publishers, 1998). NACD, “The Board of Directors in a Family-Owned Business”, Director’s Denis Leach and John Leahy, “Ownership Structures, Control and the Handbook Series, 2004. Performance of Large British Companies”, 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 Enterprise”, 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 Conspiracy”, Family Business Review, June 1988. John Ward, Creating Effective Boards for Private Enterprises (Family Enterprise Publishers, 1991). John Ward, “The Family Business Advantage: Unconventional Strategy”, Families in Business, 2002. 122 123 Kelin E. Gersick, John A. Davis, Marion McCollom Hampton, Ivan Lansberg, Generation to Generation: Life Cycles of the Family Business (Harvard University Press, 1997). NOTES 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 Controlled Enterprise”, NACD Directors Monthly, August 2003. 1 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 2 The Family Business Network, www.fbn-i.org/fbn/main.nsf/doclu/facts. Governance for Sustainability (Routledge New York, 1998). 3 The Family Business Network, www.fbn-i.org/fbn/main.nsf/doclu/facts. 23 Fred Neubauer and Alden G.Lank, The Family Business: its Governance for 4 Denis Leach and John Leahy, “Ownership Structures, Control and the Sustainability (Routledge New York, 1998). Performance of Large British Companies”, Economic Journal, 1991. 24 NACD, “The Board of Directors in a Family-Owned Business”, Director’s 5 Newsweek, www.msnbc.msn.com/id/4660477/site/newsweek. Handbook Series, 2004. 6 Sir Adrian Cadbury, Family Firms and Their Governance: Creating Tomorrow’s 25 John Ward, Creating Effective Boards for Private Enterprises (Family Enterprise Company from Today’s (Egon Zehnder International, 2000); John Ward, “The Publishers, 1991). Family Business Advantage: Unconventional Strategy”, Families in Business, 2002. 26 Fred Neubauer and Alden G.Lank, The Family Business: its Governance for 7 Fred Neubauer and Alden G.Lank, The Family Business: its Governance for Sustainability (Routledge New York, 1998). Sustainability (Routledge New York, 1998). 27 International Finance Corporation, http://www.ifc.org/ifcext/ 8 John Ward, Creating Effective Boards for Private Enterprises (Family Enterprise corporategovernance.nsf/Content/CGTools-FamilyFounderUnlisted. Publishers, 1991); Kelin E. Gersick, John A. Davis, Marion McCollom Hampton, 28 Mike Cohn, “Does your Company Put Family or Business First?”, The Business Ivan Lansberg, Generation to Generation: Life Cycles of the Family Business Journal of Phoenix, January 2005. (Harvard University Press, 1997). 29 Fred Neubauer and Alden G.Lank, The Family Business: its Governance for 9 John Ward, Creating Effective Boards for Private Enterprises (Family Enterprise Sustainability (Routledge New York, 1998). Publishers, 1991). 30 Ivan Lansberg, “The Succession Conspiracy”, Family Business Review, June 10 Fred Neubauer and Alden G.Lank, The Family Business: its Governance for 1988; Fred Neubauer and Alden G.Lank, The Family Business: its Governance for Sustainability (Routledge New York, 1998). Sustainability (Routledge New York, 1998). 11 Fred Neubauer and Alden G.Lank, The Family Business: its Governance for 31 Fred Neubauer and 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). 32 Monica Wagen, “Perspectives on Going Public”, Family Business, Spring 1996; 12 International Finance Corporation, http://ifcln1.ifc.org/ifcext/ Fred Neubauer and Alden G.Lank, The Family Business: its Governance for corporategovernance.nsf/Content/WhyCG. Sustainability (Routledge New York, 1998). 13 These principles can range from basic (when the family is still at its founder(s) 33 Fred Neubauer and Alden G.Lank, The Family Business: its Governance for stage) to detailed and more specific as the family gets larger. Sustainability (Routledge New York, 1998). 14 Fred Neubauer and Alden G.Lank, The Family Business: its Governance for 34 International Finance Corporation. www.ifc.org/corporategovernance. Sustainability (Routledge New York, 1998); Daniela Montemerlo and John 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 124 125 (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 Carvajal Group.