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ARTICLE · 10 JUNE 2022

Trustee Knowledge Series: Masters Paper Two: Family Governance

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"Family governance" is a term to describe a system of how a family together makes decisions in governing its wealth and enterprises. Often the family will have a board of directors...

JerseyCorporate/Commercial Law
David Dorgan
David Dorgan
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WHAT IS FAMILY GOVERNANCE?

"Family governance" is a term to describe a system of how a family together makes decisions in governing its wealth and enterprises. Often the family will have a board of directors and family council working in conjunction with third party professionals brought on-board for their particular skills, but each system is bespoke to each family's circumstances.

The aim of governance is to bring a multi-generational family together to develop family unity, strategy, communication, trust and legacy. Often the family will be assisted by a family constitution which reflects the family's values, an ownership structure, and the employment of family members and non-family professionals in the enterprises or family office.

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