The Dubai Centre for Family Businesses, which operates under the umbrella of Dubai Chambers, has published an informative new toolkit titled ‘Sample Family Constitution.’
The launch of the comprehensive guide comes as part of the centre’s efforts to provide practical support to family businesses and contribute to their long-term growth and development by enhancing key administrative and operational frameworks.
The publication serves as a valuable tool for building sustainable, prosperous, and harmonious family businesses. It offers a detailed overview of the key elements and structures that contribute to the success and longevity of family-owned enterprises. The toolkit is designed to empower families with the robust governance frameworks vital for long-term success and help them effectively navigate the unique complexities associated with family businesses, as well as ensure they can capitalise on promising opportunities.
The Sample Family Constitution toolkit highlights practical examples of common practices in governance in areas ranging from defining the roles of family members and meeting mechanisms to the eligibility criteria for various governance groups within family business structures. These pillars represent key components that will strengthen the structure of any family business and contribute to its success and sustainability for generations to come. The toolkit addresses governance practices tailored specifically to the needs of family enterprises and highlights how family governance structures can contribute to increased harmony and business continuity.
The new guidelines introduce the mechanisms for developing family constitutions and the prominent provisions that should be included to help family businesses achieve their goals. The family constitution aims to pave the way for the future and build a shared commitment to the values and philosophies embodied by the family and the business. This unified purpose and vision is essential to achieve alignment and engagement among family members by defining their roles and setting a clear direction, which promotes loyalty, trust, and flexibility within the family business.
Launched under the umbrella of Dubai Chambers in May 2023, the Dubai Centre for Family Businesses is entrusted with ensuring the growth and long-term sustainability of family businesses in Dubai. The centre is dedicated to further developing this vital sector and enhancing its economic contribution to support the emirate’s future development plans. The centre works closely with partners from the public and private sectors and provides support to all family businesses operating in Dubai.
News Source: Dubai Media Office
