Setting up and managing a Board of Directors for a family-run business
The board of directors is a managerial and control tool, enabling strategic thinking in a planning and controls forum comprising family members and 1-2 outside directors.
- The board will convene according to a specified plan, in the context of which the CEO will review of the company's position and business. Some of the following topics will also be discussed: approval of the budget and annual work plan, monitoring performance, quarterly and annual financial statements, approval of investment programs and monitoring their performance, appointment of office holders and setting their salary, setting salaries/remunerations for family members, dividend distribution, any other significant issue.
- Running the board of directors – convening members, specifying the topics on the agenda, drafting and distributing minutes of meetings, etc.
- Improving the quality of meetings – preparing orderly presentations, moderating the meeting, resolving disputes, etc.
- Eliminating emotional burdens and including attendees in the discussion.
- Young generation learners