Family Business Council issues governance code



A regional association of family business has come up with a voluntary governance code which it hopes will help businesses plan for succession.

“Succession planning is critical to family businesses in the region and without strong family and corporate governance procedures in place the future of businesses in the region will be at risk,” said Abdul Aziz Al Ghurair, the chairman of the Family Business Council-Gulf, the regional association of Family Business Network International.

Mr Al Ghurair, who is also the chief executive of Mashreq, said that family businesses account for on average 70 per cent of businesses in the Gulf but that he was principally addressing the largest 40 companies that are family-run.

According to a study under­taken last year in conjunction with the consultancy firm McKin­sey, many family businesses have weak corporate governance, with only 44 per cent having an employment policy in place and with only 32 per cent of polled businesses having clarity on roles and responsibilities.

The code includes checklists on what businesses should plan for. It was conceived with the help of 10 regional and international governance experts.

“We have taken best practices from across the world and applied our local GCC wisdom to create a governance code spe­cific for our region,” Mr Al Ghurair said.

“While each family may have different visions and goals, the GCC Family Business Governance Code, just like the astrolabe, can serve as a common compass to help family businesses navigate through their own process and reach their true north.”

mkassem@thenational.ae

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Ruwais timeline

1971 Abu Dhabi National Oil Company established

1980 Ruwais Housing Complex built, located 10 kilometres away from industrial plants

1982 120,000 bpd capacity Ruwais refinery complex officially inaugurated by the founder of the UAE Sheikh Zayed

1984 Second phase of Ruwais Housing Complex built. Today the 7,000-unit complex houses some 24,000 people.  

1985 The refinery is expanded with the commissioning of a 27,000 b/d hydro cracker complex

2009 Plans announced to build $1.2 billion fertilizer plant in Ruwais, producing urea

2010 Adnoc awards $10bn contracts for expansion of Ruwais refinery, to double capacity from 415,000 bpd

2014 Ruwais 261-outlet shopping mall opens

2014 Production starts at newly expanded Ruwais refinery, providing jet fuel and diesel and allowing the UAE to be self-sufficient for petrol supplies

2014 Etihad Rail begins transportation of sulphur from Shah and Habshan to Ruwais for export

2017 Aldar Academies to operate Adnoc’s schools including in Ruwais from September. Eight schools operate in total within the housing complex.

2018 Adnoc announces plans to invest $3.1 billion on upgrading its Ruwais refinery 

2018 NMC Healthcare selected to manage operations of Ruwais Hospital

2018 Adnoc announces new downstream strategy at event in Abu Dhabi on May 13

Source: The National

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Name: Direct Debit System
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Name: HyveGeo
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Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
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UAE currency: the story behind the money in your pockets
Scorebox

Sharjah Wanderers 20-25 Dubai Tigers (After extra-time)

Wanderers

Tries Gormley, Penalty

Cons Flaherty

Pens Flaherty 2

Tigers

Tries O’Donnell, Gibbons, Kelly

Cons Caldwell 2

Pens Caldwell, Cross

10 tips for entry-level job seekers
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Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz

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Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez

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