DUBAI: 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 is part of the centre’s efforts to provide practical support to family businesses and enhance key administrative and operational frameworks, contributing to their long-term growth and development.

The publication 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, help them effectively navigate the complexities associated with family businesses, and ensure they can capitalise on promising opportunities.

It also highlights practical examples of common governance practices, ranging from defining the roles of family members and meeting mechanisms to the eligibility criteria for various governance groups w
ithin family business structures.

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.

It also introduces 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 family and business values and philosophies. This unified purpose and vision is essential to achieve engagement among family members by defining their roles and setting a clear direction, which promotes loyalty, trust, and flexibility within the family business.

Source: Emirates News Agency