Asian family businesses need to do more in formal governance
Survey shows that while the majority see the need for a decision-making body, the picture is different in practice
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Mindy Tan
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Singapore
DESPITE exhibiting a strong desire for formal governance, there are gaps in the implementation by the majority of Asian family businesses surveyed.
For instance, 71 per cent of the 102 business families surveyed said there should be a decision-making body comprising representatives of the various branches of the family to decide family matters including the selection of family representatives in leading the business.
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