In light of the importance of corporate governance for family businesses, the Dubai Chamber of Commerce and Industry’s Legal Services Department in association with Hawkamah, the Institute for Corporate Governance in the UAE, is organising a ‘Family Constitution’ workshop at the Chamber premises on Sunday, August 25.

With its objective of explaining the basics of family and corporate governance, the half-day workshop will be attended by family business executives, family members, managers and in-house lawyers and legal consultants.

The workshop, conducted by Leonardo F. Peklar, CEO and master trainer, Zeina Zein El Abedine, Manager, and Alec Aaltonen, Programme Manager, Hawkamah, will highlight the importance of understanding and incorporating Family Constitution in the family business.

It will also deal with the setting of policies that families have to agree and implement as regards to employment, investment, conflict resolution and succession in a family business set-up.

Jehad Kazim, Director, Legal Services, Dubai Chamber, stated that the Family Constitution workshop is organised by the Chamber to highlight the importance of family business governance which is a fundamental tool to improve family business and to preserve the family’s legacy for future generations.

Also, as businesses in the Arab world are managed by succeeding generations, family companies have to revisit the traditional system by taking into account the framework and policies that govern successful private sector enterprises as failure to do so could leave family businesses vulnerable to mismanagement and poor performance, she said.

Ms Kazim further stated, “On its part Dubai Chamber regularly organises training, seminars and workshops to ultimately serve the business community in boosting their trade while contributing to the economic growth of Dubai.”