PwC New Zealand’s Post

Transcript

What we found in the family business survey is that whilst family businesses have boards, they see governance as a compliance activity a lot of the time. We find that actually the most successful family businesses use good governance as a way to embed both the long term family strategy as well as effective business strategy. We think family businesses should be thinking about the composition of their board, thinking about whether they should bring in some younger members of the family, where they should be thinking of bringing in some external advisors and independent directors and whether they should be thinking about the breadth of their business in terms of their stakeholders to broaden out the diversity and inclusion of their boards, to match their workforce and their stakeholders.