Family Corporation and the Struggle to survive: A Comparative Study in CorporateGovernance Best Practices
Dr. Fahad Al-Zumai
School of Law – Kuwait University
Abstract:
This paper identifies the economic importance of family companies and highlights the special nature of these businesses. Thereafter, it explores the best governance practices for family companies in light of the World Bank International Finance Corporation guideline. Most importantly the paper ascertains the role of Family Constitutions, councils and general assembly as tools to achieve best governance of such businesses. Finally, the paper discusses the new Maltese law on family businesses which is considered to be the first of its kind internationally.