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Family Businesses: The Essentials by Peter Leach

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6Professionalising the boardroom

The role of a balanced board of directors

The role of boards in the governance structure of a family-controlled company is critically important, and establishing a board of directors that includes independent outsiders is probably crucial for the vast majority of family businesses if they are to achieve long-term success. Such a board brings objectivity and experience to operational and policy deliberations, and imposes important disciplines. When a family introduces board diversity, it sends a positive and motivating message to customers, shareholders and employees. In larger, more mature family companies there is a balance to be struck between the interests of the family as owners of the business and the managers ...

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