SLID launches its’ Family Business Forum
View(s):The Sri Lanka Institute of Directors (SLID) launched its Family Business Forum recently via the virtual platform aimed at inculcating sound board leadership and good governance practices in family-owned businesses.
In his opening remarks (released through a media statement issued by the organisation), SLID Chairman Faizal Salieh said: “We at SLID recognise the presence, growth, and importance of family businesses in the economy of our country. The formation of this dedicated forum is our response to the emerging need to support and enable directors, aspiring directors, and senior managers of family-owned businesses to sharpen their competencies through the process of knowledge, skills, and experience sharing, education, and training in the various areas of good business governance. Family businesses demonstrate a great degree of entrepreneurial skills, spirit, passion, and drive which are essential ingredients in business and are important factors for economic growth but most of them don’t survive beyond the second or third generation.”
Imtiaz Eusufally, Chairman of SLID’s Family Business Forum, said: “Family-owned businesses in Sri Lanka are the backbone of the private sector economy. Their effective governance and generational transformation can create immense value to our economy and society. Our objective in this forum is to be a catalyst in sharing knowledge and engaging in discussions of best practices of corporate and family governance in family businesses and addressing the business-owning families’ generational transformation, leadership succession, and stewardship for the next generation”.
The SLID Family Business Forum’s Working Committee comprises Imtiaz Esufally, Director of Hemas Group; Thamali Rodrigo,Partner and Head of Corporate Governance & Enterprise Advisory at KPMG; Fazal Fouz, Director of Rainco (Pvt) Ltd and Eshan Tudawe, Director of Tudawe Brothers. Prakash Schaffer is the SLID’s assigned Council member and eminent business leaders Sherard Amalean of MAS Holdings, Ashroff Omar of Brandix and Shiromal Cooray of Jetwing Travels are on the Advisory Committee.
Delivering his keynote address on “Building Lasting Businesses”, founding director of the Thomas Schimidheiny Centre for Family Enterprises, Indian School of Business, Prof. Kavil Ramachandran said that most businesses across the world are family-controlled and that the percentage holding may vary varying from country to country. “Discussion on family businesses was non-existent until about 15-20 years ago and they were considered bad, unscrupulous, and unprofessional. However, it is now recognised that family businesses are fantastic entities and that they create, support, and facilitate the growth of the economy.”
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