RT Journal Article
SR Electronic
T1 Family Governance
JF The Journal of Wealth Management
FD Institutional Investor Journals
SP 10
OP 16
DO 10.3905/jwm.2002.320439
VO 5
IS 2
A1 Barbara R. Hauser
YR 2002
UL https://pm-research.com/content/5/2/10.abstract
AB Family governance is a hot topic. Just as with countries, the families who can weather the short-term crises are those based on strong internal governance structures. Families do not achieve this by accident. The author addresses three questions. First, who are the families for whom governance is an issue (and who ‘counts’ as members of those families)? Second, what does ‘governance’ mean in the family context? Third, how can a family deliberately establish an internal governance structure to achieve its goals? She concludes with the observation that family governance works in the same way as does any other form of governance. A good governance system is one that provides fairly for its members and adapts well to changing circumstances. Each member feels consulted, respected, and treated fairly. The pride in the family can then be passed on to future generations who will be able to participate in the same flexible process. The shade from the trees that were planted long ago will protect the future generations.