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010-030 - Directors Of Family Companies

Many family businesses lack a willingness to subject themselves to objective performance measures. This is where the appointment of an outside director(s) can bring about an element of objectivity, thereby removing some of the family emotion and bias from board decisions. Whether a person is a fami ...Read more
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Many family businesses lack a willingness to subject themselves to objective performance measures. This is where the appointment of an outside director(s) can bring about an element of objectivity, thereby removing some of the family emotion and bias from board decisions.

Whether a person is a family member or a non family member, the invitation to serve on the Board of Directors should not be issued lightly. The person should have earned the invitation to be a Director. He/She should understand corporate governance issues and in particular the responsibilities and duties of being a Company Director.

This paper, comprising four pages, analyses these matters and others under the following headings:

  • Who Should Be A Director Of A Family Company?
  • Benefits From Having Outside Directors
  • Appointment Of Non Family Members As Directors
  • Value Of Independent Directors
  • Appointment Of An Independent Director
  • Corporate Governance Compliance
  • Australian Institute Of Company Directors