FBUK addresses Good Governance in Disruptive Times
Family Business UK were delighted to host an open and honest roundtable discussion on ‘Good Governance in Disruptive Times’ in London yesterday, the 6th November 2024.
Kindly hosted by FBUK Corporate Partners PwC and with expert contributions from both PwC and Boodle Hatfield, this session provided senior family business leaders with an opportunity to consider governance challenges faced by a broad range of roles and generations within UK family businesses.
After reframing external risks as opportunities to create agility in business, we explored ‘what is good governance in practice?’
Our panel, including Steve Rigby, James Perry and Sian Steele, expertly moderated by Sophie Ashburton, sought to debate what is most important in relation to good governance?
What might get in the way of good governance? And why are family businesses, at their best, uniquely set up to be exemplars of good governance?
Steve Rigby, CO-CEO of Rigby Group PLC, discussed the importance of family board’s aligning their views so that a message delivered to the executive is heard as one voice. Steve advocated for independent advice/support to help manage the emotion inherent in family business, so that families can better communicate what they wish to achieve.
James Perry, co-Founder and Co-Chair of COOK, explained what it means to be a purposeful organisation and the pride he felt in changing the articles of association to show their commitment to good governance.
James gave tangible examples such as the decision to be part of the Living Wage Foundation and how honesty and transparency created authentic conversation.
Sian Steele, portfolio NED, shared examples of how family businesses can adapt to roll with the punches, pivot fast if they need to or hold hard. Sian spoke about how being direct in the right way (radical candour) is helpful in bringing up things that appear painful to talk about, but are necessary.
The roundtable discussion which followed, conducted under Chatham House Rule, explored a number of individual challenges being faced currently within attendee’s family businesses.
The strong culture of honesty amongst family business meant that attendees felt safe to share in-depth and openly, so that they could gain the support they needed.
Thoughtful input from both subject matter experts and perspectives from other FBUK members, gave practical advice on how to manage the difficulties, learnt from their own experience in similar situations.
Some of the key takeaways from the day included:
- Getting the formality of governance ‘just right’ is hard work and different for every family, but informal Friday Family Lunch or Tuesday Supper Club may be a step in the right direction.
- Reconsider the output you would like and re-frame the conversation so that communication is easier and more beneficial.
- Purpose and aspirations of stakeholders can be a rich and emotive subject, used to engage, find a commonality and drive action for both family and business.
A general consensus about communicating well, whether around the kitchen table or around the boardroom table, meant an investment in relationships which takes a first step towards good governance.
Further Reading on Good Governance
Some “tried and tested” tools recommended by our delegates, in the room, to help understand better ways of communicating included:
- Insights
- Love languages
- See-me
- Strength finder 2.0
For those interested in some further reading, delegates shared a number of powerful book recommendations including:
- Radical Candour
- The fearless organisation
- Hug of War
- Who moved my cheese?
- I’m ok, you’re ok
The FBUK Member Resource Centre
FBUK Members can find further exclusive resources, including our unique digital tool & model – Family Business Life Stages, within the FBUK Members Resource Centre,
As part of FBUK’s support to the sector, the public can access range of topical, “open” expert resources on the FBUK website here.
FBUK shall be running many more events in 2025 to help our members explore best practice and knowledge share, on topics of material import to family business.
FBUK Programmes & Events
View the FBUK Programmes & Events calendar here.