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Overview of Family Business Relevant Issues - Final Report
The Austrian Governance Code for Family Businesses (Österreichischer Governance Kodex für Familienunternehmen) has been drafted in 2002 and contains the following chapters with recommendations for the management of family businesses, also pinpointing that a “family strategy” should be developed (i.e., treatment of family members, conflict solving, activities for a stronger family coherence etc.): -
Responsible management
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Transparent company structures
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Qualified management and management succession
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Assurance of a qualified management supervision
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Participation rights of the shareholders
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Accounting and allocation of profit
In Belgium, the ad-hoc Commission Buysse (employers’ organisations and experts) in 2005 established a corporate governance code for non-listed companies, including a specific chapter on family businesses. The code advocates the adoption of a family charter and the creation of a family forum. Furthermore, it offers advice on resolving conflicts and preparing succession within the family firm. Also in 2005, the Turkish Ankara Chamber of Industry (Ankara Sanayi Odası) published its Family Contract (ASO Aile Anayasası), dealing with family relationships, working relationships, administrative structures and ownership37. In Spain, the Ministry of Justice enacted a regulation of the publicity for family protocols (Regulación de la publicidad de los protocolos familiars). This Royal Decree of 2007 establishes the minimum elements that have to be included in any protocol. In order to support the administrative effort related to the establishment of such documents, financial aid is favourable. Such has been realised by the regional government of Valencia (Spain). The Consellería de Economía Hacienda y Empleo de la Generalitat Valenciana (Department of Economy and Employment of the Regional Government of Valencia) provides public aids (50 % of external consulting costs, up to EUR 8,000) for elaborating family protocols in family businesses (Ayudas a Empresas familiares para la Realización de Protocolos Familiares)38.
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For a detailed description see Annex IV. For a detailed description see Annex IV.