The development of a Family Governance Code creates clear rules for all shareholders of a company and is an important support, particularly in the case of company succession.
New edition of the Code of Governance
In June 2017, Family Management at Bankhaus Spängler, together with the INTES Academy for Family Businesses, a PwC Group company, published an updated edition of the Code of Governance for Family Businesses. The first edition of the Code of Governance was published in 2005 and is a guideline that describes the responsible management of family businesses and business families. For the new edition, an extended commission consisting of 20 Austrian family businesses and academics set to work and incorporated the practical experience gained from working with the code. In addition, legal changes to governance in family businesses were taken into account.
Main topics:
- Expansion of family governance
- Expansion of regulations regarding supervisory bodies (supervisory board, advisory board, etc.)
- Expanding the significance of Austrian private foundations as owners of family businesses
Bankhaus Spängler has been advising family businesses on the transfer of ownership for many years. Experience has shown that drawing up a Family Governance Code has proved very successful. ‘In the current handover phase of many family businesses that have been built up over the last 30 to 40 years, it is becoming clear that the topic of ‘How can we organise ourselves well and compactly as owners’ is becoming increasingly important as the shareholding structure spreads. To this end, it makes sense to draw up an individual Family Governance Code,’ confirms Walter Schnitzhofer from Spängler M&A GmbH – Consulting for family businesses.
The Family Governance Code is available at:
Bankhaus Carl Spängler & Co AG
Commission for Austrian Code of Governance for Family Businesses
Ernest-Thun-Straße 8, 5020 Salzburg
Phone: +43 662 8686 – 4011
Fax: +43 662 8686 – 4098
E-mail: bankhaus@spaengler.at
www.spaengler.at