Innovative Role of Board in Family Business Governance
Explore the pivotal role of the board of directors in fostering innovation within family businesses. Learn how the board can drive innovation, advise management, ensure funding, and set qualitative and quantitative objectives for successful innovation projects.
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Session 2: Governance in Family Businesses: The Innovative Role of the Board of Directors Mr. Raphael Debbane Chairman Debbane Saikali Group
Innovation in Family Business Forum Governance in Family Businesses: The Innovative Role of the Board of Directors 11 December 2014 Four Seasons Hotel Beirut By Rapha l Debban 2
Innovation in Family Business Forum The Company Management has the duty: To foster innovation. To provide the right corporate environment for it to flourish . 3
Innovation in Family Business Forum But the Board should obviously Understand the innovation concept. Study and decide on the plans related to this innovation program. 4
Innovation in Family Business Forum The Board should advice whenever he feels it necessary, by making sure that the Management has properly and successfully invested in an innovation which should yield valuable results. This means that the Board has a role to play within an innovation program. 5
Innovation in Family Business Forum To be more specific, let us go into some more details. The Board should: 1. Push the Management in searching for innovation. 2. Evaluate if the innovation plans are in line with the decided company s strategy. 6
Innovation in Family Business Forum 3. Make sure that the Management is capable to provide the success factors for this innovation project. 4. Review regularly the effectiveness of the innovation efforts. 5. Provide the appropriate and sufficient funding budget and make sure that this funding is available at the needed optimum time. 7
Innovation in Family Business Forum The Board has to set objectives qualitatively and quantitatively for the expected achievement which should be coming from the innovative project. Qualitatively: means detailed plans. Quantitatively: planned timetable for the expected development time for the finalization of the innovation project. 8
Innovation in Family Business Forum Last but not least the Board must decide, make sure that the capabilities (experience, knowledge) of the Management are up to what is required to give the maximum chances of success of the innovative project. If not, the Board should guide, provide for acquiring the adequate manpower to assure maximum chances of success. 9
