Circular Economy Principles for Family Business and Wealth Stewardship
Download Circular Economy Principles for Family Business and Wealth Stewardship: A New Governance and Sustainability Framework
In this new publication, authors Philip Marcovici, Kenneth T Goh and Iraj Ispahani write about how circular economy principles, when applied to family business and wealth stewardship, can provide a new approach to governance frameworks for wealth- and business-owning families.
Circularity, in broad terms, means both avoiding and finding value in ‘waste’ – not only of natural resources but also of the human resources within families, including family members not directly involved in the family business but who have a stake in the future and who need to support those in more active roles. Such family members highlight the kind of paradoxes families face – should a family member be channelled into working in the family business or be allowed (and encouraged) to pursue their own career, reflecting their personal interests and aspirations? Are there ways to achieve this that add meaningful value to the family and its wealth and business interests?
This book suggests the answer may not be ‘either/or’; perhaps a ‘both/and’ option can be a solution. Family members can be supported on the path to self-actualisation. They can be excited about supporting and taking advantage of the opportunities the family business offers, and can contribute their personal knowledge, skills and experience to enable the business to expand into new areas.
Webinar: Applying circular economy principles to family business and wealth stewardship – 21 July 2022 at 13:00-14:00 BST
This publication will form the centrepiece of our next Thought Leadership Series webinar. In this webinar, moderated by Bryony Cove TEP of Farrer & Co, the authors will help STEP members to identify ways to use circularity principles in their day-to-day work with families. They will offer an overview of the principles they believe to be important and then provide examples and practical guidance on how the principles of circularity can be applied in the context of family business and wealth governance. New thinking on family constitutions, dispute resolution, shareholder and partnership agreements and more will be discussed.