FLO, the women’s wing of the Federation of Indian Chamber of Commerce and Industry (FICCI), on Thursday organised an interactive session on “Women on Family Boards”.
V. Ramakrishnan, founder and Managing Director, Organisation Development Pte Ltd, Singapore, told the women, a majority of them who are into business, “at board levels one needs to focus on outcomes. And also in family business, one needs to lay down rules when the earlier generation is alive.” He highlighted that the survival rate in Asian family businesses was dwindling.
K. Balaji, trustee of Palkhivala Foundation, said the entitlement mindset was a key element in family business failures. He said: “In family businesses, one should detail the rights and responsibilities of ownership, detail family’s social and fiscal responsibility and establish policies for dividends and remuneration for the board.”
