IOMA Solutions presented a workshop regarding Family Business Governance at the prestigious Capital Club, Bahrain Financial Harbour, on 9th November 2010 in conjunction with their Bahraini Alliance Partner, Vanguard. A first of its kind in this field, the event was held with the presentation of an illustrative, realistic and practical case study covering a family business scenario before and after governance restructuring in conjunction with active audience participation. The event was carried out by Paula Coates, Director of IOMA Solutions and Hazem Janahi, Managing Director of Vanguard, supported by Mike Hodgson, Managing Director of IOMA Solutions. Commenting on this, Paula said: “The Gulf region is rife with a large number of family businesses key to the future prosperity of the area. Family businesses constitute 90 per cent of the total private sector in the Gulf Cooperation Council, most of which do not exceed the third generation as they face common challenges linked to continuity, resistance to change, allocation of power, succession planning and conflict of interest among family members. The continuity and longevity of these businesses depends on both the identification and resolution of these issues via the implementation of family governance based on proper legal and structural frameworks.” “The aim of the workshop is to assist family businesses with planning, structuring and governing their corporate structures to achieve their objectives and visions whilst assuring the continuity of both their business and family legacies.” Noting further, Paula said: “The presentation is unlike any other that has gone before as it provides a macro image of typical challenges facing family businesses in the region and tackles case-specific issues with appropriate proposed solutions. It utilizes a holistic approach in addressing and emphasizing the significance of family business governance across generations.” A large number of representatives from family businesses across the GCC participated in the event. The representatives were exclusively invited to benefit from this workshop with the objective of developing these private companies in response to the financial turbulences that has impacted the region in the preceding two years. Adding to this Mike Hodgson commented: “Whether the family is in its first, second or third generation the recent global financial situation has brought an end to the days of easy exponential growth and highlighted the overwhelming need for family business governance and wealth planning services.” “Our services seek to address these factors firstly by understanding the family needs, concerns, aspirations, desires, visions as well as the culture of the family and related family businesses. Following this we are then able to diagnose, develop and implement a family governance system together with bespoke structuring solutions that will ensure the longevity of the family’s wealth.” IOMA Solutions have significant experience in advising on tailor-made international structures and planning. These services are provided alongside the existing IOMA group offering which spans the spectrum of structuring and planning disciplines: life assurance, general and captive insurance, fiduciary and administration, funds, listing vehicles and investment management. Vanguard is a leading Bahraini Firm in the field of business advisory and corporate governance and has launched a number of pioneering ventures throughout the GCC. Together they make a formidable team in the region. -ENDS-