Termed the Stewardship Principles for Family Businesses (SPFB), they aim to articulate the mindset and attitudes, as well as behaviours and practices that would foster success, significance and sustainability for family businesses. These Principles intend and hope to inspire reflections and actions for those who are committed to stewarding their organisations towards sustainable success.
Introduction
Family businesses form the backbone of Asia's economy. They are a formidable component in any economy to help shape the larger community, building value for the long-term above and beyond wealth creation, for generations to come.
Stewardship is a defining hallmark of successful and enduring family businesses. Guided by their values and purposes, successful family businesses remain resilient in the face of changing times and disruptions, overcoming adversity and outperforming their competitors.
Published through extensive collaboration, consultation and research, Stewardship Principles for Family Businesses (SPFB) aim to guide family businesses in the Asia context and beyond, by articulating the right mindset, attitude and practices that foster successful and sustainable Family Businesses.
Seven Principles
Principle 1
Driven by purpose, anchored on values
Principle 2
Cultivate and ownership mentality
Principle 3
Integrate short-term and long-term perspectives
Principle 4
Expect changes, nurture agility and strengthen resilience
Principle 5
Embrace inclusiveness and build strong stakeholder relationships
Principle 6
Do well, do good, do right; contributing to community
Principle 7
Be mindful of succession
Family Business: Stewardship in Action
Listen to the founders and next generation leaders as they share their thoughts on the Stewardship Principles for Family Businesses (SPFB) and how they apply it within their own businesses. Featured in this video are:
- Claire Chiang, Co-founder, Banyan Tree Hotels & Resorts
- Ho Ren Hua, CEO, Thai Wah Public Co
- Ho Ren Yung, Assistant Vice-President, Banyan Tree Spa & Gallery
- Cecile Ang, President, Diamond Hotel
- Mercedes L Vargas, President & Executive Director, Lopez Group Foundation
- Marianna L Vargas, Partnership Officer, Oscar M Lopez Centre
- Jonathan Tahir, Deputy Chairman, Mayapada Group