The Code was prepared by prof. Alessandro Minichilli and prof. Maria Lucia Passador.
Adherence to the Code would be voluntary. Its purpose is to create a reliable governance structure for non listed family businesses. In recent years, several European countries, such as Belgium, Spain and Finland have promoted corporate governance codes for non listed companies. IFC (World Bank Group) in 2011 published a Family Business Governance Handbook.
The benefits of adopting a reliable and transparent corporate governance structure are numerous for a non listed company. A corporate governance structure not only protects the company’s business and assets, but it also makes the company more reliable to third party business partners and potential investors, especially international businesses. It also attracts outside talent – as outside managers are often reluctant to join a close knit family business.
This is very good news especially in Italy, where family businesses contribute 94% of the national GDP (source: FFI Datapoints), however they often struggle on succession planning and expansion, which transparency and clear rules.
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