IFC

- 2121 Pennsylvania Ave. NW, Washington, DC 20433
United States of America


IFC IFC

IFC


IFC

IFC
 IFC

4

IFC
IFC
IFC

IFC

/
IFC

IFC
Sanaa Abouzaid

Sanaa Abouzaid
Corporate Governance Unit
Environment, Social & Governance Department
IFC
2121 Pennsylvania Avenue, NW
Washington, DC 20433 U.S.A
Telephone: 202-458-1614
Email: sabouzaid@ifc.org

5
 IFC

(Natalya Arabova, First Freight Company (Russia); Ayman

Eltarabishy, The George Washington University (United States); Leo Goldschmidt,
Bank Degroof (Belgium); Darrin Hartzler, Davit Karapetyan, Sebastian Molineus, and
Cecilia Rabassa, IFC/World Bank; Herbert Steinberg, Mesa Corporate Governance
(Brazil); and John Ward, Kellog School of Management (United States)

Joe Achkar, SABIS (Lebanon) Alfredo Carvajal Sinisterra, Carvajal Group (Colombia)

Sandra Guerra, Better

Governance (Brazil); Kiril Nejkov, Fabio Isay Saad, Enrique Sanchez-Armass, Anderson
Caputo Silva, and Medhat Bassily IFC/World Bank,

JewelCaguiat Maya Polishchuk, IFC,

Mike Lubrano, Cartica Capital
(United States)

Australian Aid UK Aid

IFC

7
 IFC

8

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9
 IFC

() ........................................... 46
..................................... 46
(CEO) ......................... 49
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.......................................................................................... 57

10







%














%





(GNP- Gross National Product)


%

(GNP- Gross National Product) %

Salvatore

Ferragamo Benetton Fiat Group
LOreal Carrefour Group LVMH

Michelin

Samsung Hyundai Motor LG Group
BMW

Siemens
Kikkoman Ito-Yokado
Ford Motors Co. Wal-Mart

Stores

The Family Business Network, www.fbn-i.org/fbn/main.nsf/doclu/facts.

The Family Business Network, www.fbn-i.org/fbn/main.nsf/doclu/facts.
The Family Business Network, www.fbn-i.org/fbn/main.nsf/doclu/facts.

11
 IFC

-










( )













`

`
`

`

`



`

Newsweek Thomson Financial





















() FTSE IBEX
Thomson Financial
















-
()









%




%







%




%

IFC

- Economic Journal Denis Leach and John Leahy Ownership Structures, Control and the Performance

of Large British Companies

Newsweek www.msnbc.msn.com/id/4660477/site/newsweek.
Sir Adrian Cadbury Family Firms and Their Governance: Creating Tomorrows Company from Todays (Egon Zehnder

International - ) John Ward The Family Business Advantage: Unconventional Strategy, Families in
Business, -

12


/

















(



)

% %

()

Fred Neubauer e Alden G.Lank, The Family Business: its Governance for Sustainability (Routledge New York, 1998).

13
 IFC

(
)

(CEO)

() () ()


()

. () () (
())

()


/

John Ward Creating Effective Boards for Private Enterprises (Family Enterprise Publishers, 1991); (Harvard
University Press, 1997) Kelin E. Gersick, John A. Davis, Marion McCollom Hampton Ivan Lansberg
Generation to Generation: Life Cycles of the Family Business

14


()

()

()

. ()

()

. ()
( ()
)

()

15
 IFC

() ()

()

()

()

John Ward, Creating Effective Boards for Private Enterprises (Family Enterprise Publishers, 1991).

16
 ()

(
)

(

)

/
/
/ /
/
/ /
/ / /

17
Fred Neubauer e Alden G.Lank, The Family Business: its Governance for Sustainability (Routledge New York, 1998).
 IFC

(


)










































(


)

( )

( )

18


()

()



()





()




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CEO






-

()
/

Fred Neubauer e Alden G.Lank, The Family Business: its Governance for Sustainability (Routledge New York, 1998);
Ivan Lansberg, Succeeding Generations: Realizing the Dream of Families in Business (Harvard Business School Press, 1999).
International Finance Corporation, http://ifcln1.ifc.org/ifcext/corporategovernance.nsf/Content/WhyCG.

19
 IFC

20
 ()

()
()

(
)

)











-

21
 IFC

( )

(())

Fred Neubauer e Alden G.Lank, The Family Business: its Governance for Sustainability (Routledge New York, 1998);

Daniela Montemerlo y John Ward, The Family Constitution: Agreements to Secure and Perpetuate Your Family and Your
Business (Family Enterprise Publishers, 2005); Craig Aronoff, Joseph Astrachan, y John Ward, Developing Family Business

22
Policies: Your Guide to the Future (Family Enterprise Publishers, 1998).


( )

23
 IFC

()
SABIS
SABIS
SABIS Pre-K K-12 ( )

SABIS
, SABIS

SABIS
SABIS
Saad Bistany
SABIS

SABIS
IFC SABIS SIS-Adma
SABIS
IFC
IFC SABIS

SABIS
()

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() SABIS











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24
- SABIS


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()

()

SABIS

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)



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()


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VP (VP-OD) /

() SABIS

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/


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SABIS

25
 IFC

()

SABIS
/

()

(VP-OD)

SABIS

SABIS SABIS

26


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()

/



SABIS

/

SABIS

SABIS




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)

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)




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)





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27
 IFC

.



- /
/


(
)

28


.



()
()


(
)

( )



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29
 IFC

.



( -
)

() ()


/

Ivan Lansberg, Succeeding Generations: Realizing the Dream of Families in Business (Harvard Business School Press, 1999);
Fred Neubauer e Alden G.Lank, The Family Business: its Governance for Sustainability (Routledge New York, 1998).

30


() ()

() / /

()

()






()
() () ()

31
 IFC

()

()
( )

()
( )

()

32


.. /

/

33
Ivan Lansberg, Succeeding Generations: Realizing the Dream of Families in Business (Harvard Business School Press, 1999).
Ivan Lansberg, Succeeding Generations: Realizing the Dream of Families in Business (Harvard Business School Press, 1999);
Fred Neubauer e Alden G.Lank, The Family Business: its Governance for Sustainability (Routledge New York, 1998).
 IFC

()
Carvajal Group
-
Carvajal Group




















Carvajal Group








-

Carvajal Group La Imprenta Comercial

Manuel Carvajal Valencia

Carvajal Group



IFC

Carvajal Group IFC





IFC Carvajal Group

Carvajal Group

()
Carvajal



Carvajal

()



()




()

()



()


()


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()

Adapted and summarized from the 2002 version of the Family Protocol of The Carvajal Group.

34


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(CEO)

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35
 IFC

()

()

() ( )

()

()

()

()

()

()

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36
 ()

(paper board)

(


)

(
)

(
)

37
 IFC

Fred Neubauer e Alden G.Lank, The Family Business: its Governance for Sustainability (Routledge New York, 1998).

38


- -

()
()

(CEO)

( -
)

Richard Narva y Beth Silver, How to Create Effective Governance in a Family Controlled Enterprise, NACD Directors
Monthly, August 2003.
Fred Neubauer e Alden G.Lank, The Family Business: its Governance for Sustainability (Routledge New York, 1998).

39
 IFC

40


.



() ()

Fred Neubauer e Alden G.Lank, The Family Business: its Governance for Sustainability (Routledge New York, 1998).

41
 IFC

/


() ()

42
NACD, The Board of Directors in a Family-Owned Business, Directors Handbook Series, 2004.


(
)

.



() ( )

()

John Ward, Creating Effective Boards for Private Enterprises (Family Enterprise Publishers, 1991).

43
 IFC

.


- ()

IFC

Fred Neubauer e Alden G.Lank, The Family Business: its Governance for Sustainability (Routledge New York, 1998).

44


() ()



/ ()



()



()



()
(/)
()
(
) / )
/
/ / /
(
() ()
)


(affiliated)
- () ()
/ (Related Party)
()
()

International Finance Corporation, http://www.ifc.org/ifcext/corporategovernance.nsf/Content/CGTools-

FamilyFounderUnlisted.

45
 ()






()


()

()

()

()

46



()

( )





/

/


( () (.)
)

Mike Cohn, Does your Company Put Family or Business First?, The Business Journal of Phoenix, January 2005.

47
 IFC

()

(





)

(








)

48


(CEO)

(CEO)

(CEO)

(CEO)
-

(CEO)


(CEO)

( )

(CEO) /
CEO

Fred Neubauer e Alden G.Lank, The Family Business: its Governance for Sustainability (Routledge New York, 1998).
Ivan Lansberg, The Succession Conspiracy, Family Business Review, June 1988; Fred Neubauer e Alden G.Lank,
The Family Business: its Governance for Sustainability (Routledge New York, 1998).

49
 IFC

.

(CEO)





(CEO)
( / )
CEO CEO

.


/

50
Fred Neubauer e Alden G.Lank, The Family Business: its Governance for Sustainability (Routledge New York, 1998).


(
)

(
)

51
 ()

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.


-

52 Monica Wagen, Perspectives on Going Public, Family Business, Spring 1996; Fred Neubauer e Alden G. Lank,
The Family Business: its Governance for Sustainability (Routledge New York, 1998).


(
)

.


-

( )
-

Fred Neubauer e Alden G.Lank, The Family Business: its Governance for Sustainability (Routledge New York, 1998).
53
 IFC

(IPO=initial public offering)

(
)
(
)

-


( )

54 International Finance Corporation, www.ifc.org/corporategovernance.



(
)

CEO


(
)

55


56
Craig Aronoff, Joseph Astrachan, and John Ward, Developing Family Business
Policies: Your Guide to the Future (Family Enterprise Publishers, 1998).

Denis Leach and John Leahy, Ownership Structures, Control and the
Performance of Large British Companies, Economic Journal, 1991.

Fred Neubauer and Alden G.Lank, The Family Business: its Governance for
Sustainability (Routledge New York, 1998).

Daniela Montemerlo and John Ward, The Family Constitution: Agreements

to Secure and Perpetuate Your Family and Your Business (Family Enterprise
Publishers, 2005).

International Finance Corporation,

http://www.ifc.org/corporategovernance.

International Finance Corporation,

http://ifcln1.ifc.org/ifcext/corporategovernance.nsf/Content/WhyCG.

International Finance Corporation,

http://www.ifc.org/ifcext/corporategovernance.nsf/Content/
CGTools-FamilyFounderUnlisted.

Ivan Lansberg, Succeeding Generations: Realizing the Dream of Families in

Business (Harvard Business School Press, 1999).

Ivan Lansberg, The Succession Conspiracy, Family Business Review,

June 1988.

John Ward, Creating Effective Boards for Private Enterprises (Family Enterprise
Publishers, 1991).

John Ward, The Family Business Advantage: Unconventional Strategy,

Families in Business, 2002.
Kelin E. Gersick, John A. Davis, Marion McCollom Hampton, Ivan Lansberg,
Generation to Generation: Life Cycles of the Family Business (Harvard
University Press, 1997).

57
 IFC

Mike Cohn, Does your Company Put Family or Business First?, The Business
Journal of Phoenix, January 2005.

Monica Wagen, Perspectives on Going Public, Family Business, Spring 1996.

NACD, The Board of Directors in a Family-Owned Business, Directors

Handbook Series, 2004.

Newsweek, www.msnbc.msn.com/id/4660477/site/newsweek.

Richard Narva and Beth Silver, How to Create Effective Governance in a

Family Controlled Enterprise, NACD Directors Monthly, August 2003.

Sir Adrian Cadbury, Family Firms and Their Governance: Creating Tomorrows
Company from Todays (Egon Zehnder International, 2000).

The Family Business Network, www.fbn-i.org/fbn/main.nsf/doclu/facts.

58