Governance issues are most apparent in wealth management for a large family, and particularly for illiquid assets such as an active business.  In those circumstances, younger family members can become, in a sense, involuntary investors in the enterprise.

Governance issues arise in many other contexts as well, such as in the management of a philanthropic mission or in succession planning for investment funds where continuity may depend upon preserving the effectiveness of a small circle of individuals who are actively engaged in management.

In each of these contexts, successful governance requires both continuity and flexibility, which usually depends upon preserving not only the right of a small circle of individuals to make decisions, but also the willingness of a large group to accept those decisions.

Successful governance does not occur spontaneously.  The experiences of our clients indicate that foresight and attention to certain principles are likely to foster successful governance.

¨    Corporate Model

¨    Board

¨    Peer Review

¨    Personal Liability

¨    Statement of Principles

¨    No Boilerplate

¨    Operating Plan

¨    The Dead Hand

¨    Informed Participation

¨    Dialogue