SLID and KPMG sign MoU on Family Business Forum

Friday, 17 December 2021 03:01 - - {{hitsCtrl.values.hits}}

From left: KPMG Sri Lanka Partner Pyumi Sumanasekara, KPMG Sri Lanka Partner Suren Rajakarier, KPMG Sri Lanka Partner Thamali Rodrigo, KPMG Sri Lanka Managing Partner Reyaz Mihular, SLID Chairman Faizal Salieh, SLID CEO Radika Obeyesekere

The Sri Lanka Institute of Directors (SLID) and KPMG signed a Memorandum of Understanding (MoU) in Colombo early this week, under which SLID will launch its new Family Business Forum with a strong focus on building appropriate Board leadership and good governance practices in family-owned businesses.

The Family Business Forum is one of many other forums created by SLID to enable interaction, engagement, experience sharing and knowledge building among current and aspiring directors.

KPMG, with its wide global expertise in advising and enabling family-owned businesses, will be the exclusive Knowledge Partner to this forum and the two institutions will provide a constructive platform for owners of family businesses to learn from the successes, failures and experiences of one another, as well as from shared global experiences. SLID believes this is crucial for the transformation and transition of family businesses as they move from one generation to the next and to a higher league of business operations. The forum will also provide opportunities for family-owned businesses to gain practical insights on building Board level competencies and to be recognised in the economy through publications, findings and engagements with various stakeholders.

The MoU was signed by SLID Chairman Faizal Salieh, and KPMG Sri Lanka Managing Partner Reyaz Mihular. Speaking soon after the event, Salieh said: “We are seeing a growing number of directors and aspiring directors from family businesses knocking on our doors for membership. This forum will enable them to meet their aspirational needs for learning and growth, experience sharing and competency development

“Our aim is to help build better directors, better Boards and better companies in every sector of business.”

Mihular said: “Through conversations with business families, KPMG professionals are finding that many are looking to regenerate their businesses, families and social and environmental commitments to achieve both financial and non-financial ambitions. In alignment to these thought processes, KPMG is excited to help family businesses to evolve and is proud to be the ‘Knowledge Partner’ for the Family Business Forum in partnership with SLID.”

KPMG Sri Lanka Family Business Unit is led by Head of Corporate Governance and Enterprise Advisory and Partner Thamali Rodrigo.

“Family businesses are the backbone of an economy,” she said. “It is the family-owned businesses which can overcome any economic challenge. However, families in businesses should have plans to sustain family support for the business. It is challenging. Hence it is critical as an economy to focus on sustaining family-owned businesses through the right advice and discussion. Forums such as SLID will facilitate this very critical need and we are excited to be the knowledge partners.”