Unlearn: Learn – adapting best practices in family businesses

Friday, 17 October 2014 00:06 - - {{hitsCtrl.values.hits}}

Family businesses are a vital part of the global economy and a cornerstone of the economic systems in most countries. According to research, 30% of the world’s companies whose gross worth is estimated at over $ 1 b in 2013 are family-controlled, portraying family businesses not only have admirably stood tall in its testing times, but are also growing at a rapid pace combating unprecedented change, achieving sustainable growth, investment, and success.

This event to be held on 29 October from 9 a.m. to 1 p.m. at the Kingsbury Hotel, organised by CIMA alongside the principal sponsor CSE and associate sponsor ANC Education, aims to explore how family businesses remain true to the family culture and vision, while adopting best management practices the corporate world has to offer in terms of business and growth strategies, professionalism, talent management and financing. Family businesses such as Wal-Mart, Ford Motor Co., Mars, representing different sectors are the envy of the world, with their stability, excellence and ability to transform in changing economies. From a local context too, the businesses such as Dilmah, MAS Holdings and Hemas grew from small family companies to billion-rupee empires that are still thriving as they see the readjustments in the global markets as an opportunity to expand into developed economies. Giving their perspectives at the event will be: Keynote speaker R. Gopalakrishnan, Director of Tata Group Parent, Tata Sons, and several Tata companies. He also serves as an Independent Director of listed companies Akzo Nobel India and Castrol India, as well as a Sri Lankan listed company, Hemas. Hussain Esufally is the Chairman of Hemas Holdings PLC. Esufally assumed responsibility as CEO in January 2001, and was appointed Chairman in November 2013. He was instrumental in leading the company to achieve one of the most successful listings on the Colombo Stock Exchange in September 2003. Malik J. Fernando, Director Operations of MJF Holdings and Dilmah Tea. He holds a B.Sc. in Management from Babson College, Boston. Established by his father Merrill J. Fernando, Dilmah was the pioneer in branding, packaging and therefore ‘adding value’ to tea at origin. Malik also spearheads MJF Leisure, which is creating a small luxury resort chain, starting with the award winning Ceylon Tea Trails and next up is Cape Weligama, a cliff top beach resort. Prakash Schaffter, the Cambridge-educated Managing Director of Janashakthi Insurance PLC was amongst the youngest-ever Fellow Members of the Chartered Insurance Institute. With over 25 years of experience in the industry both in Sri Lanka and the United Kingdom, he has emerged as one of the leaders of Sri Lankan insurance industry. The panel discussion on ‘How Sri Lanka’s family businesses can sustain, transform and run better in ever-changing economies’ will be moderated by Hayleys Industrial Solutions Ltd. and Hayleys BPO Managing Director Dr. Arul Sivagananathan. Apart from the speakers mentioned, Renuke Wijayawardhane and Ranil Pathirana will also join the panel discussion. Colombo Stock Exchange (CSE) Chief Operating Officer Renuke Wijayawardhane has 21 years of experience at the CSE handling a variety of functions. Presently as the COO, Wijayawardhane is responsible for the operations of four key divisions of the CSE relating to market operations; namely, Trading and Market Surveillance, Broker Supervision, Listings and Corporate Affairs and Central Depository Systems (CDS). Ranil Pathirana is a Fellow of the Chartered Institute of Management Accountants UK and holds a B.Com degree from the University of Sri Jayawardenapura, Kotte. He has been a Director of the Board of Hirdaramani Group of Companies since 2000 and currently serves as a Non-Executive Director on the Boards of Sampath Bank, ALUMEX Ltd. and Hayley’s MGT Ltd.