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Family Governance Lite Survey
Family Governance Form
Name
First
Last
Email
Strategy
Please answer the questions using the following scale:
0
- Not applicable
1
- There is known disagreement on this matter and it is not being addressed
2
- We haven't thought of this, or don't know our competency level in this area
3
- We are keen to address our needs in this area, but haven't done so yet.
4
- We have started to address this matter, but it's effectiveness is unknown
5
- We have agreed, periodically reviewed and adhered to policy on this matter.
We have a written strategic plan for out family which is reviewed periodically and shared amongst the family.
0
1
2
3
4
5
We have defined our values and are guided by these when deciding the code of conduct and policies that our family will live by.
0
1
2
3
4
5
The family members in leadership positions meet at least quarterly to assess progress against set goals.
0
1
2
3
4
5
We have discussed and agreed the role that non-family members play in the leadership and management of our family wealth.
0
1
2
3
4
5
We have discussed and agreed a strategy for the resolution of conflict within the family which is documented.
0
1
2
3
4
5
Policies
Please answer the questions using the following scale:
0
- Not applicable
1
- There is known disagreement on this matter and it is not being addressed
2
- We haven't thought of this, or don't know our competency level in this area
3
- We are keen to address our needs in this area, but haven't done so yet.
4
- We have started to address this matter, but it's effectiveness is unknown
5
- We have agreed, periodically reviewed and adhered to policy on this matter.
We have developed strategic policies for our family to live by which reflect our values and provide day to day guidance for family members.
0
1
2
3
4
5
We have developed formal family policies which effectively reflect our family values and these are updated regularly.
0
1
2
3
4
5
We have agreed formal policies on key issues as the employment of non-blood family members within family business, remuneration strategy for roles supporting the rest of the family, the use of pre and post nuptial agreements and wills, inheritance of family wealth etc.
0
1
2
3
4
5
Communication
Please answer the questions using the following scale:
0
- Not applicable
1
- There is known disagreement on this matter and it is not being addressed
2
- We haven't thought of this, or don't know our competency level in this area
3
- We are keen to address our needs in this area, but haven't done so yet.
4
- We have started to address this matter, but it's effectiveness is unknown
5
- We have agreed, periodically reviewed and adhered to policy on this matter.
All family members attend at least one family meeting per year.
0
1
2
3
4
5
Each family member receives quarterly reports of asset values, income, family spending, costs of advisers and in-house staff etc.
0
1
2
3
4
5
We have put in place a formal communication plan.
0
1
2
3
4
5
We have documented and communicated our family governance structures and policies.
0
1
2
3
4
5
Oversight and Leadership
Please answer the questions using the following scale:
0
- Not applicable
1
- There is known disagreement on this matter and it is not being addressed
2
- We haven't thought of this, or don't know our competency level in this area
3
- We are keen to address our needs in this area, but haven't done so yet.
4
- We have started to address this matter, but it's effectiveness is unknown
5
- We have agreed, periodically reviewed and adhered to policy on this matter.
There are clear strategic and operational divisions between the management of the family, the family business or investments and the family office.
0
1
2
3
4
5
We have considered the CPD requirements of family members in leadership or technical roles.
0
1
2
3
4
5
Leadership
Please answer the questions using the following scale:
0
- Not applicable
1
- There is known disagreement on this matter and it is not being addressed
2
- We haven't thought of this, or don't know our competency level in this area
3
- We are keen to address our needs in this area, but haven't done so yet.
4
- We have started to address this matter, but it's effectiveness is unknown
5
- We have agreed, periodically reviewed and adhered to policy on this matter.
There is a succession plan for each element of our family including our family office or trusted advisers, investment managers, family business and our family governance committees.
0
1
2
3
4
5
Those in charge of leading the family's support have a line of communication to all those they represent.
0
1
2
3
4
5
Ownership
Please answer the questions using the following scale:
0
- Not applicable
1
- There is known disagreement on this matter and it is not being addressed
2
- We haven't thought of this, or don't know our competency level in this area
3
- We are keen to address our needs in this area, but haven't done so yet.
4
- We have started to address this matter, but it's effectiveness is unknown
5
- We have agreed, periodically reviewed and adhered to policy on this matter.
We have undertaken proactive estate planning with short, medium and long-term horizons.
0
1
2
3
4
5
We have agreed our approach to the use of pre and post nuptial agreements and will and communicated this to all relevant parties long before relationships become established.
0
1
2
3
4
5
We have taken external advice to assess the use of structures for the ownership of family assets
0
1
2
3
4
5
Where structures have grown up organically within the family we have periodically assessed if they cost effective and fit for purpose.
0
1
2
3
4
5
Strategic Planning
Please answer the questions using the following scale:
0
- Not applicable
1
- There is known disagreement on this matter and it is not being addressed
2
- We haven't thought of this, or don't know our competency level in this area
3
- We are keen to address our needs in this area, but haven't done so yet.
4
- We have started to address this matter, but it's effectiveness is unknown
5
- We have agreed, periodically reviewed and adhered to policy on this matter.
We have an agreed and communicated strategy on the inheritance of join family wealth such as family business share, pooled investments and prized family assets.
0
1
2
3
4
5
We have an agree strategy on the distribution of wealth from trust and corporate structures.
0
1
2
3
4
5
We have effective relationships with the providers of our succession structures and they are active in implementing the overall succession strategy.
0
1
2
3
4
5
We have considered the role of the Next Gen(s) and have appropriate education and communication policies in place which are kept up to date.
0
1
2
3
4
5
Oversight
Please answer the questions using the following scale:
0
- Not applicable
1
- There is known disagreement on this matter and it is not being addressed
2
- We haven't thought of this, or don't know our competency level in this area
3
- We are keen to address our needs in this area, but haven't done so yet.
4
- We have started to address this matter, but it's effectiveness is unknown
5
- We have agreed, periodically reviewed and adhered to policy on this matter.
We undertake a periodic risk review of our operations with professional input from relevant advisers.
0
1 -
2
3
4
5
We have a strategy for and oversight of the employment of staff for the family, the family office or family business as appropriate.
0
1
2
3
4
5
We have a policy for the review of staff performance and a process for correct dismissal under the relevant laws.
0
1
2
3
4
5
We have considered our 'worst case scenarios' for the family (emergency planning for cyber, physical or reputation ally damaging events) and how we would respond to it in the event it occurs.
0
1
2
3
4
5
We have controls for and oversight of the management and spending of family cash and use of credit cards.
0
1
2
3
4
5
Record Keeping
Please answer the questions using the following scale:
0
- Not applicable
1
- There is known disagreement on this matter and it is not being addressed
2
- We haven't thought of this, or don't know our competency level in this area
3
- We are keen to address our needs in this area, but haven't done so yet.
4
- We have started to address this matter, but it's effectiveness is unknown
5
- We have agreed, periodically reviewed and adhered to policy on this matter.
We have up to date records of all structures and family wealth which is clearly depicted for relevant interested parties including family members
0
1
2
3
4
5
We have a record in one place of all bank accounts.
0
1
2
3
4
5
We have a record of all advisers, their role, contact details and information kept with them.
0
1
2
3
4
5
Technology & security
Please answer the questions using the following scale:
0
- Not applicable
1
- There is known disagreement on this matter and it is not being addressed
2
- We haven't thought of this, or don't know our competency level in this area
3
- We are keen to address our needs in this area, but haven't done so yet.
4
- We have started to address this matter, but it's effectiveness is unknown
5
- We have agreed, periodically reviewed and adhered to policy on this matter.
We have a family policy on the use of social media that matches our family values and desire for privacy.
0
1
2
3
4
5
We have a cyber security plan which has been communicated and is regularly monitor to be fit for purpose.
0
1
2
3
4
5
We have an IT hardware and software operational model which is kept up to date and aimed at reducing the risk of data loss.
0
1
2
3
4
5
We have a physical security plan appropriate for our family which is updated for relevant events.
0
1
2
3
4
5
We undertake a period risk review using external advisers to assess our exposure to a cyber attack, identify theft, fraudulent access to accounts etc.
0
1
2
3
4
5.
We have access to IT support commensurate with the size and complexity of our systems.
0
1
2
3
4
5
Strategic management
Please answer the questions using the following scale:
0
- Not applicable
1
- There is known disagreement on this matter and it is not being addressed
2
- We haven't thought of this, or don't know our competency level in this area
3
- We are keen to address our needs in this area, but haven't done so yet.
4
- We have started to address this matter, but it's effectiveness is unknown
5
- We have agreed, periodically reviewed and adhered to policy on this matter.
We have formal contracts will all our professional advisers so we can assess the quality of the advice that we are given and have a right of resource if there are issues.
0
1
2
3
4
5
We assess the balance between our use of in-house and out-sourced expertise each year to ensure that the information we make decisions on is appropriate for our needs.
0
1
2
3
4
5
We keep up to date records which are easily accessible by all family members of all our advisers, the work they do and the records they keep.
0
1
2
3
4
5
We keep up to date records of our assets and accounts, the structures which hold them, the advisers which operate them and a permanent file of relevant documentation.
0
1
2
3
4
5
We have a calendar of all deadlines and obligations relevant to the family which is kept up to date
0
1
2
3
4
5
Ownership structures
Please answer the questions using the following scale:
0
- Not applicable
1
- There is known disagreement on this matter and it is not being addressed
2
- We haven't thought of this, or don't know our competency level in this area
3
- We are keen to address our needs in this area, but haven't done so yet.
4
- We have started to address this matter, but it's effectiveness is unknown
5
- We have agreed, periodically reviewed and adhered to policy on this matter.
We periodically review the structures used to underpin our family wealth to assess if they are fit for purpose, are not overly complex, and do not leave us exposed to risks we are unaware of.
0
1
2
3
4
5
We obtain external advice on all risks and reporting required in relation to our structures and ensure this is up to date.
0
1
2
3
4
5
Professional advice
We have considered our need for international tax planning and whether we are looked after by appropriate advisers.
0
1
2
3
4
5
We have considered our appetite for risk in relation to tax planning and understand the downside risk of any filing positions taken.
0
1
2
3
4
5
We take tax advice on all aspects of our family operations and this is from external advisers suitable for the complexity of the family and technical area in question.
0
1
2
3
4
5
We understand the difference between bespoke tax advice and commoditised tax motivated products.
0
1
2
3
4
5
Our tax advisers are proactive and able to provide practical tax advice that is tailored our family situation.
0
1
2
3
4
5
We understand all tax filing and payment obligations and we meet this on a timely manner in all international jurisdictions relevant to us.
0
1
2
3
4
5
Regulatory
We proactively review all insurance needs annually to ensure we are not under or over insured and our premiums are competitive.
0
1
2
3
4
5
We have considered the need for specialist insurance such as kidnapping or cyber attack.
0
1
2
3
4
5
We understand and implement all our employment related reporting obligations.
0
1
2
3
4
5
We understand and implement all reporting obligations associated with the structures used to own our family wealth.
0
1
2
3
4
5
We understand and implement all our international tax and banking disclosure obligations.
0
1
2
3
4
5
Phone
This field is for validation purposes and should be left unchanged.
