Within the context of the Family Office, policy development is at the core of conflict avoidance. Creating such policies provides a framework in the event of contentious matters. Effective policies will provide guidance on important matters including:
- Guidance on which family members can work in the business
- Evaluation and remuneration criteria for family members working in the business
- Roles and responsibilities of owners and managers
- Conflict resolution procedures
- Board of Directors eligibility and tenure
- Information flow to different classifications of family members
- Spousal treatment within the framework
- Share ownership and provisions for trading shares