Family businesses

Weak corporate governance in Hong Kong family businesses

Hong Kong family businesses struggle with recruitment and succession planning, while corporate governance improves among Hong Kong-listed companies, according to two separate surveys.

Asia is well-known for the wealth and power of its family businesses, but poor succession planning and the longevity of their founders have sometimes caused messy disputes among rival heirs.

Recent soap operas include the haggling over the assets of Macau casino boss Stanley Ho, the fraternal discord among the Kwok brothers’ property empire and the forged will of Nina Wang, known as “Little Sweetie”.

Family businesses argue that their structure offers significant advantages and benefits, such as flexibility, continuity and the ability to focus on the longer-term perspective.

According to a survey published by PwC last week, more than three-quarters 76% of Hong Kong family firms intend to grow during...

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