Governance bodies and instruments of family business

The corporate governance represents the institutional frame that regulates the formulation and implementation process of decisions taken by the company. In this point of view, particularly concerning the family business, the term governance is referred to that institutional frame that disciplines relations between family, business and ownership. The Governance systems in the family businesses in particular, represent a direct expression on how the family wishes to establish its relationship with the business in terms of assignment of decisional roles within the family and between family and non-family members, composition and functioning of the bodies led by the key players, composition of the future conflicts that could take place, and relationships between bodies on various levels.