01/05/2014
Naqel: family business commitment to the governance rules gives them highest rate by global markets
Vice-Chairman of the Board of Directors in Jordanian Ghassan nuqul group , Naqel presented several recommendations for continuing the family business as part of a presentation on the experience of the group in the institutionalization of the companies, in the first meeting of the Forum on governance 2014 organized by East Chamber address (challenges the continuity of generations): separation of ownership and management into the independent members of the Board of Directors as well as to family members in addition to separate the personal finances of the Group's financial affairs. He said that family business moving to the companies ' contribution ' ensures its survival and continuity, the future development and growth is the commitment to ' governance ', pointing out the importance of defining the duties, responsibilities and powers of the family and within the ' Charter ' for the family that demonstrates the relationship between family lines, the intersection with work, as well as a clear strategy for future investments and the role of the family.
He stressed that the transfer process for the admission of family members to work and deal with high professionalism with which an employee, there is no room for boasting any member of the family, the entry of family members in the company is evaluating the proposed job. He said the transfer of 30 percent of family businesses continue to the second generation, and that 20 percent only last for 3 and 3 percent for the fourth generation and over 90 percent of businesses in North America are family-owned companies. And about the contributions of family companies in the local economy, said the transfer of family businesses in the US employ 60 percent of employment contributes to 50% of GDP and contributes to the creation of 78 percent of the new jobs, in the GCC are family businesses constitute 75 percent of the private economy and employs 70 percent of the employment in the region.
He said that the Board believes that effective corporate governance is essential to enhance corporate credibility and an important element for the consolidation of stability, noting that the Group began to operate on the principles of corporate governance under the framework of compliance with laws and regulations and compliance with a number of good practices in this area, congruent with the values of the Governing Council and the responsibility of overseeing the implementation of strategies for the effective collection and evaluation executives in the Group and give them the benefits they deserve; the Group's support and protection of the interests of the shareholders, besides taking care of the interests of society as a whole. And transferring that group is part of the awareness of the importance of competition in a changing world, which is constantly striving to develop and consolidate Government emerging best practices, and to which adjustment to maintain a competitive position in the market and meet the requirements of the new age, the vast new opportunities in the world. Therefore, the Working Group on the review board to guide the exercise of sound corporate governance and all other aspects of the Government regularly when necessary.
Naqel group adopts a number of essential elements to strengthen the corporate governance of the group, including: guide the Governing Council for the exercise of sound corporate governance and Audit Committee , the management development and Compensation Committee and the fundamental values and rules of behavior that reflect equal opportunities, transparency and integrity. Identifies the Directory Board to practice good corporate governance and rules committees and outlines the roles and responsibilities of the Governing Council and its method of work, to identify the frameworks of its relationship with the Executive management. On another level, the Group felt that the rules of professional conduct but also encourages staff to investigate the informed and responsible behavior in their work; the group can establish a system of check and balance in the structure of power. The policies and procedures for dealing with human resources in the process of linking employee performance appraisal and compensation and motivation and reward financial expectations of group-based corporate governance objectives.
He said: from my profile that says that the latest change in my family and my business founded the first national trading company in Jordan in 1952 and then rolled businesses up to 30 companies in the group, we have the ambition and strong will, the risk to become a leading company in the sanitary paper ' where ' presence in Asia, Africa, Europe and America with a total of 45 financial returns export market around billion US dollars, but there was no formal organizational structure, the central powers, and we have A team of dedicated staff, without budgets and business plans in addition to attention to all the details of the latest delay in the project, so we decided to turn to achieve a balance between leadership and institutionalization and the ability to attract the best human resources and the preservation of institutional memory and resource efficiency through a common group directory which includes the regulations and procedures and ensure that we are better performance and fewer errors. And about the benefits of family businesses ' commitment to the rules of corporate governance said the move would give it a higher rating by global markets and achieve brand loyalty plus that attention to all the details of the latest delay in the project, so we decided to turn to achieve a balance between leadership and institutionalization and the ability to attract the best human resources and the preservation of institutional memory and resource efficiency through a common group directory which includes the regulations and procedures and ensure that we are better performance and fewer errors. And about the benefits of family businesses ' commitment to the rules of corporate governance said the group would give it a higher rating by global markets and achieve brand loyalty as well as cheaper funding.
