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Philanthropy

Good corporate governance should extend to all areas of a family business, including its philanthropic ventures

The FBN conference presented many opportunities for delegates to learn about issues affecting family businesses

Globalisation has revealed the widening gap between the wealthy and the poor of the world. But instead of pouring yet more aid into poverty-stricken areas, responsible investment, in particular the provision of financial services to poor entrepreneurs, has been found to be a more effective social and economic development tool – and a great way for family businesses to give back to society

Voluntary contributions to society – philanthropy – is one of the oldest ways an individual can communicate with others. Historically, the role of the state may have seen a gradual decline, but private initiative has now become more important than ever and family businesses should realise the significance of establishing their own philanthropic institutions

Many family business owners use their entrepreneurial skills and vision in their philanthropic endeavours. As a result, these ‘philanthropic entrepreneurs’ have challenged traditional charity and set up some of the most successful foundations in the world

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