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Family enterprise
Unlocking ambition in family-owned enterprises from one generation to the next.
At EY, we believe that family enterprises form the cornerstone of many world economies. Family enterprises often tread fine lines as they try to keep ahead of the demands of modern societies while at the same time, keep traditions alive. Growing a business is hard. Add to that the challenges of keeping the family harmoniously together while doing so makes it all the more complex.
EY’s long-standing relationships with family enterprises allow us to gain deep insights into the unique complexities in family enterprises and come up with innovative ways to help them succeed for generations.
The EY-Bank of Singapore Family Enterprise Award of Excellence (formerly known as EY Family Enterprise Award of Excellence) recognizes and award outstanding business families which have demonstrated the ability to successfully balance business and family issues, growing the business and taking responsibility for others by their philanthropic or social engagements.
Eligibility
- Leadership of the company includes family member(s) from second or subsequent generations, or has multiple branches of a family involved in leadership. (i.e., one individual and first generation would not qualify for the award).
- The family still has a significant ownership and voting stake and is primarily responsible for setting the strategic direction and values for the firm.
- The legal form of the company or group of companies is not relevant.
- Companies may be private or publicly traded.
- If the shares and voting rights have been transferred to a trust, it will remain to be considered as family enterprise if the family has dominant influence on the trust in a way described above.
- The business or headquarter of the business is located in Singapore.
Judging criteria
- Company shows evidence of a successful, sustainable and long term-oriented strategy.
- Company has adopted an effective and transparent corporate governance approach, enabling the execution of the desired strategy and living out of family values.
- Company governance enables unity among the ownership family (i.e., little evidence of significant family disputes impacting the business).
- Demonstrated the ability of the family to preserve company culture, tradition and values and maintain the entrepreneurial spirit and continued innovation over generations.
- Evidence shown of exceptional personnel management.
- Commitment to philanthropic causes or corporate social responsibility.
- Other exceptional achievements such as business awards, public service etc.
The EY-Bank of Singapore Family Enterprise Award of Excellence honors such exceptional family businesses. Here are Singapore past winners.
