A family constitution may cover structures such as the family assembly and family council, dividend policies, dispute resolution and succession planning. For its provisions to be legally binding, they may need to be reflected in the articles of association or a shareholders' agreement.
Related terms
InstitutionalisationA company's transition from a person-dependent management structure to an institutional structure with defined processes, authority and responsibilities, reporting systems and governance structures.Corporate governance principlesPrinciples set by the CMB for listed companies concerning shareholders, public disclosure, stakeholders and the board of directors.Compliance auditAn examination of whether an organisation's activities are carried out in accordance with the relevant laws, regulations, contracts or internal rules.Compliance officerThe authorised person responsible for running the compliance programme for the prevention of money laundering and terrorist financing at an obliged entity.Compliance programmeThe full set of policies, procedures, controls, training and monitoring activities an organisation puts in place to ensure compliance with laws and internal policies.COSOThe organisation that publishes the most widely accepted frameworks for internal control and enterprise risk management, and the general name for those frameworks.
Last updated: October 22, 2026 · This definition is for general information only.