The Indian School of Business (ISB) today announced the launch of the Thomas Schmidheiny Centre for Family Enterprise. Adi Godrej, Chairman, Godrej Group and Chairman of the ISB Board, Dr Thomas, Spectrum Value Management and Ajit Rangnekar, Dean ISB, participated in opening ceremony. The inauguration of the new Centre coincided with the Fifth Asian Invitational Conference on Family Business. The new Centre is funded and supported by Dr Thomas Schmidheiny.

The Thomas Schmidheiny Centre for Family Enterprise seeks to fill gaps between the real-world and academic knowledge on management of family businesses, Dean Ajit Rangnekar said in his welcome address and added family businesses were the main economic engines and wealth creators in several countries across the world.

Delivering the keynote address, Dr Thomas Schmidheiny, Founder & Chairman, Spectrum Value Management, a philanthropic foundation, said “Philanthropy is not only giving money, but having a giving strategy aiming at a sustainable impact and demanding performance and accountability of the recipients. Entrepreneurship, Integrity, Life-long learning and individual responsibility are the four pillars of our family philanthropy values.”

The new Centre is an expansion over the already existing Thomas Schmidheiny Chair for Family Business, which was established in 2006.

Speaking on the significance of corporate governance in family businesses, Chairman of ISB Board, Adi Godrej said: “I believe that an essential element for the long-term success of family managed businesses is a strong system of corporate governance, which identifies business participants, develop management talent and demarcates roles and responsibilities of these participants. Good corporate governance must include the framework of a strong performance orientation. ” 

On the occasion, the dignitaries released, The 10 Commandments for Family Business, a book written by Professor Kavil Ramachandran, Executive Director, Thomas Schmidheiny Centre for Family Enterprise. The book is about the unique paradoxes, challenges, and dilemmas of business families and how the most progressive Indian families are handling these paradoxes while making global gains.  Speaking on the occasion , he said, “The Thomas Schmidheiny Centre for Family Enterprise at ISB is committed to research with practical dimension and a keen focus on case studies. Some emerging areas of interest include - Philanthropy efforts, Cross cultural relations, Women in Family Business, Appointment and getting the best out of independent directors. The centre aims to provide multiple platforms for knowledge sharing and learning that will benefit family businesses.”

Representatives of family businesses from Singapore, Indonesia Sri Lanka Bangladesh, Oman and Switzerland besides India are participating in the Fifth Asian Invitational Conference on Family Business. The two day conference will have prominent industry leaders, academics and experts who will address over 400 delegates on several important issues faced by family businesses which will include, Leadership Challenges in Building Large Businesses, Building Family Bonding as a Unique Strategic Value, Managing Succession and Next Generation Grooming and Building Family and Business as Institutions. The event has evoked a vibrant response from family business delegates who are keen to gather valuable insights from the discourse.