Family Business

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Description

This award recognizes Family enterprises that achieved outstanding successes and sustainable growth through each passing generation in ASEAN. Family businesses often share their own cultures and values across generations that survive through changes and external factors.

Eligibility

  • Be an ASEAN-incorporated enterprise with at least 40% ASEAN-owned equity
  • Be in operations for a minimum of 5 years
  • Preferably have operational presence in 2 or more ASEAN countries
  • Preferably have 3 years of audited financial statements
  • Leadership of the company includes family member(s) from second or subsequent generations, or has multiple branches of a family involved in leadership.
  • The family still has at least 51% 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.
  • Family business will remain if the family has the majority influence on the shares and voting rights in a presumable transferred trust.