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Komfie Manalo, Opalesque Asia:

Governance is essential to the sustainability of a family legacy to ensure that the family remains a productive steward of wealth that can support successive generations, said Katie Booth, managing director of private wealth consultancy firm Katie Booth Limited. She adds that The Bahamas wants to further differentiate itself in the global family office universe and demonstrate its client-centric approach.

Speaking at the latest Opalesque Family Office Roundtable, Booth said governance is not just about legal asset holding vehicles for personal and business wealth but also about a broader family governance. This can include the drafting of family constitutions and the creation of governance vehicles that enable a family to organize themselves in such a way that they can truly establish a dynastic multi-generational vision.

She stated, "The governance I am talking about involves a careful analysis of the human and intellectual capital of the family; looking at the interpersonal relationships, understanding the vision of the patriarch or matriarch and how the rest of the family relate to that vision.

"Governance is about finding consensus within the family, identifying those aspects of the succession plan where there is a lack of consensus or clarity and determining how to ensure that the family become productive stewards of the wealth and the family's......................

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