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Selection Criteria Overall the Evaluation Committee looks to see that the differentiating "familiness" of the business is supported by best practices which are suffused through the family and the business ensuring that this familiness is sustainable. The Committee also looks for best practices in three areas which are deemed to be the pillars of a successful family business. Business Success Families need to demonstrate a track record of growth and business development over time as well as a commitment to continuing entrepreneurship in order to maintain the competitiveness of the business. The company/family might also: have built a strong market position in a product or service have demonstrated consistent financial performance have professional development programmes in place for employees have established a track record of innovation have demonstrated excellence in business standards Social Responsibility Families need to demonstrate excellent standards of good citizenship involving family and non-family members and employees. The company/family might also: have supported charitable giving and philanthropic activities have supported the involvement of family members and employees in activities for the benefit of the community have demonstrated commitment to a set of communicated values have upheld the highest ethical and moral standards have maintained relationships of trust and mutual respect with suppliers and other business partners Family Governance Families must have built a successful and explicit framework for managing the duality of family and business issues. The company/family might also: have a clearly articulated statement of mission and values which guide the family and its business have a family council, constitution or other mechanism in place for conducting family governance have in place succession plans or processes regarding ownership and leadership transition have an effective process for communications and conflict management have successfully integrated family and non-family management have adopted the highest standards of board practice

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