Recent world events have offered both individuals and businesses across the world an opportunity for introspection.
In a period of constant change, the businesses that thrive will be those capable of rapidly adapting to new challenges and changing circumstances.
For trustees and those operating in the private wealth sector, it is likely that recent events will accelerate and exacerbate existing challenges and trends. As such, there is no better time to review governing documents, corporate governance procedures and succession planning to ensure that they are fit for purpose.
It is in times of crisis that corporate governance procedures are put to the ultimate test. This applies across the spectrum of private wealth structures, such as private trust companies (PTCs)and fiduciary committees appointed under trust structures.
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This article was originally published in STEP Journal: Issue 1, 2021