January/February 2013 Openers

A survey of U.S. private company CEOs by tax and advisory services firm PwC found that 80% are adopting elements of a corporate governance strategy. The study—known as PwC's Trendsetter Barometer—reported the views of 221 chief executives of privately held American businesses; they were surveyed between April 20 and July 18, 2012. CEOs of family-owned businesses were among those queried, though PwC's report does not separate their responses from those of their non-family counterparts.

Formal corporate governance is not required of U.S. privately held companies. Ken Esch, a partner in PwC's Private Company Services practice, says it's noteworthy that these firms are instituting governance policies and procedures voluntarily. “One of the real driving factors was the financial crisis,” Esch says. Good governance, he notes, “makes sense in these economic times.”

Already a subscriber? Sign In

About the Author(s)

Barbara Spector

Barbara Spector is Family Business Magazine's editor-at-large.


Related Articles

KEEP IT IN THE FAMILY

The Family Business newsletter. Weekly insight for family business leaders and owners to improve their family dynamics and their businesses.