One of the key objectives of the 360 Academy in Bangkok is to support prominent families in Thailand facing the challenges of responsibility for company, family and wealth.
The 360 Academy is the first body to focus on these very important issues in Thailand. It has had strong support from the outset from many most distinguished academics and investment practitioners both from Thailand and internationally. It is a privilege, in my capacity as a Founder and Board Member of the Academy, to be actively involved in these matters.
Effective family governance for instance is critical. It has proved exceptionally difficult to safeguard wealth over the long term among descendants. Clear rules are essential for every family enterprise and the important areas that need to be addressed include family constitutions and the maintenance of alignment amongst family and business over generations, family reporting and valuation of family business, family conflict resolution and the techniques of effective wealth planning and asset management.
Best-in-class investment products which respond to the family’s needs should be introduced and available to family offices. Costs with respect to family office and wealth management tasks need to be reduced and the family portfolios need to be audited.
All of these challenges have been the objectives of the first round of diplomas awarded to family offices. Six moths of workshops and interactive study sessions were required to qualify and it was a great pleasure to be able to award the certificates to participants. The winning team was also given a trophy.
The whole event took place in the magnificent surroundings of the Marriot Hotel in Rayong on the Gulf of Thailand.
To expand the programme the 360 Academy will over the coming months:
1) Organise workshops and forums to focus on the challenging task of balancing family wealth with entrepreneurial creativity, philanthropy and leadership in society. Heads of well-known families will share their experiences on how to instil the next generation with values and a vision and how to cope successfully with the family fortune. World renowned keynote speakers and workshops will aim to stimulate a deeper understanding and an enthusiastic attitude towards leading families’ natural leadership position. Case studies will be used.
2) Arrange one day roundtables on family values, governance and leadership to develop an understanding of state-of-the-art practices in governance architecture and family approaches to leadership and to use that understanding to develop answers to the most important questions families face.