Governance in Family Businesses: The different structures, roles and processes that influence decision-making

Governance in Family Businesses The different structures, roles and processes that influence decision-making

Course Description:

At the heart of every business is a governance process that evolves and adapts to the changing dynamics of the market, the ownership group, and management team as these groups themselves evolve. In a family firm, this is no different and is further complimented through the unique family dynamic. When a family business moves from a controlling owner to stages where the family and ownership group are larger and more diverse, the establishment of good and proper governance structures is a critical-step in the business’ and family’s journey. Whilst in a number of family firms, ‘paper boards’ are a familiar norm to fulfil legal requirements, these fall short of providing the true advantages a Board of Directors can yield, especially if independent members form part of it. Formalising the governance structures and the processes complimenting them within a family business, such as the Board of Directors, Family Board, Family Council, and the Family Constitution, can enable family firms to be more resilient and focus on pertinent issues in their respective forum. Structured discussions on future strategic orientation, management and ownership succession planning, leadership compensation, impact of ESG, and more all have importance, and by setting up the necessary governance structures will be discussed and decided upon by the appropriate individuals.

Prerequisites / Target Audience:

This programme is designed for directors and senior executives responsible for steering the future direction of their family business as well as members from families involved in their business. This session is also highly useful for advisers and trusted confidants called in to support on such a journey.

Learning Outcomes:

This programme seeks to tackle head-on the delicate balance between governing a business and a family harmoniously with a primary focus on business element. The session also presents an opportunity for participants to field their questions and obtain points of view from the experienced speakers and potentially other delegates facing similar challenges. Some useful tools and tips will also be shared.

Date: 30/11/2021

Time: 16:00-18:00

Venue: Live online session – details of how to join the meeting will be sent once registration is complete

Fee: €60

CPE Hours: This course qualifies for 2 hours of structured CPE which can be classified as Professional Competency. A certificate of attendance will be provided at the end of the session.

Panel Discussion Moderator:

David Pace, Partner, Head of Advisory, KPMG Malta





Keynote: Daniel Trimarchi, Director, Family Enterprise Advisory, KPMG Family Office in Canada
Daniel Trimarchi




Anthony Pace, Partner, Head of Tax, KPMG Malta
Anthony Pace




Tonio Zarb, Engagement Leader, Advisory Services, KPMG Malta
Tonio Zarb




Etienne Borg Cardona, Director, Capital Advisory
Etienne Borg Cardona




Franco Azzopardi, Group CEO, Express Trailers Limited
Franco Azzopardi




Kevin J. Rapinett, Group CEO, Halmann Vella Group
Kevin J Rapinett




Kenneth Farrugia, Chief Retail Banking Officer, Bank of Valletta plc

Kenneth Farrugia







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Course Features

  • Guided Learning 2 hours
  • Language English
  • Assessments Not Applicable
David Pace


David joined KPMG in 2002 and has worked on numerous advisory assignments, both locally and overseas. He currently heads the firm’s Advisory function, one of the broadest multi-disciplinary teams on the island. Throughout his career he has assisted clients in successfully raising debt and equity finance and in valuing shares and businesses. He is actively involved in numerous business negotiations and has a lead role in the firm’s Merger and Acquisition service offering. He has also participated on vendor and buy-side due diligence assignments for which he has worked within the local and foreign practices of KPMG. His engagement portfolio has led him to work at the heart of strategy within a number of businesses, helping them throughout the process of considering strategic options, articulation of plans and their subsequent implementation and monitoring. David has provided various training sessions on corporate finance, accounting and business related topics to clients and at public seminars. He is an active promoter of entrepreneurship, supports early stage companies, and is a Director on the JAYE Malta Foundation (previously Young Enterprise) Board, of which he was previously Chairperson.


Tonio has extensive experience in financial advisory services, particularly in Transactions and Restructuring. He has led several engagements relating to valuation, debt and equity financing, financial due diligence, financial reviews, and advising on financial structures and strategy. He is the lead partner on a number of financial sector clients and has worked extensively for clients in this sector. Tonio has also advised and assisted various entities in equity and debt transactions including a significant number of corporate entities that have listed securities on the Malta Stock Exchange. He is a past President of the Institute of Financial Service Practitioners and of the Malta Institute of Accountants as well as an ex-council member of the Fédération des Experts Comptables Européens (FEE).
Anthony commenced his career in the firm’s audit function in 1990. In 1995 he joined the taxation services department and has since worked in income tax and value added tax. Anthony joined the partnership in January 2003. Anthony has led numerous direct and indirect tax advisory engagements in banking and financial services, gaming, real estate and family businesses. He has also led several tax due diligence engagements. Anthony is a member of the Executive Management Committee at KPMG Malta. He is also a visiting lecturer in taxation at the University of Malta.

Director, Family Business Advisory Services and Director of KPMG Private Enterprise Global Centre of Excellence for Family Business, KPMG in Canada

Daniel Trimarchi is a Director within the KPMG Enterprise Family Office Practice, specializing in family dynamics, governance and succession planning with business families of various sizes and complexities. Daniel works with business families to understand their objectives and definitions of success and through facilitating this process, allows them to co-create an effective plan for the future governance of their business and wider enterprise, including decision making, investment and communication frameworks. Daniel has over 12 years’ experience working in Canada, the UK and Australia, providing consulting services, business strategy and compliance services to the family business and family office market. He is also Director of KPMG Private Enterprise’s Global Family Business Centre of Excellence.

Director, Capital Advisory

Etienne Borg Cardona is a certified public accountant and auditor by profession and holds a practicing warrant. He initially gained experience in banking and in accountancy and audit practice, followed by a thirty-year career in leadership positions in the private sector, most recently as CEO of a leading group of companies. In 2017, he set up Capital Advisory Limited, an independent consulting firm advising on corporate finance, financial management and corporate governance. He currently sits as an independent non-executive director on boards of listed, regulated, and private local and international companies in various industry sectors. He is a Fellow of the Chartered Association of Certified Accountants and of the Malta Institute of Accountants, where he was elected to council between 2012 and 2021. He is a member of the Institute of Directors, the Institute of Financial Services Practitioners, where he chairs the Directors’ sub-committee, and of the Malta Chamber of Commerce Family Business Committee. He holds a Masters’ degree in Financial Services from the University of Malta and is currently reading a PhD in Leadership and Management at Cranfield Business School, Cranfield University UK. He lectures financial management in the department of accountancy within the Faculty of Economics, Management and Accountancy at the University of Malta. He also lectures on the history of finance, commerce, and money in modern economies at the University of Malta Centre for Liberal Arts and Sciences, and has lectured financial management at Cranfield Business School, UK.

Group CEO, Express Trailers Limited

Mr Franco Azzopardi, a Certified Public Accountant with a UK post-graduate MSc in Finance, spent twenty-seven years working in public practice, ten of which with Deloitte Haskins and Sells and later in a firm he co-founded in 1990. In 2007 he exited the firm to contribute more towards the strategic direction of boards of directors. He specialises in corporate strategy, governance, risk and finance. He is today a professional director and a registered fellow member of the UK Institute of Directors. He serves on Boards of Directors, Audit, and Risk Committees of both listed and private companies in various sectors including banking, insurance, software and logistics. He is CEO of the leading logistics company in Malta. His focus there is sustainable growth in shareholder value, highest degree of readiness for public listing, and investor-family governance. As part of his social responsibility, he also personally contributed towards the development of the Malta Institute of Accountants. He is a fellow member having served on Council from 2007 until 2019. He was also elected and served as President of the Institute for the term 2015-2017.

Group CEO, Halmann Vella Group

Mr Kevin Rapinett enjoyed a rewarding career of 33 years in the banking and finance industry. He occupied senior positions at HSBC Bank Malta ranging from Head of Global Markets and Investment Banking, Managing Director and Stockbroker of HSBC Stockbrokers (Malta) Ltd and Head of Wholesale Credit Risk and Deputy Chief Risk Officer. In 2012, Kevin was appointed as Head of Corporate Banking during which time he was also seconded to HSBC Commercial Banking in London. In March 2020, Kevin was appointed Group Chief Executive Officer of Halmann Vella Group. He currently sits on the Council of the Malta Chamber of Commerce, Enterprise and Industry and is a non-Executive Director of M&Z (Marketing) Limited and Mizzi Organisation Finance plc. He previously served as non-Executive Director of Medserv plc.

Chief Retail Banking Officer, Bank of Valletta plc

Kenneth Farrugia joined Bank of Valletta plc (BOV), Malta’s largest banking group, in 1985 and has since occupied various positions within the Bank. Kenneth currently holds the post of Chief Retail Banking Officer at Bank of Valletta plc and sits on the Group’s Management Board. Kenneth is, amongst others, responsible for the improvement of the Bank’s market position, as well as the achievement of financial growth and long-term strategic business goals. Kenneth is also a Governor of FinanceMalta, Malta’s national promotional body for financial services, and also serves as Chairman of the MASA. He is also the Chairman of Malita Investments plc which is listed on the Malta Stock Exchange.