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An internal directive may constitute a stepping stone for family companies to become institutionalized. A simple distribution of duties to be provided in consideration of the accountability principle may enable differentiation in decision-making processes, and may convert the board of directors from an executive organ to a surveillance organ. Moreover, it may enable the company to be transferred from generation to generation in a more planned manner. Although it may seem hard to delegate management authorities, the main hardship stems from the transfer of representation authorities. Each member of the board of directors, from the second and third generations that are almost deemed to be the heads in internal affairs, usually is not vested with the representation authority of the company in external affairs. However, the substructure of the transfer to the next generation may be procured by an internal directive, which governs both management and representation authorities.
 


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