Coutts is to launch a new family business initiative through a programme of awards and educational and networking gatherings. The new initia...

Coutts is to launch a new family business initiative through a programme of awards and educational and networking gatherings. The new initiative will launch with a seminar in Cambridge, with future such initiatives planned throughout the country, according to Coutts. The Coutts prize for family business will be held next June, where prizes will be split into the categories of small businesses (£1-5 million), medium-sized businesses (£5-50 million), and large businesses (£50 million-plus). Nomination packs are currently being sent to professional advisors throughout the UK, according to a spokeswoman for Coutts. The new initiative is led by Mark Evans, head of family business at the London-based private bank. Mr Evans joined Coutts earlier this year from JP Morgan, which also runs an annual family business awards in the UK. This was launched in 2003 in conjunction with the Institute for Family Business and the London Business School. Lombard Odier Darier Hentsch also organizes an annual family business award in association with the business school, IMD. It recently held its tenth annual award for the best family business in the world. The launch of the Coutts initiative was highlighted by research commissioned by Coutts that shows that women are 50 per cent more likely to achieve board level success in their careers, within family businesses. The research found that 62 per cent of the family businesses surveyed have women on their board of directors, compared to just 42 per cent of non-family businesses. Of these family businesses, 21 per cent had female board members holding a non-executive director role and 12 per cent had women taking on a chief executive/managing director position. The research also showed that family businesses are more likely to have a greater emphasis on “human” traits in the way the business is run, citing low staff turnover and social responsibility as greater indicators of success than achieving commercial goals. These same elements were considered to be more important when deciding upon business strategy, as was financing current lifestyles. The family businesses surveyed also indicated on average 1.4 years longer continuous growth in pre-tax profits in comparison to their non-family business counterparts. “These figures suggest that women are starting to influence and change the way family businesses are managed,” said Mr Evans in a statement. He added: “Not enough has been written about the unique contributions of women in UK family businesses. While some may believe that women are brought into family businesses for reasons of share ownership and tax, it is clear that they can make a valuable and different contribution to the way businesses are run.”