The Minister for the Economy, Investment and Small Business Chris Cardona today launched the Family Business Act white paper and public consultation.
"Family businesses needed recognition for the important role they play in the economy. But they also needed help to survive," said Minister Cardona.
Cardona said that the Government recognises that family businesses should not just sit on the sidelines of the Maltese economy and that they are in fact everything to the Maltese economy. Minister Cardona emphasized that this act will be giving recognition to the more than 70% of Maltese businesses which are run or controlled by families. He also noted how the emotional aspect of family businesses has been recognised and factored into the draft act.
Minister Cardona stated that this legislation is not only of significance in rewarding and supporting hard-working families, but is also of significance in policy making for family businesses worldwide.
"This is 21st century legislation. And it is happening here in Malta. I am sure other countries in the European Union will be watching us closely and deciding, based on our experience, if they want to go down this route, too. Please seize the opportunities this legislation brings. And I hope you will share with me a little Maltese pride, as we take the lead in Europe on this", concluded Minister Cardona.
Those present at the launch were also addressed by Professor Paolo Morosetti, a visiting professor from the SDA Bocconi School of Management, Milan.
"Today is a very exciting day. Today we are making history...My understanding is that the Family Business Act makes a substantial step ahead in connecting the world of scholars and the one of policy makers. Above all in Europe," stated Professor Paolo Morosetti.
Professor Morosetti acknowledged that, two years in the making, the proposed legislation is the first of its kind catering for the needs of family businesses in Europe.
This act is not only supporting and protecting family businesses, but also filling the void and working in line with European policy on the importance of family businesses. The European Commission has also recently appealed for the need of addressing the impact on family businesses in order to identify problems and barriers of growth.
During his presentation, Morosetti praised the content of the act and encouraged its further support throughout the public consultation. He concluded by sharing in the pride expressed earlier by the Minister and stated, "I might not be Maltese, but I am European, and I am very proud of this act".
Dr Nadine Lia, legal advisor for the Ministry, outlined how in the process of developing the legislation, the white paper presented had the support of the steering committee, the Attorney General office, the EU Commission, as well as the family businesses met along the process. Therefore at this advanced stage, the final support from the public will ensure its imminent tabling in Parliament.
(Source: Ministry for the Economy, Investment and Small Business)
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
