SEE:SIA Engineering appoints former PwC Singapore vice chairman as independent director
Supporting this is the survey’s findings that showed 41% of businesses that describe themselves as digitally strong are third or fourth generation, and while Next Gens have taken an increased role in 46% of digitally strong businesses. On the other end of the spectrum, sustainability ranked lowest on the list of priorities for Singapore family businesses, with only a third of surveyed businesses indicating they have developed or communicated a sustainability strategy. PwC noted that this is indicative of family businesses still catching up with establishing their sustainability agenda in the midst of protecting their core business during this disruption. The survey also found that Singapore family businesses feel that levels of trust, transparency, and communication are quite high. 60% of businesses surveyed agreed that family members regularly communicate about business, while 59% have a clear sense of agreed values and purpose as a company and 57% a governance policy in place. However, the figures fall when it comes to other key areas; less than half (at 40%) have their values and company mission articulated in written form, and only around a quarter (26%) have documented a succession plan.