由家族來長期主導上市公司，有利於上市公司經營權穩定、社會資本延續、策略決策的長期考量，以及良好公司治理的推動。然而，前提是此一主導的家族必須有健全的家族治理，並經由家族治理來確保公司治理的落實與前述各項優點的發揮。由此可知，家族治理是「家族長期主導上市公司」正當性的基礎。家族治理需要組織平台的運作與家族憲法的規範。組織平台可以是家族控股公司，也可以是股權信託與家族委員會互相配合的方式。本文以家族控股公司為例，介紹家族治理與家族憲法的運作方法，以及這些作法對家族與上市公司投資人所發揮的正面作用。這些作用包括家族資源集中運用、權力的制衡、接班人選擇範圍的擴大、對所主導上市公司外界股東之保障，以及順利走向家族與專業經理人共治的境界等。家族憲法的內容應包括家族企業之理念、家族成員身分的界定方式、股份轉讓制度、董事會的產生方式及其權責、家族成員間衝突的解決程序、家族成員任職於家族企業的資格要求與考核、對領導人及未來領導人的倫理規範、家族與家族所掌控上市公司間的關係、對公司治理的支持及修憲時機與程序等。

One family’s long-term control of a public company may have certain advantages such as stabilization of the governance of the public company, continued accumulation of social capital, long-term considerations in strategic decisions, and promotion of good corporate governance. These advantages, however, are subject to a sound family governance of that controlling family, and good corporate governance and other aforementioned advantages can be ensured via such family governance. Hence, family governance is a critical foundation of the legitimacy of one family’s long-term control of public companies. Family governance is operated through an organization platform and guided by a family constitution. The organization platform of family governance may be family holding companies, family committees, or any combination of the aforementioned entities. Using family holding companies as an example, this paper introduces the concept of family governance, the operation of family constitutions, and benefits that these practices may have upon the controlling family and outside investors of a public company, including the concentrated use of family resources, the check and balance of corporate powers, the enlargement of the pool where successors may be selected, the protection of outside investors of such family-controlled public company, and how the controlling family may jointly operate the public company with professional managers. A properly formulated family constitution should include the following provisions: core values of the family business; definitions of family members; transfer of equity stakes in the family business; the election process of directors; powers and duties of the board of directors; dispute resolution mechanism among family members; requirements relating to a family member’s qualifications to serve in the family business and the review process; code of ethical conducts of leaders and future leaders of the family business; the relationship between the family and the listed / private companies controlled by the family; support of a good corporate governance; and the timing and procedures of amending the family constitution.