Simon Morgan Talks about Use of Private Trust Company Structures for Family Business Ownership
He pointed out that in Jersey for instance, PTC is quite popular for family business ownership. Essentially, PTC is a separate company, or even a foundation, that has its own board independent of our Vistra business but often with a Vistra representative on the board or as secretary for governance purposes.
“One interesting aspect of the PTC-type arrangement is that it often allows younger members of the family to get involved, whether directly or indirectly,” said Simon.
“Having professionals overseeing things from a governance perspective, younger members can get insights into how the business operates. At the same time, the senior members of the board may find the introduction of junior members helpful, especially if they have spent time away at university or have developed skills in another business, bringing in new perspectives. The younger generations are also generally more philanthropic and want to get more involved in social issues.”
He also shared an example of a PTC board member who focuses on helping the society through initiatives such as green energy business and socially impactful education that improve the way in which education is managed and delivered.
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