A thoughtful and thoughtful approach ensures its sustainability. The governance audit aims to ensure compliance with its commitments. However, governance has evolved. Your audit must now take extra-financial criteria into account. Christine Turlier, a qualified notary and lawyer in Paris and Brussels bars, specifically supports companies (family and non-family) in setting up their governance. In this article, she introduces for the first time the approach of Christine Turlier & Partners, her law firm specializing in real estate law. It also explains to us what the new corporate governance challenges are.
What is your approach to property law?
Cristina Turlier: I manage capital transfer and governance issues, as well as the transfer of private or professional assets. I am therefore involved in the sale of groups, donations or inheritances, and in matters of governance and their return. My approach is original, because my tree structure thinking, with a 360° spectrum of skills linked to my dual course as a notary and lawyer. I start processing any file with the civil and corporate aspects, before focusing on tax data.
My holistic upstream analysis is an added value for analyze the technicality of the problem and choose the best strategy, while integrating the “time” factor. I can, therefore, be agile, targeting the needs of each client. From this global vision comes a property audit. Then, I carry out the recommendations that I have identified, and I resort, if necessary, to a notary to receive in authentic form, if it is mandatory, the project that I have prepared.
What is corporate governance?
Cristina Turlier: By definition, corporate governance refers to all the rules (legal, accounting or financial) that ensure the perfect division of powers among all interested parties. She also oversees thelong-term application of the company’s missions and values (such as integrity, respect, ethics, diversity, non-discrimination, etc.). So many elements that define a clear strategy and improve performance. However, governance is not final. In 2019, it was already evolving under the Covenant law. Companies were then able to redefine their raison d’être, beyond the simple pursuit of profit. This notion began to question their role in society. In the aftermath of a social, health and economic crisis like that of Covid, this issue is more topical than ever.
Why implement a resilient strategy?
Cristina Turlier: The year 2020 showed the inadequacy of risk analyses, which were limited only to accounting and financial aspects. Companies needed to be agile and learn to adapt to social and environmental changes. These questions must now be integrated into the strategic thinking process.. Taking these issues into account reinforces a company’s image, value and competitiveness. Provided, of course, that concrete actions are put into practice. Governance must precisely ensure that the company responds to them – and itself is exemplary. It is because the world as we know it is changing that the company must do the same. So it remains permanent. Resilience is also essential to preserve an organization’s ecosystem in the face of environmental and social risks:
- Financial (loss of trust of partners or shareholders, financial partners);
- Reputational (loss of customer trust, questioning of governance and decline in the company’s ethical and financial values);
- Social (loss of employee confidence and lack of motivation).
Therefore, it is up to the governance of a company to establish a fluid dialogue with stakeholders, in order to measure everyone’s expectations and risks. Feedback that allows the company to be part of a CSR approach.
Why should governance be adapted to the specifics of each company?
Cristina Turlier: Let’s talk first about family businesses, which are more resistant to crises. Its performance is superior to the others in this type of context. Nonetheless, specific governance for each family business avoids internal crises. Without adequate governance, the risk is to find the same people at the head of the three governance bodies (assembly, board and directors). However, such a scenario would cause an imbalance in the absence of relevant checks and balances. It would also create difficult stakeholder integration and, especially, a lack of interest on the part of younger generations, who might feel excluded from governance. The implementation of governance adapted to the family business can be progressive. It is still necessary to anticipate various events, such as the death of the manager or business transfer. Everything is, therefore, connected and intellectually, it is very pleasant to guarantee the fluidity of all these intertwined subjects! For other companies, specific governance brings a sense of listening and cohesion within all teams. In short, regardless of its model, governance must be adaptable and scalable. It can thus answer the various questions that affect society and, therefore, the entire ecosystem of a company.
Did you choose to develop your company’s skills in the area of governance?
Cristina Turlier: It has been significant before, in particular through the creation of my Family Heritage Office. But this year, I’m in ESSEC training” Women get ready for the plank led by Professor Viviane de Beaufort to obtain certification in governance. This is a course exclusively reserved for women who wish to access social mandates, mixing fundamental transversal leadership skills and a gender behavioral approach. Our teachings are really captivating!
Cristina Turlier: I also continue to develop this theme within the office through the creation of a global offer of heritage and our intervention as a protector of third parties.
Finally, is Christine Turlier & Partners also involved in social issues?
Cristina Turlier: I always wanted to be a patron. Since the creation of the company, just over four years ago, I have thus been able to contribute with numerous actions, in particular for the benefit of sick children in Necker, or women hospitalized for long stays. Last year, I hosted fundraising dinners for Instituto Rafaël, which provides integrative medicine care for cancer patients. This year, with the owner of the Grand Powers hotel, Julie Marang, who also hosted the previous fundraisers, we are preparing a new fundraiser for the benefit of Maison des Femmes de Saint-Denis, created by Ghada Hatem, obstetrician-gynecologist . A first dinner will take place in June and we also plan to put a kitten online to reach a larger number of donors. For this, I will be helped by four of my M2 students at Paris II-Panthéon Assas.