HKUST Business School Magazine

The family constitution was first written in 2003, after many off-site meetings and extended debates amongst the third and the fourth generations. Also, courses were taken at some of the world’s top management schools to tap into their collective wisdom and identify the issues that every family business must face. There were two key objectives of the newly established family council at that time. The first was to get parents and siblings to identify the family values, and the long-term purposes of our family business, the second to establish consensus around the framework for decision-making. The background to this, of course, was the well-documented risk of differences or uncertainty opening the door to intransigence, conflict, and the possible breakup of the business. “At times, discussions grew heated, but we’d take a break and play golf before reconvening,” Lee recalls. “We’d each share our viewpoint, practice patience, and emphasize the importance of “we” over individual interests. We call it “We are bigger than I” mindset. With all these, we usually resolve the matter.” This approach has facilitated swift decision making in the face of subsequent financial events, as well as adapting our governance structure and strategic planning to suit the evolving business landscape. It has also allowed for appropriate expansion or consolidation actions when necessary. Today, that translates into the idea of keeping the business around for the next 1,000 years, with each generation serving as a steward for the next. Foster a culture of giving from an early age “Guided by the principles of “Si Li Ji Ren” ( 思利及人 ) , constant entrepreneurship and autopilot leadership, we strive to be the most trusted enterprise for a healthier and happier world beyond 1,000 years. This is Lee Kum Kee’s business vision statement. We will ensure all our business units align with and uphold it,” Lee says. “We also have our own Family Foundation with its mission to promote multi-generational family relationship. Aligning with our family’s core value of “Si Li Ji Ren”, we promote and inspire all family members to make meaningful contribution to society in their unique ways, as the giving culture must be instilled from an early age,” Lee shares. Core Values of the Lee Kum Kee Group - “Si Li Ji Ren" (Considering Others' Interests) - Constant Entrepreneurship - Autopilot Leadership Biz@HKUST 27