Carvajal, a Colombia-based family-owned conglomerate, has just picked up arguably the most prestigious annual prize for family enterprises – the IMD Global Family Business Award.
Set up in 1904 and with members of the sixth generation of the Carvajal family that owns the business working for the company, the award was given in recognition of the excellent levels of governance at Carvajal, coupled with its strong stakeholder ethos. Carvajal has its headquarters in Cali.
According to an IMD statement on the award: “The…jury was particularly impressed with Carvajal’s robust and rigorous governance structures, which included a family council meeting every two weeks, a thoughtful separation of powers between the business and family, and its detailed, responsive family governance protocols.”
IMD’s family business professor Peter Vogel added: “Successful family enterprises require a careful balance of good governance, next generation onboarding, innovation, and responsible business practices with a strong purpose. Carvajal continues to tick all of these boxes and many more, and has managed to navigate through turbulent times through resilience and courageous renewal.”
The IMD Global Family Business Award was first given in 1996, with the winner that year Lego. Other past winners include The Merck Group, the Pentland Group, and The Bonnier Group.