Chair
Luciana
Cossermelli Tornovsky
Closely Held Companies Committee
The mission of the Committee is to address issues of particular interest to start ups, owner-managed, closely held and family businesses and their legal advisors, and to organisations with ambitions for growth. The Committee's aim is to provide a focus for the different needs of ownership, management and financing of such organisations. Particular focus is placed on: management and ownership issues, finance and the raising of tier one and two capital, shareholder issues and agreements, business succession plans, exit planning, relationships with outside investors, protection of minority interests, dispute monitoring and resolution, the role of professionals in management and advisory roles and relevant issues arising from tax, employment, real estate, estate planning and family law.
Forthcoming conferences and webinars View All Conferences
9th Annual IBA European Start-up Conference
12 Nov - 13 Nov 2026
Paris , France
IBA 7th Silicon Hills Conference
10 Feb - 12 Feb 2027
Austin , USA
11th Global Entrepreneurship Conference
23 May - 25 May 2027
Berlin , Germany
Publications
Governance in family businesses: navigating conflict, control and continuity
According to McKinsey (2024), 80–90 per cent of businesses worldwide are family owned and family en-terprises reportedly account for more than 70 per cent of global gross domestic product. The subject in this session was framed historically and culturally, with the family presented as a social foundation across civilisations, citing Egyptian, Babylonian, Roman, Hebrew, Christian, Islamic and Hindu traditions.
Released on Nov 04, 2026
Stakeholderism v Shareholderism
The panel explored the relationship between shareholder value and broader stakeholder interests. While companies have traditionally focused on maximising shareholder value, their decisions increasingly take account of employees, suppliers, environmental impacts and supply chains. The panel explored the approaches being taken across jurisdictions and considered whether stakeholderism represents a shift in corporate governance or a longer-term view of shareholder value, as well as the legal and governance tools available to manage these issues in practice
Released on Nov 04, 2026
Ownership by design: using trusts, foundations and holding companies to balance tax, governance and control
This panel stressed that the different forms of entities are only vehicles to help the parties get what they ultimately want to achieve, whether this is related to personal, family or business matters, maybe all of the foregoing, where different needs come into play. Perspectives ranged from Italy to Australia, and from Norway to Singapore
Released on Nov 04, 2026
Optimising the capital stack for closely held companies
This IBA Annual Conference panel opened with a discussion about how closely held companies should choose among the wide range of financing options now available to them, featuring perspectives from Estonia to North America.
Released on Nov 04, 2026
Projects and reports
The IBA Guide on Shareholders’ Agreements
The IBA Guide on Shareholders' Agreements, prepared by this Committee, provides practical information on the legal rules on shareholders’ agreements and their application in each contributing jurisdiction. Many of the submissions have been updated (as indicated).
Subcommittees and other groups
The Closely Held Companies Committee also coordinates the activities of the following subcommittees/working groups.
- Closely Held Companies Committee Advisory Board
Join us on LinkedIn
If you are a member of the Closely Held Companies Committee, for additional networking opportunities, programs, interviews with fellow members and tips all exclusive to members, join our LinkedIn page at: https://www.linkedin.com/groups/9861209/.