The Role Of Corporate Governance In Private Wealth Structures

An effective corporate governanceframeworkplaysa vital role inensuring thelongevityand resilience ofprivate client structures.

In this interview, Trust Supervisor Gireeja Bhoobun shares her insights on how governance supports long‑term decision‑making for private clients, and how her voluntary role as Marketing Lead with the Corporate Governance Institute (CGI) Jersey Branch enhances her professional perspective.

What has been your career path?

After graduating with a BA (Hons) in Law and Management in 2017, I completed an LLM in Corporate and Insolvency Law at Nottingham Trent University. My interest in corporate governance deepened while interning at a London start‑up focused on governance reporting for banks, FTSE‑listed companies and regulators. I completed an MSc in Corporate Governance with Distinction before returning to Mauritius in 2020, where I worked full‑time as a Trust and Company Administrator and lectured part‑time in Governance and Ethics at a local university.

In February 2019, I joined the CGI (formerly ICSA), by enrolling to the Chartered Governance Qualifying Programme, via the fast-track professional entry route, which promotes high standards and supports the development of governance professionals.

I moved to Jersey in 2021 and joined Praxis' private wealth team in January 2024, managing a range of fiduciary structures. Following my promotion to Trust Supervisor in January 2025, my focus has shifted to helping clients design governance frameworks that reflect how they truly operate across jurisdictions, generations and asset classes to support effective long-term decision‑making.

Howiscorporate governance evolvinginprivate client structures such as trusts, familyoffices and privately held companies?

Governancenow extendsbeyond the public-company model of board committees and formal reporting. For trusts, familyofficesand privately held companies,itis increasingly about managing relationships, expectationsand long-termobjectives.

Inthese structures, the risks are more personal: unclear decision rights, misaligned family expectations, conflicts between commercial and fiduciary roles, or silence around succession. Good governance brings these issues into the open before they can develop intodisputes.

What are the most common governance challengesencounteredby private clients and their advisers, and how does good governance help address these?

Acommonchallenge in private wealth and fiduciary structures islack of clarity around roles and responsibilities.Founders oftenholdmultiplepositions -settlor, director,beneficiaryand informal decision‑maker-while advisers may assume oversightlieswith someone else. This can lead to decisions being made withouttheproper authority, limited record-keeping oftrustee orboardactions andinconsistentcommunication between advisers. Over time, the governance frameworkcan become outdated,no longer reflectingthe family'ssize,complexityor global footprint.

In a recent case, following the death of a Settlor, we received a request toterminatea trust and distribute the fund to four adult Beneficiaries, each tax resident in a differentjurisdiction. From the outset, our focus was on governance - ensuring actions aligned with the Trust Deed, the Settlor's wishes, and our fiduciary duties. Led by Praxis' Executive Director, Helen Hendy, we asked the right questions early, sought professional tax advice in eachjurisdiction, andmaintainedopen communication with the Beneficiaries. This allowed us to develop a fair, well-documented distribution policy that supported informed decision-making, met compliance obligations across borders, and protected the long-term interests of all parties involved.

Effective governancemakes roles explicit, aligning authority with responsibility, and establishingclear processes for decision‑making and escalation.In many cases, the greatest value lies in asking the right questions early, which is the approach we take at Praxis.

Howcangovernance frameworks add valueforfamilies and entrepreneurs beyond meeting regulatory requirements?

Governance is a strategic enabler. When thoughtfully designed, it builds trust among families,trusteesand partners that decisions are transparent,consistentand fair. Strong frameworksalsosimplify succession planning and reassure stakeholdersthatrisk oversightis in place.

Families with clear charters, structured committees or defined shareholder agreementsare shown tobettermanage change. Agoodfamily chartercanset expectations for values and conduct, andan effectiveinvestment frameworkcanbalance ambition and discipline.

Given that many private clients work with multiple advisers and service providers, what governance practices help ensure clarity of roles and prevent conflicts or misunderstandings?

With multiple advisers, effective governance creates a singleandreliable source of truth. It requires clear authority, agreed informationflowsand well-documented roles, andprovides an audit trail explaining actions and decisions.

At Praxis, a key part of our role issupportingclients and their adviserstoactcohesively, particularly where structures span multiplejurisdictions.

What skills or capabilities are important for governance professionals working with private wealth clients?

The most critical capabilities include a strong understanding of fiduciary duties, trust law, and cross-border compliance, as families increasinglyoperateacross multiplejurisdictionsand taxframeworks. Strategic thinking is essential to align governance structures with long-term wealth preservation and toanticipateany legal,reputationaloroperational risks.

Equally important is cultural and generational sensitivity. Multi-generational familiescanhave differing priorities,and in our role,wemust communicate effectively and mediate conflicts while respecting diverse valuesand perspectives.

Advisers shouldbe able toprovide clear reporting, robust decision makingframeworks,anddemonstrate independence. Theymust also be expected tokeep pace with evolving regulations and digital governance tools to deliverefficient andtimelysolutions.

Howcan evolving familiesincorporate goodgovernance?

As families scale in wealth, complexity and geographic reach, governance must evolve from being founder‑centric to structure‑centric.

Clear separation between ownership, management andbeneficiaries,plusdefined roles for trustees, boards and advisers, shifts the focus fromwhodecides,tohowdecisions are made.When governance is a living framework, it reduces reliance on individuals, supportscontinuityand creates clearer pathways forthe next waveof wealth receivers.

At Praxis, we combine deep technical knowledge with a practical, clientcentred approach. We work with families,trusteesand advisers to create governance frameworks that are proportionate,bespokeand aligned with our clients'objectives.

To explore how strong governance can unlock value in your private wealth structures, please contact a member of our Private Wealth team.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.