There are very good exceptions even in NZ
https://en.wikipedia.org/wiki/Todd_C...0Evan%20Davies.
https://www.nzherald.co.nz/business/...2RHXGF5GLD2UY/
"Charles Todd, the late founder of the Todd family fortune, left no room for doubt. You were either in or out - there was no in-between.
Todd Corp's founding document makes the distinction clear: "Todd Family means the persons who are descendants natural or adopted of Charles Todd, late of Wellington, merchant, who died on 21 August 1942 and his wife Mary Todd ... "
Even spouses - individuals most New Zealanders would regard as family - are excluded from holding shares."
"Direct relatives, who number 160, must make up at least a quarter of the board - currently four of nine directors. They also get to appoint the chairman and set his terms of employment."
"Among other things, it allowed the family to make long-term decisions."
"As the Todd Corp is mainly owned by trusts, the power of individual beneficiaries to control their share of the corporation's capital is diluted."
"John Todd says the creation of the council was a response to the dispersal of the family's wealth with each successive generation.
This required the creation of a body that could consider the family's interest as a whole, rather than the interests of discrete shareholders"
"He points to the constitution, which makes clear provision for beneficiaries to ultimately sell out of the family if it is their wish. Share values, in the case of dispute, are set by professional valuers and are then offered to the rest of the family."
"The Todd Corp annual meeting in Wellington is well attended by beneficiaries who, including newborns, number 160 individuals. It is estimated they each receive an average of $328,000 a year from the company."