On the 8th January 2020, the Duke and Duchess announced their decision to ‘step back’ from duties as senior royals and work towards becoming ‘financially independent’ from the family ‘Firm’, the House of Windsor.
As a family governance lawyer, this decision is axiomatic of what we observe as a far deeper concern which needs to be addressed in the House of Windsor family constitution or protocol – what is expected of members of the family who are not destined for the ‘top job?
Prince Charles has hinted that he plans to cut costs and slim down its operations as part of a broader restructuring. Prince Andrew, Charles’s younger brother has been fired from functioning as a senior Royal by his older sibling due to his ill-fated television interview and connections with sex offender Jeffrey Epstein. Princess Anne carved out a niche for herself as an equestrian Olympian gold medallist, but with little brand credit for her achievements and philanthropic work.
These examples indicate a lack of protocol guidance as to what lesser senior Royals are to do with their time and for what purpose. This is not a problem unique to the Royal family, a similar problem presents itself with any family where some members work in the business and some do not
Hakan Hillerstrom in Episode 6 of our ‘How to Keep your Money’ ‘Survival of the Family Business’ highlights how good governance and planning can lead to the survival of the family business and the preservation of the family wealth.
Of course, there is no danger of the Firm not surviving, it is a well-oiled machine with experienced advisors, but recent events may have uncovered a weakness which should be addressed.
It is understood that Harry was told not to talk directly and discreetly to the Queen on this matter. It was considered not a personal matter between Harry and his grandmother but a strategy matter for the ‘Firm’s’ advisers who he feared would ‘rain on his parade’ and tie him and his new family in red tape. Is it surprising, therefore that he and his wife took matters into their own hands?
Brand Sussex according the Economist article ‘A right-royal shake-up’ is ‘widely perceived to be undervalued’ a fact on which the couple want to capitalize for their own financial advantage. The couple intend to follow the commercial model adopted by Obama when he left office with paid for publicity tours, speeches and philanthropic endeavours.
But, cannot this Brand Strategy also play into the political hands of Britain as it leaves the EU?
Martin Territt, former EU Ambassador to Ireland, makes it clear in Episode 7 of this week’s podcast ‘How to Keep your Money’ that the UK’s most significant and influential trading partner is the US.
The EU does not have a Free Trade Agreement with the US and the relationship between the two is strained. However, the UK has a good relationship with the US and already has put in place a Mutual Recognition Agreement which could pave the way for a Free Trade Agreement – if, as Martin Territt says, there is the political capital in the US and the UK to make it happen.
Brand Sussex by basing themselves in North America for part of the year could be just the brand strategy Britain needs to create the necessary political capital needed between the US and the UK. Britain, post Brexit needs to find a way to get a leg up onto the global stage and Brand Sussex could be just what Britain needs to kick start this challenge. Click here to listen to Martin Territt.
Martin Territt will also join our panel of speakers on 25th February 2020 to discuss Wealth Creators Post Brexit. He will be joined by next week’s podcast speaker Dr Cristian Kalin, the ‘Passport King’ and CEO of Henley & Partners. The third speaker will be Setu Kamal leading tax barrister who will talk about tax and EU freedoms and the forth Alex Scott speaker in our Episode 2 podcast on ‘How to Keep your Money’. If you would like to register your interest to join us for this debate click here.
And if you would like to meet with Caroline for advice on Good Governance or any other concern to which she or her network can assist simply call Deborah on 020 3740 7423 or contact her on deborah@garnhamfos.com