How does a family dynasty stay relevant for centuries? Maria Ahlström-Bondestam and Pauline Borg are members of the fifth generation of Finland's Ahlström family. Both have considered wealth an opportunity to effect change, not just a comfort, since childhood.
Maria Ahlström-Bondestam: Having my family around me and being able to create memories together in one of our beautiful homes. Cooking a delicious dinner together with my husband, three children and their spouses is one of my favourite ways to relax. It is a true luxury to be able to gather and spend quality time with your children and extended family although we might live in different countries.
Pauline Borg: Luxury, to me, is spending time with close friends across Europe and summers at our home in Finland with my extended family. Summer in the Finnish archipelago is truly special, and returning there each year is non-negotiable for me.
Pauline Borg: In Switzerland, hardly anyone is familiar with the name Ahlström. Besides, my name is Borg - like Björn Borg, the former Swedish tennis star, whom my father jokingly used to claim he was related to.
Maria Ahlström-Bondestam: On my first day of school, I said my name: "Maria Ahlström...", and the teacher said, "Ahlström? With a capital A?" I immediately sensed that my family got his attention. At that young age, that was more of a burden because I did not know how to handle it. I didn't want to stand out, I wanted to be like the other kids. We drove a silver Mercedes. I wanted to blend in so I suggested we switch to a Volkswagen Beetle instead.
Maria Ahlström-Bondestam: When I was five years old, I asked my father: "Can a king eat as much ice cream as he wants?" My father replied: "Yes. But a good king teaches his people how to make ice cream." That was an eye opener, and taught me that people with power can use that power for themselves or for society. A few years later, there was a broken slide at a playground. I asked my father to fix it. He said: "Write a letter to someone who can help you." So, I wrote to the president. And it wasn't long before the slide was repaired. My father taught us that if we cared about something it was our responsibility to act. And the fact that the president replied to my letter and the slide was repaired made me feel seen and heard and that my actions mattered.
Pauline Borg: I feel that my education was a privilege, and the access that this - along with my background - has given me, has led me to understand the key role I can play in driving positive change. Especially since individuals and families of means will have more access to committees, boards or organisations where they can advocate for change to happen.
Maria Ahlström-Bondestam: Our family has 450 members. Not everyone can have a seat on the board, nor be operationally active in the family company. You have to trust the decisions the ones elected to these positions make. Where does that trust come from? From shared memories, stories and values. Trust is not something you automatically have; you have to cultivate and work on a dialogue to create trust.
Pauline Borg: Our family values are deeply rooted in me, despite growing up outside of Finland. I think formally articulating our shared values and what we stand for, is, in part, a contributor to our family's success.
Maria Ahlström-Bondestam: Ambition and responsibility. We strive to be the best version of ourselves: the best mother, daughter, shareholder - the best member of society. That includes taking responsibility for our environment,society and our businesses. About five years ago, we modified our family vision and it reads like this: A Better World For Future Generations.
Pauline Borg: Over time, our company has adapted to the changing needs of the market and changing values on how to do business - to reflect the world we live in, yet staying true to our family values.
Maria Ahlström-Bondestam: Ten years ago, the younger generation made us aware of the importance of sustainability. We've also learned that a healthy lifestyle pays off. Previous generations smoked, ate lavishly and served wine at lunchtime - it was normal also when I was growing up in the 60's and 70's. Today the next generation are educating us on the importance of work/life balance, healthy food etc. which is very good.
Pauline Borg: We have fair processes in place for that. There are various forums where family members can raise their opinion. First, we discuss the matters in smaller working groups, and then, at the owners' meeting. There are usually about 100 family members at the meeting.
Maria Ahlström-Bondestam: From an early age, I wanted to make sure that others were well. My siblings used to tell me, "You have too much empathy and you care too much about other people. That won't fly in the tough world of business." Today, it's the other way around. Empathy is considered a superpower. And I'm a member of the Supervisory Board of our company, Ahlstrom.
Pauline Borg: I wanted to do something meaningful. I'm interested in how storytelling can be used to drive change and I thought I could make a difference by working in communications. It wasn't long before I realised how capital can be used effectively to drive change. The more insights I gained, the clearer it became to me that while many families use capital for philanthropy, they often don't use it strategically enough. I wanted to support other families and help them think about philanthropy with a systems approach.
Maria Ahlström-Bondestam: Yes. We were 25 women from the family's fifth generation who decided to continue the legacy of our great-grandparents Eva and Antti Ahlström who already in the mid 1800's understood that for their company to prosper and flourish they needed to invest in the community that it resided in, making equal education and health their priority. Each one of the 25 co-founders contributed 1000 euros. That gave us the 25,000 euros required by Finnish law to set up the Eva Ahlström Foundation. We had three objectives. First, we wanted to give something back to society. Second, we wanted to create a social platform for non-business related activities, i.e. to organise family reunions that are not directly related to our business. Third, we wanted to set an example for the next generation by embodying what our values mean. Later, we started working and partnering with other families. Our mission is to inspire, engage, include as well as advise people and families how to use their power to affect positive change in society through philanthropy.
Pauline Borg: The climate crisis, for example. Last year, we breached the 1.5 degrees of global warming, the hottest year on record. According to Johan Rockström, former Director of the Stockholm Resilience Centre, at least six of nine planetary boundaries have already been overshot which are the systems that ensure Earth's stability.
With the name KAIROS, I want to make it clear to people that we are living in a decisive moment in time. We have to turn things around in the next few years - otherwise we will plunge into chaos; and private wealth can play a key role in driving the change that is needed.
Maria Ahlström-Bondestam: Family businesses think in terms of generations, which means they can set an example. It's easier for a family of 450 people to reach a decision than for a state or a publicly listed company.
Pauline Borg: Unfortunately, there's often a lack of long-term perspective in politics, for example, because everything is geared to election cycles, so yes, family-owned businesses can play the role of catalysts.
Maria Ahlström-Bondestam: The fact that all families that own businesses face the same challenges - no matter which country they are in or which generation they belong to.
Maria Ahlström-Bondestam: The transfer of wealth is always the most challenging. Building something is always exciting, but letting go of your baby, handing it over to new owners with love is more difficult. Will the next generation treat the inheritance with respect. It makes no sense for our generation to create and own something that doesn't resonate with our children, the future owners and leaders of the family company.
Pauline Borg: It's important that the different generations understand each other. To do that, you have to actively listen to each other, sometimes take a step back, and build trust. I've noticed that it's often difficult for the older generation to let go of what they have built, and so, similarly to Maria, I'd say the wealth transfer is likely the most challenging.
Maria Ahlström-Bondestam: Business forums like annual general meetings and quarterly reports are not enough to build cohesion. I think that creating shared memories where family members connect as individuals (compared to the roles you have within the business or the family structure) is important. Also giving everyone an opportunity to contribute to the family identity and legacy is important. Solely knowledge of the business is not what keeps the family together. To respect and trust each other we need to know each other, and that requires that we spend time together outside the business connecting on matters that are not business related. This can be an experience, a movie, a sport or other.
Pauline Borg: Absolutely. We should stop thinking strictly in monetary terms. I like the concept of "poly capital". It encompasses all resources that can bring about change. These include one's career, relationships, political influence, but also their creative capital like storytelling, art or music.
Maria Ahlström-Bondestam: Neither a good heart nor money alone will solve problems. If a single mother brings up three children to be good citizens, she has achieved something amazing! When we find meaning in our lives, we are happier - and healthier.
Maria Ahlström-Bondestam: Antti, the founder of Ahlstrom, advocated for girls to receive the same education as boys, back in the 19th century. He succeeded in having the law changed in Finland so that women could inherit. Back then, due to history, school was only taught in Swedish, and Antti campaigned for Finnish to be taught in schools. Eva actively supported him in on thiese topics. So, I hope that my children and grandchildren will feel the same way about me as I do about Eva and Antti. I hope they say: "Mum was courageous. She fought to make the world a better place."
Pauline Borg: I want to live by my convictions and remain true to myself but also lead with courage and empathy. Above all, I want to be remembered for how I made other people feel - I think that's much more important than professional achievements.
is a trained nurse. She serves on the Supervisory Board of her family's company, Ahlstrom, co-founded the Eva Ahlström Foundation, initiated Ahlström Collective Impact and is the inaugural Chair of the UNICEF International Council. Founded in 1851, Ahlstrom is now a leading provider of fibre-based specialty materials, headquartered in Helsinki. Maria Ahlström-Bondestam was a contributor to LGT's latest study Wealth for Impact.
grew up in Switzerland. She studied philanthropy, among other disciplines, at the University of Geneva, and founded KAIROS, a strategic advisory firm dedicated to empowering next-generation wealth owners to leverage their wealth for lasting societal and environmental impact. In 2010, she co-founded the Eva Ahlström Foundation where she currently serves as a board member.
LGT's new study Wealth for Impact: Global Perspectives from the Next Generations of Wealth Holders, explores how the next generation of wealthy families in 30 countries approach challenges such as wealth creation, investing, spending, philanthropy and succession planning. The study is based on over sixty interviews with representatives of wealth-owning families from the second to the twenty-sixth generation.
LGT Philanthropy Advisory advises, supports and connects philanthropists as well as philanthropists-to-be.
