Abstract
Drawing upon Weber’s work (1958, 1961; 1968; 2009) and Weberian framework developed by Colignon and Covaleski (1991), this paper seeks to understand Board of Directors (BODs) practices in familial controlled listed companies in Pakistan. This study used multiple data sources including semi-structured interviews, secondary data collected from various relevant documents, and newspaper reports. The findings revealed that controlling families’ substantive rationalities (rationality to serve and protect family) are in conflict with formal rational/legalist framework (rationality to protect minority shareholders). Delisting trend, symbolic compliance, family dominance in business affairs indicate traditional familial culture is mediating rational CG approach. This paper contributes in field of CG practices in family business in developing countries. Weber’s work is considered useful in explaining symbolic nature of CG reforms in developing countries.