Charles Shreck, better known as "Chip" (as in both short for Charles, but also "chip off the old block"), was born into an immense wealth and privilege, thanks to his father, multi-millionaire industrialist, Max Shreck. In fact, Max's plan to develop an apparent power-plant with the underlying intention of stockpiling Gotham City's power is undertaken with the purpose of endowing Chip with a legacy. However, it is also apparent that Chip's mother is dead by the point at which we meet him and his father in the film, which also might mean that Max killed his wife when she tried to blackmail him.
Chip was with Max and Mayor Hamilton for the former's speech to the crowd assembled for the Christmas tree-lighting ceremony. Chip also came to his father's aid during the Red Triangle Circus Gang's attack on Gotham Plaza by stepping between Max and the heavily armed Organ Grinder, thus allowing Max to make his escape. It is assumed that the Red Triangle Circus Gang did not hurt Chip, as it is later revealed that they were merely trying to capture Max, not kill him, and when we next see Chip he does not appear to have a scratch on him.
Chip is later present when Selina Kyle interrupts his conference with Bruce Wayne, regarding Max's proposed power-plant. It is also suggested that Chip is privy to the fact that that his father tried to kill Selina, as Max states that if she causes any more trouble for him he will simply "push her out of a higher window", in his company once Selina and Bruce have left Max's conference room, later saying that he has bigger fish to fry.