What Defines a Good Chairman
The role of the chairman has become high in profile and the expectations multiplied over time. Stakeholders expect to have an engaged, energetic Chairman who does more than managing corporate governance. The relationship between the Chairman and the chief executive officer should be good to ensure the success of both of them. These two offices should be able to have confidence in each other through means such as open conversations. The two parties have to understand that they have different roles for them to work together successfully.
It is crucial for a good chairman to be familiar with the industry he is working in to ensure maximum efficiency. He should be able to provide a constructive level of challenge to the senior management team. Additionally, he should know how and when to ask the right questions whenever there is a problem or he needs information. For a good chair to know the progress of the company, he should be accustomed to the mission and goals of the company. While still helping the organization by offering guidance, he should be able to acquire resources that would be of use within the organization. It would be very disappointing if the chairman does not realize that it is not his job to run the business but to ensure that it is running well. He should mainly offer support to the management team.
A chair is required to just put in a few hours if his time to carry out his duties. Since he does not run the company, he does not have much work. However, he should interact with the staff, customers, and investors from time to time. Like Mr. Hussain al Nowais, an excellent chairman can develop empathy with the business and engage with the people and any ongoing issues. A great chairman is defined by the ability to unite the directors and shareholders of that particular organization.
If the company runs in a crisis, the chair is supposed to intervene quickly and offer necessary guidance on how to deal with the menace. The mission of the company is the most important detail; hence the chair cannot afford to forget it. A good chair should always be selfless when problems arise until they are well resolved.
A good chairperson knows when and how to step down from an organization. He suddenly does not step down from his position without any warning. He is supposed to share his intention with the management team and directors about resigning from the company at least six to eighteen months before leaving. The company there is able to get adequate time to search for someone else to fill in that position. The outgoing chairperson gets an opportunity to hand over his roles to his successor.
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