What Defines a Good Chairman
The duties of a chairman have increased in the recent times as well as the expectations. 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.
For a chairman to be effective, he should have good knowledge about the business he is in. A good chairman should provoke positive challenges to the directors to improve various areas of the company. Moreover, the chairman should always ask relevant questions regarding various issues in the company. A good chairperson is always aware of the long-term vision 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. The chairman, however, need to realize that he does not run the organization. He should mainly offer support to the management team.
A chairman, however, should make sure that he devotes just the right amount of time to the roles he is supposed to take care of. This is because he does not have too many roles within the organization. When the chairman is in the business premises, he can interact with the customers, investor or workers to see how business is running as Mr. Hussain al Nowais does. An experienced chairman should be able to understand other people’s feelings and also the company. The ability to run an effective board and make sure there is a good relationship between the shareholders and stakeholders is what defines a good chairman.
In case there is a big issue in the company, the chair should be able to dedicate his time to trying to solve it. The mission of the company is the most important detail; hence the chair cannot afford to forget it. To solve any problems within the organization, he should be willing to give in a lot of his time until everything is aligned for example Mr. Hussain al Nowais.
A good chairperson knows when and how to step down from an organization. He does not step down abruptly without any previous warning. The chair makes sure to effectively communicate with the shareholders and stakeholders about his decision to resign a few months before he leaves. This will allow the company to have enough time to look for a successor. Also, the resigning chairperson gets to meet the new chairman like Hussain al Nowais and gets to introduce him to major team players within the organization.