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 success of a Chairman like Hussain al Nowais depends on how good his relationship with the chief executive is. Their relationship should be honest, transparent and they should be able to trust one another. They both need to recognize that they have different duties for them to work harmoniously.
A chairman like Mr. Hussain al Nowais is effective in what he does since he fully understands what his job entails. He should be able to provide a constructive level of challenge to the senior management team. Moreover, the chairman should always ask relevant questions regarding various issues in the company. A good chair needs to know the mission of the board and how to measure the progress of the company. Offering guidance is a major role of the chair and finding new ways to purchase important resources for the company. 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. From time to time, he can walk around the organization and see how the employees are progressing and enquire about any challenges they may be facing. A chairman is able to figure out what problems the company could be facing at all times. 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 of a crisis in the organization, a good chairman is able to put the interests of the company first. He should be able to think about the long-term goal of the organization while bearing in mind the mission of the organization. He should be able to set aside his interests for the benefit of the organization; which includes helping to solve any of the problems around.
A great chairman should follow the right procedure when he is ready to resign from his duty. 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. The outgoing chair should take a few days to introduce his successor to the senior member of the company and pass on any relevant information.