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. For the two parties to work in unison, they need to perceive that they hold contrasting positions in the company.
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. Offering guidance is a major role of the chair and finding new ways to purchase important resources for the company. The position of the chairman does not allow him to run the company and he should be able to recognize that. Support to the organization is his primary role.
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. 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. He should be able to think about the long-term goal of the organization while bearing in mind the mission of the organization. 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 wake up one morning and decide not to carry out his duties anymore. He is careful enough to hand in his resignation letter and inform the management team at least six months earlier. 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.