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 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. 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. A good chairman should provoke positive challenges to the directors to improve various areas of the company. Additionally, he should know how and when to ask the right questions whenever there is a problem or he needs information. A good chairperson is always aware of the long-term vision 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. 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. He should not be involved in too much of the organization’s work either. 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.
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. While tackling the problem, he should always remember the set mission by 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 good chairperson knows when and how to step down from an organization. He does not step down abruptly without any previous warning. He is careful enough to hand in his resignation letter and inform the management team at least six months earlier. The company there is able to get adequate time to search for someone else to fill in that position. 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.