What Defines a Good Chairman
The role of a chairperson has become well recognized, and the expectations are consistently growing. 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. The two should be practice candor and transparency for them to be able to rely on each other. 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. Constructive criticism should be offered by Chairman to the shareholders and stakeholders. 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. 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 chair is required to just put in a few hours if his time to carry out his duties. He should not be involved in too much of the organization’s work either. 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. 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 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. The outgoing chairperson gets an opportunity to hand over his roles to his successor.