Qualities That Define 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. For the two parties to work in unison, they need to perceive that they hold contrasting positions in the company.
For a chairman to be effective, he should have good knowledge about the business he is in. Constructive criticism should be offered by Chairman to the shareholders and stakeholders. Whenever he needs information on particular issues, he should be able to ask the right questions. 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 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. Since he does not run the company, he does not have much work. 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. A chairman is able to figure out what problems the company could be facing at all times. A great chairman is defined by the ability to unite the directors and shareholders of that particular organization.
In case there is a big issue in the company, the chair should be able to dedicate his time to trying to solve it. 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 suddenly does not step down from his position without any 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.