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. 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.
For a chairman to be effective, he should have good knowledge about the business he is in. 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 chair needs to know the mission of the board and how to measure the progress of the company. While still helping the organization by offering guidance, he should be able to acquire resources that would be of use within the organization. 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. However, he should interact with the staff, customers, and investors from time to time. 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.
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 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.