What Defines a Good Chairman
The duties of a chairman have increased in the recent times as well as the expectations. A chairman is supposed to be charismatic, involved and does more than attend meetings in the organization. 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. Moreover, the chairman should always ask relevant questions regarding various issues in the company. For a good chair to know the progress of the company, he should be accustomed to the mission and goals 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. It would be very disappointing if the chairman does not realize that it is not his job to run the business but to ensure that it is running well. 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. From time to time, he can walk around the organization and see how the employees are progressing and enquire about any challenges they may be facing. An experienced chairman should be able to understand other people’s feelings and also the company. A great chairman is defined by the ability to unite the directors and shareholders of that particular organization.
In case of a crisis in the organization, a good chairman is able to put the interests of the company first. 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 chair should take a few days to introduce his successor to the senior member of the company and pass on any relevant information.