You may be an experienced NED or have sat in many a board meeting, but if you are soon to be taking on or preparing for a new chair role, even the best board members may need to be reminded of what it takes to be an effective chair.
According to experienced Chair, Hans Christian Iversen, succinctly put, to be an effective chair you need to have:
- A strong, transparent and trust worthy relationship with the CEO/MD;
- Sufficient time to consult with key players on the board on important issues between board meetings;
- Open and transparent dialogue at board meetings so all has a say and feel able and willing to contribute;
- Good and consistent corporate governance;
- A clear business strategy, which has buy in from all involved;
- Good key performance indicators for follow up and knowing what good performance looks like;
- An environment where all managers/leaders are allowed to fail as well, when decisions are made.
For more about upcoming NEDonBoard Board Best Practice® events visit: https://www.nedonboard.com/events/category/board-best-practice-events/list/; these offer valuable insights from your experienced boardroom peers.