EDITORIAL: THE ROLE OF THE CHAIR
January 2024 Edition - Written by Lesley Stephenson
At the end of last year, we hosted our final NED Conversations event based on the all-important role of the Chair. Despite the train strike, many intrepid members joined us at the FT and a lot more joined online to listen to Sharon Baylay-Bell, Tim Farazmand and Alan McWalter reflect on their extensive experience of being a Chair. If you missed it, you can catch up on demand here.
As it happens, Heidrick & Struggles recently released a report on the path to becoming a Chair. Based on discussions with numerous FTSE 250 Chairs, they offer recommendations for laying the appropriate foundations for a successful tenure in the Chair's seat and for newly appointed Chairs to ensure they land well.
The role of the Chair has been greatly professionalised over the last few years. It occupies the central role in the governance and leadership of a company. It is a heavily and increasingly scrutinised position, requiring a real investment of time, energy and effort. As the job has become more demanding, aspiring Chairs should be more thoughtful about taking it on. As the report points out, there is much that those aspiring to the Chair role should do to make themselves aware of the demands of the position and ensure their skills and experience are appropriate.
The role carries many of the challenges, frustrations, and exposure of the role of a senior executive for a fraction of the reward. "You need to really want to do it", said one Chair.
The Report is a really practical and thought-provoking read for anyone considering stepping into the role of Chair as it presents the opportunities and potential pitfalls that it may bring. You can read it here.
Wishing all of you a very happy, healthy, peaceful and prosperous 2024.