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• W178823964 abstract "what is the proper and appropriate role of your bank's chairman? What attributes, functions and responsibilities are required? How can the board effectively select, maintain, remove, and replace a chairman? These are all relevant questions, not necessarily more important since Sarbanes-Oxley, but certainly as important. The chairman is the administrative leader of the supervisors and monitors of the institution. At the outset, a caveat: My comments are not politically correct. So if you want a soft read, look elsewhere. Leadership--the essential duty A most important responsibility of the chairman is leadership of the board. The chairman must be the most respected leader of the collected group of directors. This means distinctly that promoting a director to the position of chairman simply because of seniority, or even through a rotational system, is not only inadvisable, but nonsensical. Individual directors certainly do possess qualities that allow them to perform competently. However, some directors whose other competencies establish them as outstanding directors will not make excellent leaders. If your current chairman is not a leader, that individual should be replaced as quickly as possible. The longer the wrong person serves as chairman, the weaker the board grows, and more importantly, the weaker the board's supervisory relationship with management of the institution. This most important decision reflects not only the chairman's internal status, but his or her reputation within the community and especially within the community of competitive and cooperative boards of other institutions. Moreover, a respected quality leader can interface favorably with the regulatory agencies and provide credibility for the entire board. A bad choice sends quite a different message. Terms and term limits A chairman should serve as long as he is effective as a leader. However, I believe there should be a term--such as three years--established for a board chairman. But I do not believe a three-year term should be considered a term limit. Why three years? A one-year term is not an adequate time for any chairman to be effective--it takes time to learn and grow into the job. Therefore, a three-year term, well disclosed, is appropriate. If the chairman does not perform in a manner satisfactory to the board, he could be replaced at the end of the term. A director once commented to me that he thought having a chairman remain on the job for a decade or more does not permit the rest of the board to become chairman. I agree. However, as pointed out earlier, not everyone on the board should become chairman. Yet there can be a problem with the same person serving as chairman for 10 or 20 years--he may not be as effective in the role at the end of such a long term. That's an individual call. But as long as the chairman is effective and respected, he or she should remain as chairman. Knowing the business It is not enough to understand Robert's Rules of Order and how to effectively run a board meeting. The chairman must possess considerable knowledge about banking. This is so that he can lead the board's proceedings effectively and guarantee and assure the appropriate ambiance and environment between the president/CEO and the board. He must also know the totality of what goes on in the institution and provide the appropriate checks and balances to the president/CEO. If the board or its chairman is not up to snuff--there are plenty of opportunities for additional education. A broad range of programs are regularly sponsored by the banking associations and private firms. Driving the board's strategic plan To run the activities of the board effectively and productively over time, the chairman needs to know where the organization is going and how to work with other board members, management, and staff personnel to get there. …" @default.
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• W178823964 date "2005-04-01" @default.
• W178823964 modified "2023-09-26" @default.
• W178823964 title "The Sparkplug of Governance, Your Bank's Chairman" @default.
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