Our study shows that the FTSE chairman’s role is perceived to have undergone significant change in the past two years. Reaction to these changes among the 14 business leaders we interviewed varied from outright hostility towards the UK Combined Code to a welcome acceptance of its tenets.
Most of those we interviewed agreed that the chairman’s primary role is to focus on gaining maximum value from the board while ensuring that the company is not disadvantaged by inadequate governance. As the bridge between executives and non-executives, the chairman’s primary role is to run an effective board process, giving the CEO the space to run the company. The question of how responsibility is divided between the two in practice, however, remains an issue.
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