In 2023, a board chair in a private company must embody a diverse skill set to effectively lead and govern the organization.

The list of skills is long and will vary based on the company's unique needs. However, this article outlines five skills for a board chair that apply no matter the company. 

1.     Leadership and Communication: Effective leadership skills are crucial for a board chair to inspire and motivate board members, executives, and employees. Clear and concise communication is essential to convey the company's vision, priorities, and performance internally and externally. The best communicators are leaders that ask relevant questions. 

2.     Strategic Thinking: A board chair must possess strong strategic thinking skills to guide the company toward its long-term goals. This involves assessing market trends, identifying opportunities, and making informed decisions that align with the company's vision and objectives.

3.     Corporate Governance Expertise: A board chair must understand corporate governance principles and best practices. They should know legal and regulatory requirements, risk management, compliance, and ethical standards. This enables them to ensure that the company operates transparently and responsibly.

4.     Financial Acumen: A board chair must have strong financial acumen to oversee the company's financial health and sustainability. They should be able to interpret financial statements, assess financial risks, and make informed decisions regarding investments, capital, and resource allocation.

5.     Relationship Building: A board chair must build and maintain effective relationships. This includes fostering a constructive relationship with other board members, executives, shareholders, and external stakeholders such as investors, customers, and regulators. Relationship-building skills enable the board chair to collaborate, negotiate, and engage with diverse groups to drive the company's success.

Again, looking for the unique skill set of your private company’s board chair is important. However, the above mentioned skills provide a solid foundation for a board chair's success in a private company in 2023.