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What distinguishes an effective CEO-board chair relationship? According to a Spencer Stuart survey of nearly 200 directors and 30 CEOs of S&P 500 companies, trust is the most critical factor. Chairs and CEOs build trust over time by being vulnerable, open, and transparent about their expectations and challenges — particularly in five moments: 1) when negotiating CEO compensation; 2) during the annual CEO evaluation; 3) when giving feedback from executive sessions of the board; 4) when boards consider their own composition and succession; and 5) in moments of adversity.
Over the past decade, a growing number of