Spain: From Honoured Authorities to Articulators of Expectations

Chapter 12 reveals that, in spite of the diversity of ownership structures in Spain, all effective board chairs serve as gatekeepers, setting and maintaining a shared vision and reconciling different shareholder and stakeholder interests with the goal of generating value for the company in the short, medium and long term. Maintaining ongoing and sometimes intense relationships with the most relevant stakeholders—especially shareholders, members of the board and the top management team—constitutes an important part of the board chair’s role. Board chairs engage the board as a group in collective reflection and decision making. They avoid giving direct commands; instead they influence the board indirectly by setting meeting agendas, framing discussions and fostering debate.