When you ask a CEO what keeps them awake at night, they rarely mention their board chair. Yet, in practice, the relationship between the CEO and the chair is often the single most decisive factor in a company’s long-term success — and in the CEO’s own wellbeing.
In Finland, where CEO tenures are notably shorter than in many other European countries, the quality of this partnership often explains the difference between a thriving leadership journey and a turbulent one. Boards have become more active and professional, and expectations for CEOs have risen accordingly. The days when the board was a distant, ceremonial body are long gone. Today, the relationship between a CEO and the chair is part of the company’s daily life — and it needs to be actively built, maintained, and renewed.
A relationship built on trust — and initiative
Board dynamics are human dynamics. Behind the impressive title of the board lies a group of individuals, each with their own experiences, expectations, and ways of working. For the CEO, the ability to understand these personalities is not a matter of courtesy but of strategy.
A chair once told me: “Never surprise your board — not even positively.” It’s a good rule of thumb. Transparency is the CEO’s best insurance policy. When the chair and the board always know what is happening — and what might happen — trust deepens. Conversely, distance breeds uncertainty, and uncertainty breeds control.
In my work with CEOs and boards, I’ve noticed that the most successful leaders practise what could be called extreme accountability — taking full responsibility for building and maintaining this relationship. They don’t wait for the chair to call; they reach out first. They communicate regularly, even when there’s nothing urgent to say. One Finnish CEO described his practice beautifully: “I often send my chair quick notes: ‘Just so you know, I’m looking into this. No action needed.’ The more I share, the more trust I receive.”
Trust, however, is not built through activity alone — it grows through honesty. As Bill Campbell, the legendary coach of Silicon Valley CEOs, used to say: “Start every board meeting with the truth.” That truth includes both successes and failures. Paradoxically, it is the CEO’s openness about difficulties that most strengthens the board’s confidence.
Setting the ground rules early
Every CEO–chair relationship should begin with a conversation about expectations and working styles. How often do we talk? What topics do we share? What’s urgent and what’s not? When is it appropriate to call — evenings, weekends? How do we handle public communication and visibility?
These might sound like operational details, but they are, in fact, the foundation of psychological safety. Too often, these questions remain unspoken, and the relationship becomes reactive rather than intentional.
An experienced Finnish chair, Dr Satu Koskinen — who completed her doctoral thesis on the topic — once described this relationship as “the most important relationship in the company.” She’s right. And like all important relationships, it thrives when both parties commit to openness, goodwill, and continuous feedback.
Feedback — the underused currency of trust
When feedback flows openly, the chair–CEO relationship becomes a genuine partnership of growth.
Feedback is a delicate topic between a CEO and the board. Boards naturally want to see the person they’ve chosen as confident, capable, and in control. That expectation, however, can unintentionally discourage CEOs from showing vulnerability or asking for feedback.
Yet leadership is not a static state of readiness. Every CEO — no matter how experienced — is a work in progress. Asking for feedback is not a sign of insecurity; it’s a sign of maturity. The best CEOs I know have learned to create structures for feedback: informal “chair’s minutes” after meetings, regular reflection discussions, even external coaching to interpret signals and adjust course.
As one CEO put it: “If I don’t ask how I’m doing, I risk finding out too late.”
When feedback flows openly, the chair–CEO relationship becomes a genuine partnership of growth. It’s not just about managing the business — it’s about developing as leaders, together.
From governance to growth partnership
The professionalisation of boards in Finland and across the Nordics has been largely positive. Chairs are more engaged, better prepared, and more diverse than ever before. But this also means the CEO–chair relationship now requires more time and emotional intelligence than in the past.
The chair should be the CEO’s “extra set of shoulders”, as one Finnish chair described. When the relationship works, the chair lightens the CEO’s load — not by taking control, but by providing clarity, perspective, and encouragement.
And when the relationship doesn’t work, even the strongest strategy can falter. No amount of financial reporting or KPI dashboards can replace the absence of trust.
Ultimately, the CEO carries a large part of the responsibility for making the relationship work. That may sound unfair — after all, the chair is technically the CEO’s superior —
but it’s also empowering. The CEO has the most to gain from an open, functional partnership, and therefore the most reason to invest in it.
The relationship with your chair is not a transaction. It’s a living dialogue that mirrors your own growth as a leader.
A reminder for the CEOs reading this
The relationship with your chair is not a transaction. It’s a living dialogue that mirrors your own growth as a leader. If you treat it as a form of continuous learning — a space to challenge yourself, to reflect, and to evolve — it will become one of your greatest leadership assets.
Because at its core, this partnership is not only about leading the company; it’s about leading yourself.
And that, perhaps, is the real measure of sustainable leadership.
For CEOs who wish to explore their own growth and strengthen their leadership partnerships, Henley Business School’s CEO 360 Programme begins in February 2026 — designed exclusively for CEOs and future CEOs who understand that leading a company begins with leading oneself.
