In a
publicly-traded company, the highest ranking member of the
board of directors. The chair is elected by the board, presides over meetings, and acts as a liaison between management and
shareholders. The chair has the responsibility to ensure that the company's policies are being properly enforced to benefit shareholders. As such, he/she guides the board in establishing general policies for the organization, including
dividend policies, and hiring or firing major executives. He/she is answerable to shareholders for his/her decisions, but is, in general, the most powerful officer in the company.