On the Board – the four traits of great leaders

When a strong team is established, leaders must inspire them. Common goals must be set for the organisation and people made to feel a sense of responsibility for achieving them. It’s important to make it personal, says Kaye. People want to feel a sense of attachment and a personal relationship with their leaders – and will push themselves harder if they do.

“You need to be authentic,” he says. “A lot of people want to lead, but people need to want to follow you. And the reason that people want to follow you is that they think you are as invested in their success as you are in your own. It’s not just saying the words. It’s people believing it and seeing it and there’s an authenticity to that which matters.”

McGill agrees with this and that’s why, from the start, McGill and Partners set a clear vision – to become the undisputed leader in specialty insurance and reinsurance broking – and communicates regularly on its progress and its pride in what it does, and what it doesn’t do, as a leading specialty insurance broker.

“The fact that we’re proud of what we do and proud of what we don’t do resonates with our people,” says McGill. “We said our plan as we built this business was that we would do it by handpicking talent and we wouldn’t do it by buying companies. And we’ve stayed true to that mission. I think our people really respect the fact that the leadership of the firm say one thing and they basically don’t do something else. We say what the plan is and stick to it.”

Kaye looks for a relentless curiosity in leaders. In many ways, he says, the biggest problem is that successful people begin to trust their own instincts too much and stop thinking there is something to learn. He also looks for leaders who display “confident humility”, meaning they have the confidence to make decisions but are never so comfortable that they think they are always right.

He adds: “Self-awareness may be the single most important thing. The biggest lie we tell ourselves is that we crave the truth, and I think it is true about everybody at any level. We all say we want feedback and constructive criticism and tell people we want to know what they honestly think – except we don’t. And the moment it comes our way we recoil. We become defensive. We need to rationalise it. We think there is something wrong with them. We’re offended by it.

“If somebody has taken the time to be thoughtful about giving you a set of suggestions about how you can adapt and change in a way that is going to make you successful, before you instantly reject it, why don’t you contemplate for a moment that it’s coming from a good place and they are trying to convey something to you?”

McGill says that the firm has sought to create a very positive working environment in which everyone is an owner and is encouraged to give feedback, make suggestions and find creative solutions. This approach is underpinned by the flat management structure and single P&L that promotes a “one-team” philosophy which removes silos and ensures the full force of the firm is focused on its clients, rather than on internal structures. Leaders aim to be accessible to take advantage of this open environment.