If only governments had been as prudent as the corporate sector. Companies shored up their balance sheets as soon as they suspected the bubble might burst in 2007. That’s why they’re throwing off cash now.
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Should the government force Sainsbury to bring shoppers onto its board? Ought ITV to appoint directors because they watch Coronation Street? No – so why do ministers want to put fans into football club boardrooms?
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Britain let the Germans buy Rolls-Royce motor cars. Now a German might even be allowed to chair the aerospace company. Or become its chief executive. But not both: one Johnny foreigner we can handle, but let two of them in and who knows what treachery they will plot.
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The government is ploughing ahead with scrapping the default retirement age, but does that really increase the workforce or merely take jobs away from the young?  And if it is a choice, does the economy benefit from giving jobs to older people rather than youngsters?
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There’s something wrong when FTSE 100 (INDEXFTSE:.FTSE) bosses receive a 55 per cent pay rise, as reported. But what is wrong is that the increase went largely to one man. Strip our Bart Becht’s pay packet from Reckitt Benckiser and the income boost barely warrants a headline, nevermind trade union indignation.
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The public think the average FTSE chief executive earns less than £100,000 when CEOs actually receive over £2m. And the same poll says the public think their top bosses should receive that lower sum. If nothing else, the poll shows just why the majority should not be allowed to determine other people’s pay.
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It can’t only be for the peerage. Why would any businessman put himself forward to help a political party or government?
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Tesco Plc (LON:TSCO) has had only three chief executives in 50 years – all promoted from within. Compared with the public squabbles at the top of its rivals, the supermarket group is a lesson in succession planning.
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Was your journey really necessary? Probably not, now that the Europeanwide flying ban has become the latest transport problem to prevent businessmen travelling. Grounding the continent’s executives is a good reminder than commerce can be conducted electronically quite efficiently.
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With big business in bad odour, asking directors to stand for re-election every year might look like improved accountability. But suddenly companies have worked out that it could mean the whole board being removed at one shareholders’ meeting leaving the businesses without bosses.
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