Take one pack of self-interest, add a firm of accountants, stir and see what you get

Posted on

This sort of thing, from the FT:

Margaret Ewing, the former finance director of UK airports group BAA, has attacked institutional investors for voting down more generous remuneration packages for directors of quoted companies and for failing to back them in acquisitions

What evidence does she give? She said:

some company directors had told her that they could not persuade the board, or even themselves, to take action that could double the value of their business "because there is nothing in it for us in doing so".

How much did Margaret Ewing make in her last year as FD of BAA before joining Deloittes? £681,000. Plus £37,000 from external appointments. And that, apparently is not enough to motivate her to increase the worth of a company. No wonder BAA which ran Britain's major airports was sold at what seems likely to have been an undervalue.

This is not Enterprise. It is not entrepreneurial. It is not good management. It is greed. That's why people stand up to it Margaret Ewing. And thank goodness they do.