Business Irish

Sunday 28 May 2017

Michael Chadwick's record

MICHAEL Chadwick's decision to switch from being executive to non-executive chairman of builders' merchanting and DIY group Grafton will give corporate governance anoraks another bout of conniptions.

These individuals will no doubt point out that the UK code of corporate governance, to which Irish-quoted companies generally adhere, frowns on a company's chief executive going on to become its chairman. And this is not the first black mark against Chadwick.

The code also takes a dim view of executive chairmen, as Chadwick has been at Grafton for more than two decades.

Give the man a break. During his time at Grafton he has: presided over more than 30-fold sales growth; successfully diversified the group; and has kept Grafton in the black during the worst economic and construction downturn of the past 80 years.

When set against such a record a few piffling corporate governance infractions are neither here nor there.

Sunday Indo Business

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