Friday 9 December 2016

Michael Chadwick's record

Published 06/02/2011 | 05:00

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.

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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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