Tuesday 22 August 2017

Out-of-touch CEOs must share pain

MEMBERS of the government that met a humiliating fate in the February general election were frequently and rightly accused of being out of touch with the feelings of the people at large. Recent events make one wonder how widely this problem extends across the Irish establishment as a whole.

Happily, the controversy over the bonus for the chief executive of the Dublin Airport Authority has been resolved. He has relinquished it voluntarily. It appears that the Government did not have the legal power to force him to do so, and presumably the same applies to chief executives of other semi-state companies.

In the private sector, the market decides prices and wages. Often the practice does not match the theory, as witness the hair-raising salaries and bonuses in banking. But at least the beneficiaries are subject to the disciplines of the market. And most of them have little or no job security.

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