Thursday 18 January 2018

Exciting Muldoon is flip side of stale 'golf club' mentality

Fiona Muldoon's speech to bankers on Tuesday was one of the clearest signs yet that the Central Bank has changed for good. Many other companies with credibility problems could undoubtedly learn from the Central Bank's success in transforming itself from a tired and hidebound organisation into one that is both meaningful and exciting.

Ms Muldoon, along with governor Patrick Hohohan and deputy governor Matthew Elderfield, share many characteristics that are sorely lacking on the boards of most Irish companies. They have all lived and worked abroad. They are relatively young and they are not golf club types.

There is absolutely nothing wrong with playing golf, having white hair or spending your whole life in Dublin 4, but it gets dangerous when your entire board also lives like this.

One of the reasons why the Irish Banking Federation struggles so hard when it comes to rebutting the Central Bank's criticisms is that the federation's bigwigs mirror the banks themselves; men of a certain age who just cannot understand that the world is changing.

It is probably too much to hope that we will see a bank that is not run by an ageing white man in our lifetimes but companies that want to secure their futures need to take a leaf out of the Central Bank's book and ensure that they have senior people like Ms Muldoon who are capable to thinking independently.

Indo Business

Promoted Links

Promoted Links

Business Newsletter

Read the leading stories from the world of Business.

Also in Business