Since barely a month has passed since one CEO told investors recently that he’d “rather die” than allow the government to become an investor in his bank ... will tonights announcement be a precursor to further resignations over the coming week (notwithstanding the Taoiseachs comments that further board/management changes were not a precondition to investing in the three banks).
The Minister has the right to appoint 4 board members in total to AIB and Bank of Ireland. That would be a very strong force on any board. If they decide that someone should be fired, then they can initiate the process.
They have effective control of Anglo and can remove whomever they wish.
People seem to forget that the executives are entitled to full protection of Irish employment law. The media or politicians can call for heads to roll as much as they like. But the fairest way to do any of this is to have a calm disciplinary process at which the subject can put forward his case.
The employers must go through a process and then prove that the dismissal is fair. They would have little chance of succeeding if they were forced into dismissing someone because it was a condition of some third party deal. The executive would win a huge settlement and the media and politicians would all be shouting again.
The public also deserves full disclosure of loans made to board members & top members of staff - we have paid for that privilege.
. The public are looking for someone to blame rather than facing up to the reality that this whole country got swept along by greed. Sure, the board/management had their part to play in this but so do the regulators, the politicians and the public without whom this could have not come to play.
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