Madam, - Your senior business correspondent Arthur Beesley has pointedly and rightly highlighted a tawdry and sorry episode that could cause irreparable damage to the reputation of corporate Ireland. The failure of the DCC board to respond decisively to the recent decision of the Supreme Court in the Fyffes case is deplorable.
It is now apparent, from the deafening silence emanating from corporate Ireland, that normal moral standards do not apply in this case and that normal sanctions need not be imposed. Corporate Ireland is in danger of declaring, to both national and international investors, that corporate ethics and morality have no place in modern Ireland.
With an unseemly rush, on the same day as the unanimous Supreme Court judgment was announced, the DCC board members, showing how little respect they apparently have for the court, issued a statement expressing unanimous support for the executive chairman. Why the hurry? Was not time required to assimilate and reflect upon the judgments?
The DCC board members now need to realise the enormity of their failure to address the ruling of the Supreme Court. They need, with respect, to communicate to the Irish public what action(s), if any, they intend to take in relation to the court's ruling.
In the meantime it is now up to the regulatory authorities, to big business through its trade and professional bodies, and to public representatives to address this matter and to ensure damage limitation. The notion that Ireland has no corporate regulations or oversight of financial dealings needs to be rejected. Ireland needs the best standards if it is to retain its reputation as a centre of excellence for both fund and other financial management. - Yours, etc,
PAUL W. MACKEY, Orwell Road, Rathgar, Dublin 6.