Madam, – Your Cantillon column (Business Today, June 1st) claims that, in Mapping the Golden Circle, Tasc "singled out" a particular individual as a member of the "director network" identified in our research. In fact, Tasc did not single out any member of the "director network". Indeed, it would not only have been inappropriate for us to have done so – it would also have run counter to the aim of the report.
Mapping the Golden Circlepresented the results of rigorous research undertaken by a team within Tasc to test the hypothesis that Ireland's top companies – in both the private and public sectors – were linked by a small group of individuals sitting on their boards during the crucial Celtic Tiger years 2005-2007. The research examined 40 companies, and concluded that a small cohort of individuals – 39, to be precise – held multiple directorships in these companies. Our report explores the implications of these linkages for good corporate governance.
At no point do we single out individuals, nor do we make any value judgments regarding an individual’s presence on the “director network”.
Finally, the article refers to “corporate governance zealots”. I do not know whether Cantillon includes Tasc in this category. It could, however, be argued that a notable absence of “corporate governance zealotry” during the past decade contributed to the financial crisis. In this regard, I would refer your columnist to the OECD’s report Corporate Governance and the Financial Crisis: Key Findings and Main Messages. – Yours, etc,