December 16, 2011

Yet more Euro-meddling to report this week, sadly, as French mutual insurer Covéa waded in with all the subtlety of a barking Corsican Corporal to summarily dismiss the entire board of its rosbif subsidiary Swinton Group Limited. The alleged crime supposedly committed by the desk-clearing cadre? Nothing worse than putting their own short term interests ahead of the long term interests of the company and its employees – something to do with moving things around a bit so their performance related pay worked out nicely.

This drastically draconian intervention from across La Manche has sent a chill wind – even for this time of year – through the entire UK insurance industry. If a board member can’t feather their own nest a little from time to time, quite frankly, what would the world be coming to?! Taking this Gallic madness to its logical conclusion would surely see a wholesale clear-out of boardrooms up and down the land.

The net result would simply drive talent away from UK companies. Who would bother taking on the many cares and duties of high corporate office if they could not vote themselves the occasional perk or 1000% pay rise or something like that. Let’s face it, top Brit fat cats would be voting with their paws and heading somewhere where the cream was apt to flow more freely.

Get a sense of humour, Frenchy, we say here at Bankstone News. Or as Michel Gagnant would say: Calmez-vous, ma chére!



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