Saturday, 4 July 2009

The Buck Stops ..?

Dinner last night with a Distinguished Person, until recently a non-exec of a la-arge British bank.

ND: Remarkable how everyone seems to get swept along in the enthusiasm when things are booming, with little regard for due diligence or even common sense ...

DP: Well, everyone's under considerable pressure to say 'yes', everyone's got an interest in approving things.

ND: Isn't this where, err *delicately* the non-execs come in ?

DP: No, it can only be the Chairman, everyone else has a vested interest.

* * * * *
Aah. I see.



CityUnslicker said...

so er, what is the purpose of NED's?

Fig-leaves only....

Steve Hemingway said...

As Ken Morrison once said, a NED is less use than a supermarket trolley with a wonky wheel - at least the trolley as a mind of its own!

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