Aer Rianta flies into a different time zone

THE clock has stopped on Aer Rianta, but the chairman of the departing board, Mr Noel O’Hanlon, decided to spend €45,000 on five board members in the form of a €9,000 Cartier watch for each.

Perhaps this seems a little extravagant, though Aer Rianta has been a profitable state asset.

However, from a ‘corporate governance’ point of view, I feel that his judgement was flawed. He either did not care or did not realise how this largesse was going to be perceived.

No, not because of the gift as such. A gift to serving board members upon its dissolution is wholly appropriate.

However, one of the recipients has said he only realised it was an expensive gift when he opened the box at home.

This was very Celtic tigerish way of showing how we know the price of everything and the value of nothing.

Is it a gift or a tradeable commodity?

If Mr O’Hanlon’s gift of time was truly to be seen as such, why did he not have the watches individually engraved for the recipients. That would have mitigated their value to nominal status - like any true gift.

After all, it’s the thought that counts.

David Connolly

178 Ave Louise

Brussels B-1050

Belgium