Business Opinion/John McManus: It is that time of year again - the annual "Business Opinion" awards when people from every sphere are recognised for their contribution to Irish business.
This year the Saddam Hussein Trophy for Openness and Transparency goes to the Public Service Benchmarking Body which has committed the State to spending about €1 billion on the basis of "research" that it will not let anybody see. Not only is the group's work exempt from the Freedom of Information Act, it appears its members have been ordered to hand back all their working papers. You would not have to be Hans Blix to figure out that somebody doesn't want the group's "research" made public. Could the research have found that in fact civil servants aren't badly paid and have above-average job security and pensions?
The benchmarking body narrowly beat Independent News & Media. Independent's decision to bury the details of the horrendous losses incurred at Chorus in a short paragraph at the bottom of the second last page of its 92-page annual report got a special commendation from the judges. The panel was also impressed by the firm's decision to avail of one accounting rule to exclude these losses from the group accounts, while using another rule to book a share of the paper profit made on the merger of its Australasian interests.
Second runner-up in this category was Minister for Finance, Mr McCreevy, and Fianna Fáil for candid comments on the state of the national finances ensuring an informed debate during the General Election. There was some consolation for Mr McCreevy who won the Batman Good Thinking Award. From the same cranium that gave us the Special Savings Accounts came the National Development Finance Agency. The former is set to cost the State €2.5 billion, while the latter's benefits have yet to be quantified.
Another man not short of the odd brilliant idea this year was Michael Soden. The Bank of Ireland chief executive first proposed taking over AIB and then initiated a ham-fisted takeover of Abbey National. At least he did not lose $691 million of the bank's money through fraud at its US subsidiary.
The other major award this year is the Mick McCarthy Man Management Trophy, which goes to the ESB for its dynamic handling of the Rhode, Co Offaly, power station closure. Not a volt has been produced by the obsolete plant since May last year, but ESB management has continued paying 100 workers full pay, plus shift allowances and national and local pay rises. In a master stroke the firm is offering staff two years pay, plus half pay to retirement. But the stand-off continues because workers want compensation to reflect the "stress" they are under due to possible asbestos exposure.
This year the judges also awarded a sister trophy, the Roy Keane Diplomacy Medal. It goes to Liam Carroll for the sensitive tactics he employed in the takeover battle for Dunloe Ewart. The judges were impressed by the way Mr Carroll never allowed his personal feelings interfere in what could have been a most fraught takeover battle. Also his frequent media briefings and general openness about his intentions were key to besting media-shy lawyer Noel Smyth.
There was also hot competition for the Jack Welch Award for Pay Restraint by a senior executive. Alfie Kane, former Eircom chief executive, was a late entrant as details of his €3.8 million settlement package emerged in the final weeks of the year. Frank Bramble and Susan Keating, respective Allfirst chairman and chief executive, were also contenders. Both stepped down after the Allfirst debacle, with Mr Bramble getting some $2.9 million and Ms Keating a reported $2 million. But the clear winner in the end was Dr Michael Smurfit who negotiated himself a €16.5 million salary package under the terms of the Madison Dearborn Partners buy-out of Jefferson Smurfit. This modest stipend came on top of the €240 million in cash and shares he got for selling out. Dr Smurfit also managed to wring a commitment to support the K-club out Madison Dearborn. One can only hope he negotiated reasonable usage of the corporate jet, but knowing him he probably offered to pay for his own air travel.
In the minor awards category, Robbie Kelleher of Davy Stockbrokers gets the "I told you so..." plaque for economic forecasting. Mr Kelleher's increasingly pessimistic predictions were well-founded. Hopefully he will not feature in next year's list.
The Golden Gun Award goes to Aer Rianta for shooting itself in the foot so cleverly amid the fuss about the unpaid brandy and cigar bill incorrectly alleged to have been left by Seamus Brennan 10 years previously. The Business Spouses Award goes to John Byrne. The 82-year-old property developer and part-time tribunal star has handed over control of his multimillion euro Irish property portfolio to his wife Ciara (60). The Purple Handbag for the most stupid court case goes to the EirGrid and Energy Regulator. With the ESB as a notice party, these agencies were suing or counter-suing one another over how the electricity market should or should not be opened up to competition. Finally, we come to the prize for most successful career change by a middle-aged executive. After years in finance, Dermot Desmond this year found his calling as a designer. Having sorted out Sandy Lane in Barbados, he has focused on renovating a property on Cadogan Place in London and a townhouse on Merrion Square in Dublin. I hope he still finds time for our little chats, which I so enjoy.
