izia, writing about the ongoing issue with the Sea Malta privatisation, has excelled yet again in flaunting her know it all attitude at the cost of erring. Mrs Caruana Galizia has shown gross ignorance both in matters of company law and in matters relating to board governance.

Her article is, in fact, an insult to all present and past people who have occupied directorships in government entities. This is because, by inference, these people who stay on as directors must therefore be puppets and weaklings in the hands of their masters. It is also a warning to those who, in the future, will have the sad fate of being asked to serve on these boards. I will tell you why.

The portrait of the ideal candidate, as painted by Mrs Caruana Galizia, is one of men and women made of play-dough, with strings attached for the delight of their political masters. Little does Mrs Caruana Galizia realise that the board of directors should be the exact opposite of those who “obey instructions from the owners”. This is certainly not the role of a board of directors. Their role is to ensure that the interests of the company for which they are responsible at law to an enormous degree comes first and foremost. Interference by any shareholder, particularly strong ones such as institutional investors, as well as governments, goes against all the principles of good governance. It is for this reason that the concept of independence is considered to be so important in countries where corporate governess codes are so important.

Slamming Marlene Mizzi because she did not bend to the pressures of the owners is an insult to upstanding people who have the courage to call a spade a spade. The likes of Mrs Mizzi are precisely the type of individuals needed to safeguard the interests of the real owners of Sea Malta. Having lily-livered puppets sitting on boards does no service to the country. They only do service to their political masters who may wish to use them for satisfying their own agenda. Contrary to Mrs Caruana Galizia’s arguments, it is the public sector who has to adapt to the efficiencies and no-nonsense system of the private sector, and not vice-versa. Would Mrs Caruana Galizia by any chance be suggesting that companies be turned into government departments and boards stuffed with civil servants? It is already bad enough that most board incumbents are the “yes minister” type. Must this be praised and encouraged further?

Mrs Mizzi has shown that she will not bend to these pressures, and she had the courage to stand up and be counted as one of the few with guts. The manner with which Austin Gatt has spoken about boards in one of his contributions to the press has certainly shown his will to usurp all authority from company board members and “emasculate” all those who are giving a service running public entities for what is probably a pittance in fees. Ironically, the only person Austin Gatt did not manage to emasculate was a woman!

Mrs Mizzi has the stuff of which real leaders are made – strong, capable, charismatic and not afraid to face the music. The loss of her talents is a loss for the government who is not managing to make the best use of Malta’s most precious resource, human capital. Puppets on a string are only fit for the theatre. They are not fit to be entrusted with the interest of our companies and entities from certain decisions taken by politicians.

But, of course, Mrs Caruana Galizia knows better… as always.

David Vella

BALZAN