Letters to the editor – June 21, 2024

On talent in the Bank of Valletta

The lament by Anthony Mercieca (June 15) about the insensitive treatment that a relative received from Bank of Valletta makes unpleasant reading. The bank continues to be highly sensitive only to its top brass as it leaves customers and shareholders hanging on to the bottom rung.

Only a few weeks ago, BoV shareholders discovered that the remuneration of the chairperson, who continues to carry out private consultancy services, shot up from €82,000 to €95,000 while that of non-executive directors jumped from €22,500 to €30,000. Furthermore, besides being entitled to additional remuneration for sitting on board committees and to other benefits, the bank has now introduced a four-month fully paid gardening leave to its directors.

Bank of Valletta leaves customers and shareholders hanging on to the bottom rung. Photo: Jonathan Borg

Clearly underpinned by connivance by the government as the bank’s main shareholder, these developments further spread the feeling that, like many other institutions where the government is involved, the windswept office of the bank in Valletta is a happy playground for a select band.

In the bank’s last shambolic AGM, the chairperson repeatedly tried to assure shareholders that the bank expects its board to consist of persons of talent but failed to mention the virtues that the bank would cherish. 

Shareholders at the meeting were quick to understand that the ability to feather one’s own nest in certain decisions seems to constitute an important beacon to handle the bank’s affairs. They were also left in no doubt that an added asset would consist in the skill to spread thick layers of icing on one’s own slices of cake.

Michael Sant – Lija

Modern-day Falstaffs

In his Henry IV plays, Shakespeare portrayed the ideal monarch.

Prince Hal roamed the English countryside with his companions – including the infamous Falstaff – behaving more like a ruffian than the heir to the English throne.

When Prince Hal became king, Falstaff was ecstatic for, as he said, he could steal any man’s horse and not be punished by law for, after all, the king was his bosom buddy! However, Prince Hal – now King Henry V – rebuked Falstaff and admonished him that if he broke the law he would be punished. To his dismay, Falstaff walks away.

Lesson: when one becomes a political leader one must be ready to distance oneself from friend and kin for the sake of the country.

You are not there to provide them with the goose that lays the golden egg. If they take it against you, then good riddance to them for they are with you not because they respect you but for what your position can give them.

Joe Falzon – Qala