On watching some of the exciting Cowes week action, one couldn’t help
observe that it is a sport that is well supported by the financial services
industry. Barclays has long been a sponsor of sailing and for a number of years
the Global Challenge round the world yacht race.
Now, I’m no round the world racer however I do sail and know for sure
that the captain of a ship will do absolutely anything within his or her power
to save their vessel and the lives of the crew and passengers within (for the
moment we shall park the captain of the ill-fated Concordia, he was a rarity
for sure).
The banking industry being such a key sponsor and supporter of all
things ocean, the abandoning ship tactic of Bob Diamond when the proverbial
storm hit, loomed in large and stark contrast to the typical characteristics
and values of a captain, be it of a 20ft vessel or larger. Admittedly many
people have been baying for the resignation and there were multi-faceted
reasons for and against. However, it is a pitiful current day trait that
when trouble appears, and it invariably does at one point or another in even
the most robust of organisations, the current standard practice of those at the
top; politicians, chief execs… is to abandon ship.
Now, it may be me but that doesn’t show a great deal of resilience,
commitment or grit. If I may indulge the sailing analogy a little
further, if a storm hits, you split your mainsail, take on water, lose your
rudder, crash your vessel into a pontoon or whichever, the chances of the
captain jumping overboard are exceedingly unlikely. Not to mention if
aforementioned captain does abandon ship in challenging seas, the likelihood of
him or her spending the rest of their days with the mermaids is quite possible.
Being captain of a vessel, cruising yacht through to enormous ocean
going cargo ship requires immense skill, expertise and talent, notwithstanding
the ability to deal effectively in a crisis. A captain will do utterly
all that is necessary to save vessel and all lives on board. Salvaging law
another debate entirely. Being at sea in a storm in challenging circumstances
is not for the faint-hearted and if I may use a hackneyed expression it does
separate the men from the boys (women from the girls). A challenging situation,
risk, potential loss, collateral and/ or physical damage requires analytical
skills, short term risk assessment, decision making skills, confidence,
communication and strategic planning, to mention just a few. On a vessel
in a storm this will all happen in minutes, they’ll be a process and a plan of
action to get out of said troubled water. Now, these skills are hardly a
rarity in business, they’re constantly trained for, studied for and gained
through experience and endeavour. Bob Diamond, for one, would have all
(and still does) of these skills in abundance.
Surely, if we’re really going to change our banking culture, Bob Diamond
with his undoubted capabilities would have been the best man for the job.
Whilst he may not have been directly responsible, the buck most certainly
stopped with him. As the master of a ship, captains are in that position
not for the high days and watching the dolphins but actually when a crisis
hits; manmade, natural or otherwise, it is their responsibility to get it
sorted using all the aforementioned skills. If we are nationally to
develop those phenomenal skills of dealing effectively in a crisis, and
demonstrate resilience, grit and commitment to the next generation then perhaps
the first step is to shift this characteristic of quitting at the top when it
gets tough (really tough).
After all, as a nation, we used to be globally renowned for it.
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