If Prime Minister Dr Mahathir Mohamad's theory of management is true, i.e. big companies fail solely because of adverse economic conditions and not because of incompetent management, then why do we have managers at all? Why should we pay these people if they are powerless to affect the fortunes of the companies that they lead?

There would be no need for the current programme to improve corporate governance; the companies that these people lead would succeed or fail, with or without them. Perhaps we don't need any government either; the country would succeed or fail, with or without any leadership.

Once again Dr Mahathir looks far afield to assign blame, when the real culprits are closer to home. Blaming ephemeral forces such as imaginary hostile foreigners, or economic conditions, or the relative strength of the currency is hardly convincing and does his reputation no great service. Day by day, my respect for this once a great man diminishes.