12 FEBRUARY 1994, Page 22

Marking for correctness

SOME OF them, of course, would prefer not to bother. Some spare themselves the effort of thought. The pension funds' trade union now offers its members a checklist, which marks companies' accounts for Cad- buarial correctness, so that fund managers can vote on them without having to read them. After all, the less they know, the less risk they will run of being taken for insiders and the safer they will be. As Ireland's his- tory shows, absentee landlords reduced their chances of being shot, though they reduced other chances, too, including Ire- land's. Here, too, the owner's job goes beyond pocketing the rent, and if he will not do it, he must not and cannot rely on the ersatz owners to act as his bailiffs. We need the genuine article. A pity that the law should make it scarcer.