Given the extent of boardroom excess we have seen at a certain family-dominated plc in recent weeks, Michael Chadwick has to be given Current Account's one-off "man of the week" award for waiving almost his entire pay package from Grafton.

A low-profile individual, Mr Chadwick has declined to tell us why he waived most of his pay package and he has every right to do so. One can only assume that his €1.7 million in dividends from Grafton was one factor in his thinking.

Whatever the reason, the Grafton boss deserves credit and his shareholders' gratitude for his gesture.

Michael Smurfit also made millions in dividends from Smurfit, but still felt obligated to trouser €6.6 million in pay and bonuses. What chance a Chadwick-style pay waiver next year from the Smurfit boss.

Don't hold your breath.