A £120 million bonus package being made available to the executive team at HSBC has been heavily criticised by investors in the global bank, and shareholders at a number of other FTSE 100 companies, including GlaxoSmithKline and Royal Dutch Shell, have expressed anger at pay awards in recent weeks.

Although not nearly in the same ball-park, remuneration for top executives has also been debated at home, with the severance package of the departing Northern Ireland Water chief executive meeting with the chagrin of local public sector unions and members of the public. The BBC has also faced demands to reveal the salaries it pays to its top local stars.

Many earning average wages will question whether top executives deserve the salaries they receive - HSBC’s chief executive for example could take home as much as £4m per year in bonuses, on top of his £1m per year salary, under proposals being debated by shareholders.

I would argue that this is simply what companies like HSBC have to pay in order to gain and retain the best people and to achieve the results that will benefit the company, shareholders and the wider economy. If these executives aren’t offered financial incentives on top of large salaries, they will quickly be on their way to top American banks, hedge funds or private equity houses where they will earn huge amounts of money.

I would cite the impact departing Vodafone chief executive Arun Sarin has had at that now highly profitable company as an example of how big companies get what they pay for. Vodafone, loss making a few years ago, has just unveiled annual pre-tax profits up 2 per cent on last year to £8.9 billion. Its US arm, close to being sold off a few years ago, is now an integral and profitable part of the group. Annual revenues at Vodafone are growing significantly and the company is well positioned in emerging markets such as India and Turkey.

Had Vodafone not been prepared to pay top Dollar for a world-class executive, these outstanding results may not have been achieved.

With regard to Northern Ireland, I wouldn’t begin to defend the pay-off to NI Water’s former chief executive, but I would argue that top local companies should look at the remuneration packages they offer for top jobs in order to ensure that they are able to attract and retain those executives that will allow the business to achieve its full potential. How can we reverse the ‘brain drain’ if the financial incentive doesn’t exist to return to Northern Ireland?

Meanwhile, in Sir Alan’s boardroom, four remain. I’m not sure any of them has what it takes to become a multi-millionaire tycoon, or to make it to the boardrooms of some of the UK’s leading companies. However, they all have their own qualities.

If I was advising Sir Alan, I would be advocating either Alex or Claire. Lee is to be admired for his tenacity and his approach to team work. He is also clearly a good salesman. However I’m not convinced he has the commercial mind or intellect to make big business decisions. Helene is professional, presentable and able, but I don’t think she has the necessary charisma or spark.

Alex’s qualities lie in his fluid personality and his ability to make and close deals. My only concerns would be with regard to his ability to handle difficult people and in relation to his laid back approach. I would just wonder if he has the necessary desire and hunger.

Claire is savvy, entrepreneurial, commercially astute and a survivor. She may be bolshie, but I’m certain Sir Alan would have no problems managing her and getting the best out of her. And I feel she can continue to develop and learn. If I was Sir Alan, I would have few concerns about hiring Claire. I’d be confident he’d get value for the salary on offer.

Ian Rainey is Managing Director of leading Belfast search and selection consultancy, MSL. Ian was formerly Managing Director of Belfast International Airport and has considerable experience in international merchant banking, having held directorships within financial institutions in the UK, USA, Australia, the Far East and Dublin.