THE appropriate rate of remuneration for the head of the Jersey Development Company – otherwise known as the successor and extension of the Waterfront Enterprise Board – must be very difficult to determine.

Not so very long ago, the public was assured that it was necessary to pay Stephen Izatt in excess of £266,000 a year to secure the services of a man of such outstanding talent.

But after a relatively brief period as the chief of WEB and then of the development company, Mr Izatt is gone, having benefited not only from his impressive salary, but also from what is believed to be a substantial golden handshake. A successor, Lee Henry, has been appointed, but he is having to settle for a salary of £145,000.

It is clear that either Mr Izatt was paid far in excess of the going rate for the job or that Mr Henry is being paid far too little. Which proposition could possibly be true?

However, setting aside the issues of whether the development company’s new chief is to receive fair payment and the possibility that his predecessor was riding on a particularly well-provisioned gravy train, there are reasons to be encouraged by the new appointment.

To begin with, Mr Henry is a home-grown talent who has been promoted from the ranks. This makes a refreshing change from the all-too-familiar practice of looking to the UK whenever a top position is to be filled.

Secondly, as a relatively young man with roots in the Island, Mr Henry is likely to bring energy and enthusiasm to his role, coupled with an understanding of what is often characterised as the ‘Jersey way’.

That said, the challenges faced by the development company are daunting. New plans have been unveiled for the Esplanade Quarter, but to deliver a project matching the economic climate which prevails some years down the line, is of truly high quality and generally meets the Island’s needs will be no easy matter.

In addition, the presence on the scene of private interests eager to provide the very sort of facilities planned for the Esplanade site complicates matters considerably. It remains to be seen whether one new financial district will actually be needed, but two would almost certainly exceed our requirements.