In today's Herald we now find Air New Zealand considers its engineering maintenance contracts with the Australian Defense Forces also at risk. This is grown up stuff - seriously damaging, not just a few ad hoc charters here and there. If these contracts are lost then, as has been suggested by David Farrar, shareholders indeed will take class action against Cullen under rarely used provisions of the Companies Act.
All this because their focus groups gove them an early inkiling of what is coming in public opinion polls.The most alarming aspect of the whole debacle and one which the media have not picked up is that it is becoming clear that Clerk, Cullen and Goff are so obsessed with poll ratings that they are prepared to sacrifice not only the future profitability of any public company which gets too close to them but also the future good relations of our country with our neighbours.
This is what we get for having fools and amateurs running the country.
2 comments:
A director has to represent all shareholders - not just the majority one... unless this has been agreed in the constitution. ANyone know what the Air NZ constitution says about government interests? Can they be (legitmately) put ahead of other shareholders after tha bail-out?
It is unusual to find two major metropolitan papers like The DomP and The Press singing the same hymn
On the contrary, they every day run many of exactly the same stories, as, having the same owner, each is required to give the other all the stories it intends to publish.
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