Even agriculture minister Damien O’Connor’s own advisers have told him Fonterra’s restructuring plan is against the national interest.
Downturns can produce some long-term economic improvements, even if it doesn't feel like it at the time.
The difficult times ahead will serve to forge tech companies and entrepreneurs with a longer-term outlook and more sound fundamentals.
If the proxy-voting record of the NZ Superannuation Fund is any guide – and it is – retail passive investors might find the ‘democratisation’ of corporate governance more tiresome than liberating.