"Grow a pair" I love it. Bit late to start complaining about foreigners now.
A few years ago we let the Swiss company acquire 100% of MIM. Our second largest mining company. no one objected. The rationale? The board of directors is only responsible to the share holders. Community and National interest does not come into it. All share holders accepted the so called premium. After all who gives a Sh..... about the country so long as I make a profit? Fund managers are only responsible to their shareholders not to the community or the Country.
A couple of years ago, CSR had a choice of de-merging its sugar business or selling it to a Singapore company. They sold it because of a so called premium. CSR Directors were only responsible to their share holders. Community and National interest does not come into it. The proposal was accepted by local share holders. After all who gives a Sh.... about the country as long as I make a profit? Fund Managers are only responsible to their share holders and not to the community or their country.
These are just two examples. Our second biggest mining company. The second biggest sugar producer in the world. Gone. No problems mate.
On another chat site I was ridiculed because I argued that Board of Directors and Fund Managers have a broader responsibility than share holders. Communities and indeed the whole Country are stake holders in Public Companies. I was nothing but a "greenie" and a 'Leftie"
Years ago, Connors in the Whitlam government imposed a limit of 49% foreign ownership on mining companies. Howls of protest, however, this limit was not touched by the subsequent Liberal government. It was removed by Keating. Connors, had a vision for this Country. He stuffed with the way he tried to implement it, but he had a vision.
Look at today's vision. "We are open for business!" Bull sh.... The only vision this lot has is to make Australia into a quarry. And what is worst, no one gives a sh... of who takes the profit whilst the quarry is productive. No problems they at least generate work.
The longer we carry on with the current strategy, the more we are destined to make our children the "water carriers" in their own country.
But what do I know. I am a greenie and a leftie.
Pear
FMG Price at posting:
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