Originally Posted by
mouse
My view is that the shareholders should lose out. It is their responsibility to monitor how the Bank, or any other company, is doing. A good example is Pike River, in which I owned shares. The shareholders lost the lot as a direct result of the failure of Government to have adequate Mining Inspectors at work. I should have asked many more questions about Pike operations.
Which brings me to the job of shareholders in HNZ. We have to take responsibility. After all, we stand to lose the lot if minor errors become major ones.
I shall never forget a shareholders meeting I attended for Pyne Gould. When they were in the process of destroying shareholder wealth. My nasty question, I forget what it was, was greeted with cold silence. The reply from the directors received a wave of applause from the Shareholders. Who shortly after lost most of their cash. Our job is to monitor how our cash invested in HNZ is doing. We could lose the lot.
I must write that up to the present HNZ staff and Directors have done pretty well.