The majority of investors do not always know best, as shown by dreadful, shareholder-approved deals like Time Warner’s merger with AOL, Daimler’s deal with Chrysler, and Royal Bank of Scotland’s bid for ABN Ambro.
Scared shareholders could prevent deals that may be good longer term for them e.g. the Prudential’s aborted attempt to buy AIA.
Meddling investors can also impede development.
No, this is not to be taken as an allegory why S’pore should remain one nation under the PAP. I’m still waiting for the MIW to offer me serious money to become a covert blogger for them.