Ardern’s ‘wellbeing’ budget spreads good vibes in New Zealand
New Zealand unveiled its inaugural “wellbeing” budget Thursday in a move set to cement Prime Minister Jacinda Ardern’s reputation for compassionate leadership in the wake of the Christchurch mosque massacre.
Ardern announced increased spending on mental health, indigenous welfare and child poverty in a budget she described as a world-first attempt to change the way economic progress is measured.
“We said that we would be a government that did things differently, and for this budget we have done just that,” she said.
“Today we have laid the foundation for not just one wellbeing budget, but a different approach for government decision-making altogether.”
While dismissed by critics as marketing spin, Ardern views the budget as a way to deliver the reformist agenda she campaigned on in the 2017 election.
The New Zealand leader, widely praised for her respectful handling of the March shooting in which 51 Muslim worshippers were gunned down, said the budget put people before economic indicators.
On the economic front, it predicts a surplus of NZ$3.5 billion in 2018-19, rising to NZ$6.1 billion by 2022-23.
It optimistically forecasts economic growth will average 2.7 percent over the same period, with inflation hovering around 2.0 percent and unemployment slightly over 4.0 percent.
Wellbeing factors, such as life expectancy, education levels, air quality and “a sense of belonging” were also factored into budget decisions.
The Himalayan kingdom of Bhutan first floated the idea of prioritising happiness over growth in the early 1970s and introduced a Gross National Happiness Index in 2008.
Many other nations have adopted similar concepts but the New Zealand attempt is being touted as the first time it has been at the core of a government’s spending decisions.
Opposition finance spokeswoman Amy Adams described the approach as a gimmick, calling the budget “all spin and no substance”.
– ‘Breaking the cycle’ –
“Apparently it’s about measuring your sun and moon feelings, improving your locus of control, and understanding your ability to be yourself,” she said.
“I have no idea what that means and, outside the Wellington bureaucracy, I’m not sure anyone does.”
Ardern argued the wellbeing approach provides real-world benefits, citing reducing child poverty and family violence as a practical example of how it works.
“When our children do better, we all do better,” she said.
“Breaking the cycle of violence saves us costs down the line, but more importantly it makes us a better country and makes children’s lives richer and more fulfilling.”
But her feelgood message was almost overshadowed by a bureaucratic bungle that resulted in parts of the budget being released prematurely.
The error resulted in police being called in amid fears the Treasury department, which is responsible for the budget, had fallen victim to a sophisticated cyberattack.
Initially, Treasury chief Gabriel Makhlouf rejected “absolutely” any suggestion the information had been accidentally posted online.
Makhlouf, who will leave his position next month to become governor of the Central Bank of Ireland, was forced into an embarrassing backdown Thursday after police found no evidence that illegal activity was behind the leak.
Instead, the information was released when Treasury prepared a “clone” website ahead of the budget release, not realising that entering specific search terms on it revealed embargoed information.
The opposition National Party, which released the leaked information earlier this week, called for Makhlouf’s resignation, saying he had implied the party was behind an illegal hack.
“Clearly his position is not tenable,” National leader Simon Bridges told reporters.
Finance Minister Grant Robertson, the minister responsible for the budget, expressed disappointment at Treasury’s handling of the matter while Makhlouf did not attend the budget’s unveiling at parliament, contrary to normal practice.
Disclaimer: Validity of the above story is for 7 Days from original date of publishing. Source: AFP.
https://youtu.be/5DtZO0jHJLE?t=33
https://www.businessinsider.com/facebook-investors-vote-to-fire-mark-zuckerberg-as-chairman-2019-6
Facebook shareholder revolt gets bloody: Powerless investors vote overwhelmingly to oust Mark Zuckerberg as chairman
The Facebook shareholder revolt just got bloody.
In a filing on Monday, Facebook revealed how investors voted on a raft of proposals at its annual shareholder meeting last week — and the results underline the unrest among outside investors.
According to an analysis of the results by Open Mic — an organization that works with activist shareholders to overhaul corporate governance at America's biggest companies — independent shareholders overwhelmingly backed two proposals to weaken Mark Zuckerberg's power.
Some 68% of ordinary investors, those who are not part of management or the board, want to oust Zuckerberg as chairman and bring in an independent figure to chair Facebook's board. This was a significant increase on the 51% who voted in favor of an almost identical proposal last year.
Shareholders are furious at the way Zuckerberg has handled a series of Facebook scandals, including election interference on the social network in 2016 and the giant Cambridge Analytica data breach last year. They think the company would benefit from an independent chairman meant to hold Zuckerberg and his top team accountable.
Facebook's share price fell dramatically last year following the Cambridge Analytica disaster, while weaker-than-expected growth compounded the downturn. The stock has not fully recovered after hitting a high of $217.50 on July 25 last year. Shares plunged 7.5% to $164.15 on Monday over the possibility of an antitrust investigation.
Furthermore, 83.2% of outside shareholders also backed a proposal to scrap Facebook's dual-class share structure. Currently, class A shareholders have one vote for each share, while class B shareholders get 10 votes a share. Management and directors control class B shares.
Read more: 'It is unwise to have so much power concentrated in one person': Here's the stinging message that will be read to Mark Zuckerberg on Thursday by an investor who wants to take him down
In fact, Zuckerberg happens to own more than 75% of class B stock, meaning he has roughly 60% of the voting power at Facebook. He and colleagues voted down the independent chairman proposal and the dual-class share plans, meaning they were crushed despite the uprising from outside investors. Put another way, Zuckerberg and his closest allies always have the trump card if they disagree with shareholders.
In a statement sent to Business Insider, Open Mic's executive director, Michael Connor, said the results sent a clear message to Facebook management. "The results speak for themselves," he said. "Mark Zuckerberg and the Facebook board need to listen to the company's shareholders. Arrogance is not a substitute for good corporate governance."
"Investors are clearly concerned and want change," added Jonas Kron, who runs the activist shareholder Trillium Asset Management, which put forward the call for an independent chairman. "This level of support is rarely seen in shareholder proposals."
Business Insider has contacted Facebook for comment.
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did dude just say "send the Chinese communist party where it belong, on the trash heap of history" or did I mis-hear that
>What the actual fuck does this mean?
it’s about measuring your sun and moon feelings, improving your locus of control, and understanding your ability to be yourself