Dr Oliver Hartwich: Who runs the country? No board would tolerate this

Try running a company where the board is accountable to shareholders but cannot choose the CEO. Instead, the CEO is appointed by an independent commissioner. The board works from a different building. Half the CEO’s job description is set by other boards. And the CEO rotates to a new industry every few years, on the assumption that management skills are transferable and subject-matter knowledge is optional.

No private sector board would accept this for a week. New Zealand’s government has accepted it for nearly four decades.