Statistics produced by Stern Stewart and the ANZ Bank on the destruction of shareholder value by New Zealand companies have attracted widespread publicity. They reinforce widespread anti-business sentiments.[1]  One business magazine has interpreted them as a condemnation of "our scandalous management". [2]  It has been argued that incompetent management may be a better explanation of New Zealand's inadequate economic performance than poor public policies. These interpretations are mistaken and are unhelpful for the quality of public debate.