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Hi Keith, Bonds are not Shares. Bond finance is one of the most efficient ways of raising money for infrastructure purchase and development, so long as the terms and conditions of the bonds are met, bond purchasers have no interest in decision making, strategy or ownership, they want long term predictable income, that's how. The various funds which buy long term bonds are not interested in anything except for a predictable income.
In the simplest of terms; when you buy a house, you get a mortgage and the house is then yours. The mortgage company does not tell you what colour to paint your walls, whether you can convert the attic, build a conservatory, add an extension, etc. The house is yours to do with as you will, the mortgage company is only interested in receiving the agreed payments. In the same way, funds which buy bonds as the financial instruments which are funding the purchase of an asset let the owners get on with what they, the owners, wish to do with that asset and, so long as the agreed payments are met, take no further interest.
So, the bond markets provide the funding, the membership of DPPT provide 4 directors to the Board, who make the decisions on development strategy and long term direction of travel, and are consulted about major developments as previously described.
Before anyone jumps in with a too literal interpretation of the above...the mortgage illustration is just that, an illustration. It serves the purpose of illustrating the nature of the relationship between a successful DPPT and the funds which buy the bonds.