Bouncer, it may be that the employees have favourable terms in their contracts, but there is nothing to stop the government from removing directors, contracts notwithstanding (they might squeal a bit!) and choosing directors more to their liking and more obedient to their will, and who might take a less generous reading of contracts, at any time. Directors have to face reelection anyway, so they could be voted out as each stands. In most public companies the reelection is a matter of form because the institutions (pension funds etc) never object.. Here, we are the institution.