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The problem with activist investors is that the moniker alone gives them a bad name. Activism, quite literally, means intentional action to bring about change.

One thing corporate Britain or corporate anywhere else for that matter does not like is intentional and rushed change from an unexpected quarter.

Yes, investors like change to come from the top and decry chief executives who are not dynamic enough or do not have a solid strategy.

But rarely do they like to be told what to do particularly by other investors preferring instead to form their own opinions and share them as they feel appropriate. One banker pointed out recently, on the question of investors, that you can ask 20 shareholders a very simple question and come up with 22 different ideas.

Flippant, perhaps, but this antagonism among investors has been borne out in the case of Elliott Advisors now almost-ended spat with National Express, the coach and train group.

Elliott, which has built up an 18pc stake in NatEx since 2009, has been lobbying on two counts: firstly, on the need for more international board members to aid the company’s international business portfolio, and secondly, on the need for a shake-up in strategy, including raising a possible merger with rival Stagecoach.

It is fair to say that Elliott’s apparently combative approach has not been well received by its fellow investors, with UK institutions including M&G, the Co-operative and Legal & General (LSE: LGEN.L — news ) lining up to back NatEx’s board.

But quite how combative the approach was in the first place is perhaps not as it has been presented. Before launching its campaign in February, Elliott spent 12 months talking not only to NatEx’s board, led by chief executive Dean Finch, but to the Cosmens family, its second largest shareholder with a 17.4pc stake.

Rainmaker understands that it was only after gaining tacit reassurances from the Cosmens that what it was suggesting was not so out of the question as to be laughed out of town, that it decided to pursue its public assault.

Of course, we know now that such tacit support was not enough and Elliott has ended up effectively losing two heated boardroom battles in the past five days, having also failed in its attempt to oust a series of directors at Swiss biotechnology company Actelion on Thursday.

But it should be noted that in spite of the way it played out Elliott hasn’t totally failed when it comes to NatEx.

Clearly its merger push was not liked by other investors, and that idea has now been shelved. But it has succeeded in ensuring NatEx will expand its board, making more international appointments. NatEx would, and does, argue that a board refreshment process was already in place before Elliott went public with its intentions, but whether that was the result of the hedge fund manager’s pressure over the past 12 months will never be known.

And surely that is the most important point. Elliott may not have succeeded in getting all three non-executives it selected on the board but three new non-executives will be appointed and they will help NatEx’s international aspirations. Perhaps activism isn’t as bad as it’s cracked up to be?

Scotland currency events

Just a cheeky thought and one that will get me in trouble with my colleagues north of the border but if Scotland were to pursue independence, following the SNP’s historic victory in the Scottish parliamentary elections, presumably it would want its own currency rather than kowtow to the yoke of sterling. Given the size of the Scottish economy, and the debt it would be burdened with, a standalone currency is unlikely, so it would need to join the eurozone. Then how long would it be before it was going cap in hand to Brussels and the PIGS group of fiscally challenged nations Portugal, Ireland (Berlin: IIK.BE — news ). Greece and Spain would become the PIGSS?

james.quinn@telegraph.co.uk