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  3. Executive managers’ pay is still determined by simplistic measures of perfor

Executive managers’ pay is still determined by simplistic measures of perfor

游客2023-08-05  43
问题     Executive managers’ pay is still determined by simplistic measures of performance that bear little relation to long-term drivers of companies’ value, according to an analysis of pay at FTSE (Financial Times Stock Exchange) 100 companies over the past decade.
    The research【C1】________executive remuneration (报酬) over the 10 years from 2003-2013 at 30 FTSE 100 companies, and found there was【C2】________correlation between the key performance indicators that companies highlighted to shareholders and the measures used to incentivize and reward senior staff. "Much of the discussion around executive compensation focuses on the【C3】________of bonus payments," said Natalie Winter Frost, chairwoman of CFA UK. "The more important question centers around the way that performance is measured and consequently incentivized. " The research found that chief executives’ pay showed a low level of correlation with company performance, regardless of the specific measure of performance used. " A large【C4】________of CEO pay appears unrelated to periodic value creation," said the report’s authors.
    Relatively simplistic performance measures such as earnings per share and total shareholder return continued to【C5】________the criteria which were used to measure executives’ performance over the period. Value-based metrics that【C6】________performances to the cost of capital were rarely used. Earnings per share can be boosted by, for example, M&A activity that does not【C7】________enhance profitability. The report said the dangers of over-reliance on such measures of executives’ performance were well documented and included; "investment myopia (目光短浅), earnings manipulation, excessive risk-taking, and【C8】________to organizational culture".
    "There are【C9】________flaws in current remuneration policies and whilst our report highlights that compensation practices have improved, the journey is far from【C10】________," said Ms Winter Frost.
    A) ambiguous    F) examined      K) overworked
    B) complete     G) extract       L) related
    C) consensus    H) fraction      M) resources
    D) dominate     I) magnitude     N) scant
    E) evident      J) necessarily   O) threats [br] 【C1】
选项
答案 F
解析 动词辨析题。分析句子结构可知，空格所在句的主干是“The research________executive remuneration…and found…” ，因此空格处应填入动词的过去式与found并列，作句子的谓语。此处意为：该研究________2003年至2013年10年间30个富时100指数成分股公司首席执行官们的薪酬情况，发现……备选项中，examined“检查，审查”符合题意，故本题答案为F)。
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