NO.PZ2022120702000017
问题如下：
CBT’s Annual General Meeting (AGM) is two months away. Patrick Weeze is a portfolio manager who owns a significant number of CBT shares in his portfolio. His fund is a concentrated portfolio with high idiosyncratic risk and, as a result, Patrick believes that a detailed analysis of the governance of each of his portfolio holdings is paramount to its long-term performance. He reviews the relevant documentation regarding CBT’s AGM and notes the following:
− CBT provides information on the total amount of CEO remuneration, but no detail on the Key Performance Indicators (KPIs) that influence variable compensation. The CEO’s total compensation last year was GBP 1.2 million, 30% of which comprised fixed salary.
− CBT currently has 10 individuals sitting on its board, 3 of whom are independent. The Chairman is the former CEO who stepped down last year.
− One of the resolutions to be voted at the AGM was put forward by a minority shareholder. The investor asks the company to produce a report on how climate change may affect the company’s strategy and financial stability in the long-term.
Patrick is discussing CBT's financial model with his financial analyst. He asks the analyst to consider how the model may take into account the KPIs for the CEO's variable remuneration which are not disclosed. He is presented with 4 options.
Which one is he most likely to select to implement?
选项：
A.Increase the company's estimated costs for next year by an additional GBP 1.2 million to account for the lack of transparency regarding the KPIs. B.Reduce the company’s current total costs by GBP 360,000, as there are no concerns regarding the fixed salary portion of the compensation. C.Increase the cost of capital from 4.6% to 4.8% to reflect the increased risk stemmed from uncertainty around alignment of interest. D.Decrease the cost of capital from 4.6% to 4.4% to reflect the reduced level of certainty around alignment of interest.解释：
CBT提供了CEO薪酬总额的信息，但没有提供影响可变薪酬的关键绩效指标(KPI)的细节。可变薪酬关系着高管和利益是否和股东一致，这一部分的信息缺失是负面的，因此要调高估值模型中的资本成本(cost of capital)来体现其投资风险，C选项正确。如果这道题选项改为 increase the discount rate是不是也是正确的？
