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Cathy_ · 2024年05月06日

解释一下整道题目

  1. ESG
  2. Governance factors

NO.PZ2022120702000018

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 currently has 10 individuals sitting on its board, 3 of whom are independent. The Chairman is the former CEO who stepped down last year.

Patrick believes that the Chair cannot be considered as an independent member of the board. He schedules an engagement meeting with the Chair to discuss the matter.

What could be the most favourable outcome from a governance perspective?

选项：

A.The Chair steps down and the CEO assumes the chairmanship, and one of the independent directors becomes the lead independent director.

B.The Chair steps down and remains on the board, and one of the existing independent directors is elected Chair.

C.An additional independent director is added to the board to increase the level of independence.

D.The Chair steps down from the Chair role, and a newly elected independent director is appointed Chair.

解释：

CBT目前有10位董事，其中3位是独立董事。董事会主席是去年离职的前任首席执行官。Patrick认为，主席不能被视为董事会的独立成员。他安排与主席开会讨论此事。从治理的角度来看，最有利的结果就是D选项，董事会主席辞去其职务，新选出的独立董事被任命为董事长，保证董事会主席的独立性。

解释一下题目和选项 谢谢老师

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1 个答案

Tina_品职助教 · 2024年05月07日

嗨，爱思考的PZer你好：


Patrick Weeze，一个投资组合经理，拥有大量CBT的股份。他非常重视投资组合中各持股公司的治理结构。

当前情况： CBT的董事会有10名成员，其中3人是独立董事。现任董事会主席是去年退任的前CEO。


Patrick认为，由于主席是前CEO，因此他不能被视为一个独立的董事会成员。这可能会影响董事会决策的客观性和公正性。 Patrick计划与现任主席开会，讨论其独立性的问题，并寻求改善的方案。


选项A： 主席辞职，CEO接任主席，现有的一位独立董事成为首席独立董事。这种情况下，CEO成为主席可能会引发“一言堂”的问题，不利于独立性。

选项B： 主席辞职但留在董事会中，一位现有的独立董事被选为新主席。这能稍微增强董事会的独立性，但前CEO仍在董事会可能依然存在一定的影响力。（与D相比董事会中独立董事的数量没有变化）。

选项C： 增加一位独立董事，以增强独立性。这有助于提高董事会的整体独立性，但不解决主席的独立性问题。

选项D： 主席辞职，选出新的独立董事担任主席。这是从治理角度看最有利的选择，因为它彻底解决了关于董事会主席独立性的问题，确保了董事会的决策能够更加客观公正。（同时增加了董事会中独立董事的数量。）

因此，从确保董事会独立性和优化公司治理的角度来看，选项D是最佳的解决方案。



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