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Kuzen · 2024年05月22日

问题和材料有什么关联吗?

  1. ESG
  2. Governance factors

NO.PZ2022120702000019

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.

Which argument can Patrick use to best highlight the importance of appropriate governance

to enterprises?

选项：

A.A meta study by Friede, Busch and Bassen has shown that the majority of studies showed a positive correlation between governance and corporate financial performance. B.The CFA Institute's 2017 ESG survey showed that governance has the strongest correlation with company margin growth. C.Enron's case provides evidence that governance is simple and failures usually link to one single factor. D.Bernile, Bhagwat and Yonker's 2017 study concludes that board diversity adds to governance complexity, thus destroying company value.

解释：

本题问的是Patrick用哪一个论点最能强调适当治理对企业的重要性。A选项指的是弗里德、布希和巴森在2015年关于ESG和财务绩效的元研究，该研究表明他们审查62%的研究显示治理与公司财务绩效之间存在正相关关系。这表明了适当的治理对企业的重要性。

B选项的ESG调查不如A选项的元研究有说服力；

C选项错误，通过安然事件并不能得到相关结论；

D选项错误，董事会的多元化会给企业创造价值，而非增加治理的复杂性，破坏公司价值。

问题和材料有什么关联吗?材料的内容看起来可有可无啊,有没有材料内容都不影响选项对错吧

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1 个答案

Tina_品职助教 · 2024年05月22日

嗨，爱思考的PZer你好：



是的~问题和材料之间的关联在于材料提供了背景信息，帮助理解Patrick对治理问题的关注。然而，即使没有这些背景信息，通过对选项的分析和解释，仍然可以判断出A选项是最能强调适当治理对企业重要性的论点。


----------------------------------------------
虽然现在很辛苦，但努力过的感觉真的很好，加油！

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