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uuu柚子 · 2025年06月20日

这个题目没看懂

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问题如下:

Which executive remuneration concern is most likely expressed by board members?

选项:

A.Across the market as a whole, executive pay rates continue to ratchet up.

B.Executive pay does not reflect the market performance of the shares.

C.The executive pay structure does not incentivize executives to deliver maximum value.

解释:

C is correct. Misunderstandings between board members and investors over executive pay have led to a lack of trust between the two parties, with board members concerned that their remuneration proposals could be voted down by investors. This situation may lead to the negotiation of a compromise executive pay structure that does not necessarily enable the executives to unlock the full potential of the company but is likely to receive voting support from investors. Broader concerns about market rates for executive pay and potential disconnects between executive pay and market performance are more often expressed by investors who are not on the board.

这个知识点在讲义哪一页,为什么不选B

1 个答案

王岑 · 2025年06月20日

嗨,从没放弃的小努力你好:


董事会成员(Board members)与投资者间常存在对“高管薪酬”认识上的分歧

  • 董事会设计的薪酬方案未必完全符合投资者的预期。
  • 容易导致投资者在年度大会上否决董事会提出的薪酬方案。

为了避免否决,董事会可能会设计“妥协型”薪酬结构,这种结构虽然能赢得投资者投票支持,但未必能最大化激励高管发挥公司潜力。也就是说,从董事会视角来看,他们担心“方案达不到激励最佳效果”。

选项 A 和 B 的关注点更常见于投资者(investors),而不是董事会成员

  • A:“薪酬持续上涨”是一种市场趋势,通常是投资者关注的话题。
  • B:“高管薪酬未反映股价表现”也通常是投资者——特别是激进投资者或咨询机构——提出的质疑。

为什么选C而不是 B?

  • C(“薪酬结构不激励高管最大化公司价值”):是董事会在设计薪酬方案时最担心的问题。他们要平衡“能够激励高管”和“能过票”这两个目标,因此这种对激励不足的担忧是董事成员最可能表达的。
  • B(“薪酬与市场(股东)表现脱节”):虽然也是薪酬不对齐的问题,但主要是投资者站在“股东价值回报”角度提出的,强调“付出的薪酬应该与股价表现挂钩”,少见董事会从这个角度主动担忧。


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